reglab/housing_qa huggingface dataset:
VA Code § 6.2-1612 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 16 - Mortgage Lenders and Mortgage Brokers|§ 6.2-1612. Annual fees

A. To defray the costs of examination, supervision, and regulation, every:1. Mortgage lender required to be licensed under this chapter shall pay an annual fee calculated in accordance with a schedule set by the Commission. The schedule shall bear a reasonable relationship to the business volume of an individual mortgage lender, the actual cost of the examination, and to other factors relating to the supervision and regulation; and2. Mortgage broker required to be licensed under this chapter shall pay an annual fee calculated in accordance with a schedule set by the Commission. The schedule shall bear a reasonable relationship to the volume of business transacted by such mortgage broker, to the actual cost of examination and to other factors relating to the supervision and regulation.B. The annual fee prescribed in subsection A shall be assessed on or before April 25 for every calendar year. All such fees shall be paid by the licensees to the State Treasurer on or before May 25 following each assessment.C. In addition to the annual fee prescribed in subsection A, when it becomes necessary to examine or investigate the books and records of a mortgage lender or mortgage broker required to be licensed under this chapter at a location outside the Commonwealth, the mortgage lender or mortgage broker shall be liable for and shall pay to the Commission within 30 days of the presentation of an itemized statement, the actual travel and reasonable living expenses incurred on account of its examination, supervision and regulation, or shall pay at a reasonable per diem rate approved by the Commission.1987, c. 596, § 6.1-420; 1988, c. 303; 1990, c. 32; 1996, c. 524; 2010, c. 794.
VA Code § 6.2-1613 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 16 - Mortgage Lenders and Mortgage Brokers|§ 6.2-1613. Regulations

The Commission shall adopt such regulations as it deems appropriate to effect the purposes of this chapter. Before adopting any such regulation, the Commission shall give reasonable notice of its content and shall afford interested parties an opportunity to present evidence and be heard, in accordance with the Commission's Rules.1987, c. 596, § 6.1-421; 2010, c. 794.
VA Code § 6.2-1615 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 16 - Mortgage Lenders and Mortgage Brokers|§ 6.2-1615. Other prohibitions applicable to mortgage lenders

No mortgage lender required to be licensed under this chapter shall fail to require the person closing the mortgage loan to provide to the borrower prior to closing of the mortgage loan, a (i) settlement statement and (ii) disclosure which conforms to that required by the provisions of 15 U.S.C. § 1601 et seq. and Consumer Financial Protection Bureau Regulation Z (12 C.F.R. Part 1026).1987, c. 596, § 6.1-422; 1989, c. 667; 1993, c. 183; 1997, c. 228; 2001, cc. 502, 511; 2009, cc. 189, 261; 2010, c. 794; 2016, c. 501.
VA Code § 6.2-1617 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 16 - Mortgage Lenders and Mortgage Brokers|§ 6.2-1617. Application to certain real estate brokers

The provisions of this chapter shall not be construed to prohibit a real estate broker, as defined in § 54.1-2100, who is either an owner of an interest in a real estate firm or acts as a real estate broker in a sole proprietorship, from:1. Having an ownership interest in a mortgage broker or mortgage lender;2. Receiving returns on investment arising from the real estate broker's ownership interest in a mortgage broker or mortgage lender; or3. Receiving payment of compensation for services actually performed for a mortgage broker or mortgage lender in which the real estate broker has an ownership interest.1987, c. 596, § 6.1-422; 1989, c. 667; 1993, c. 183; 1997, c. 228; 2001, cc. 502, 511; 2009, cc. 189, 261; 2010, c. 794.
VA Code § 6.2-1618 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 16 - Mortgage Lenders and Mortgage Brokers|§ 6.2-1618. Escrow accounts

A. All moneys required by a mortgage lender required to be licensed under this chapter to be paid by borrowers in escrow to defray future taxes or insurance premiums, or for other lawful purposes, shall be kept in accounts segregated from accounts of the lender, and shall not be commingled with other funds of the lender.B. No licensed mortgage lender shall require any borrower to pay any moneys in escrow to defray future taxes and insurance premiums, or for any other purpose, in connection with a subordinate mortgage loan as referred to in Article 2 (§ 6.2-406 et seq.) of Chapter 4, except where escrows for such purposes are not being maintained in connection with the mortgage loan superior to such subordinate mortgage loan.C. Mortgage lenders holding money in escrow for insurance premiums shall notify the insurer in writing within 30 days of a change of the mortgage lender's billing address, or 60 days prior to the renewal date of the insurance policy, whichever is later.1987, c. 596, § 6.1-423; 2001, c. 504; 2010, c. 794.
VA Code § 6.2-1619 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 16 - Mortgage Lenders and Mortgage Brokers|§ 6.2-1619. Suspension or revocation of license

A. The Commission may suspend or revoke any license issued under this chapter to a mortgage lender or mortgage broker upon any of the following grounds:1. Any ground for denial of a license under this chapter;2. Any violation of the provisions of this chapter or regulations adopted by the Commission pursuant thereto, or a violation of any other law or regulation applicable to the conduct of the mortgage lender's or mortgage broker's business;3. A course of conduct consisting of the failure to perform written agreements with borrowers;4. Failure to account for funds received or disbursed to the satisfaction of the person supplying or receiving such funds;5. Failure to pay when due reasonable fees to a licensed appraiser for appraisal services that are (i) requested from the appraiser in writing by the mortgage broker or mortgage lender or an employee of the mortgage broker or mortgage lender and (ii) performed, in accordance with the terms of the contract with the appraiser and all regulatory requirements related to such appraiser and appraisal, by the appraiser in connection with the origination or closing of a mortgage loan for a customer of the mortgage broker or mortgage lender;6. Failure to disburse funds in accordance with any agreement connected with, and promptly upon closing of, a mortgage loan, taking into account any applicable right of rescission;7. Conviction of a felony or misdemeanor involving fraud, misrepresentation or deceit;8. Entry of a judgment against the licensee involving fraud, misrepresentation or deceit;9. Entry of a federal or state administrative order against the licensee for violation of any law or any regulation applicable to the conduct of his business;10. Refusal to permit an investigation or examination by the Commission;11. Failure to pay any fee or assessment imposed by this chapter; or12. Failure to comply with any order of the Commission.B. For the purposes of this section, acts of any officer, director, member, partner, or principal shall be deemed acts of the licensee.1987, c. 596, § 6.1-425; 1993, c. 183; 2008, c. 863; 2010, c. 794.
VA Code § 6.2-1620 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 16 - Mortgage Lenders and Mortgage Brokers|§ 6.2-1620. Censuring, suspending, or barring persons

A. The Commission, after providing notice and an opportunity for a hearing, may (i) censure a person, (ii) suspend a person for a defined period from any position of employment, management, or control of any licensee, or (iii) bar a person from any position of employment, management, or control of any licensee, if the Commission finds that:1. The censure, suspension or bar is in the public interest and that the person, after July 1, 2003, has committed or caused a violation of this chapter or any regulation or order of the Commission; or2. The person, after July 1, 2003, was (i) convicted of, or pled guilty or nolo contendere to, any crime; (ii) held liable in any civil action by final judgment; or (iii) held liable in any administrative proceeding by any public agency, if the criminal conviction or plea, or the holding in the civil action or administrative proceeding, involved any offense reasonably related to the qualifications, functions, or duties of a person employed by, or in a position of management or control of, a licensee.B. Persons suspended or barred under this section are prohibited from participating in any business activity of a licensee and from engaging in any business activity on the premises where a licensee is conducting its business. This subsection shall not be construed to prohibit suspended or barred persons from having their personal transactions processed by a licensee.2003, c. 386, § 6.1-425.1; 2010, c. 794.
VA Code § 6.2-1621 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 16 - Mortgage Lenders and Mortgage Brokers|§ 6.2-1621. Filing of written report with Commissioner; events affecting activities of licensee

A. A licensee shall file a written report with the Commissioner within 15 days of becoming aware of the occurrence of any of the following:1. The filing for bankruptcy or reorganization by the licensee;2. The institution of revocation or suspension proceedings against the licensee by any state or governmental authority;3. The denial of the opportunity of the licensee to engage in business by any state or governmental authority;4. Any felony indictment of the licensee or any of its employees, officers, directors, or principals;5. Any felony conviction of the licensee or any of its employees, officers, directors, or principals; and6. Such other events as the Commissioner may determine and identify by regulation.B. The report shall be in writing and describe the event and its expected impact on the activities of the licensee in the Commonwealth.2003, c. 386, § 6.1-425.2; 2010, c. 794.
VA Code § 6.2-1622 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 16 - Mortgage Lenders and Mortgage Brokers|§ 6.2-1622. Cease and desist orders

A. If the Commission determines that any mortgage lender or mortgage broker required to be licensed hereunder has violated any provision of this chapter or any regulation adopted pursuant thereto, the Commission may, upon 21 days' notice in writing, order such person to cease and desist from such practices and to comply with the provisions of this chapter. The notice shall be sent by certified mail to the principal place of business of such mortgage lender or mortgage broker and shall state the grounds for the contemplated action.B. Within 14 days of mailing the notice, the person named therein may file with the clerk of the Commission a written request for a hearing. If a hearing is requested, the Commission shall not issue a cease and desist order except based upon findings made at the hearing. The hearing shall be conducted in accordance with the provisions of Title 12.1. The Commission may enforce compliance with any such order issued under this section by imposition and collection of such fines and penalties as may be prescribed by Commission regulations.1987, c. 596, § 6.1-426; 2010, c. 794.
VA Code § 6.2-1623 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 16 - Mortgage Lenders and Mortgage Brokers|§ 6.2-1623. Notice of proposed suspension or revocation

The Commission may not revoke or suspend the license of any licensee upon any of the grounds set forth in § 6.2-1619 until it has given the mortgage lender or mortgage broker (i) 21 days' notice in writing of the reasons for the proposed revocation or suspension and (ii) an opportunity to introduce evidence and be heard. The notice shall be sent by certified mail to the principal place of business of such licensee and shall state with particularity the grounds for the contemplated action. Within 14 days of mailing the notice, the licensee named therein may file with the clerk of the Commission a written request for a hearing. If a hearing is requested, the Commission shall not suspend or revoke the license except based upon findings made at such hearing. The hearing shall be conducted in accordance with the provisions of Title 12.1.1987, c. 596, § 6.1-427; 2010, c. 794.
VA Code § 6.2-1624 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 16 - Mortgage Lenders and Mortgage Brokers|§ 6.2-1624. Civil penalties

In addition to the authority conferred under §§ 6.2-1619 and 6.2-1622, the Commission may impose a civil penalty not exceeding $2,500 upon any mortgage lender or mortgage broker required to be licensed under this chapter who it determines, in proceedings commenced in accordance with the Commission's Rules, has violated any of the provisions of this chapter or any other law or regulation applicable to the conduct of the mortgage lender's or mortgage broker's business. For the purposes of this section, each separate violation shall be subject to the civil penalty herein prescribed, and each day after the date of notification, excluding Sundays and holidays, as prescribed in § 2.2-3300, that an unlicensed person engages in the business or holds himself out to the general public as a mortgage lender or mortgage broker shall constitute a separate violation.1987, c. 596, § 6.1-428; 1990, c. 4; 2001, c. 511; 2008, c. 863; 2010, c. 794.
VA Code § 6.2-1625 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 16 - Mortgage Lenders and Mortgage Brokers|§ 6.2-1625. Criminal penalties

Any person not exempt from the licensure requirements of this chapter who acts as a mortgage lender or mortgage broker in the Commonwealth without having obtained a license is guilty of a Class 6 felony. For the purposes of this section, each violation shall constitute a separate offense.1987, c. 596, § 6.1-429; 2010, c. 794.
VA Code § 6.2-1626 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 16 - Mortgage Lenders and Mortgage Brokers|§ 6.2-1626. Authority of Attorney General; referral by Commission to Attorney General

A. If the Commission determines that a licensee is in violation of, or has violated, § 6.2-1614, 6.2-1615, or 6.2-1616, or any provision of Chapter 3 (§ 6.2-300 et seq.) or Chapter 4 (§ 6.2-400 et seq.), the Commission may refer the information to the Attorney General and may request that the Attorney General investigate such violations.B. Upon such referral, the Attorney General:1. May seek to enjoin violations of such laws. The appropriate circuit court may enjoin such violations notwithstanding the existence of an adequate remedy at law; and2. May seek, and the circuit court may order or decree, damages and such other relief allowed by law, including restitution to the extent available to borrowers under applicable law.C. Persons entitled to any relief authorized by this section shall be identified by order of the court within 180 days from the date of the order permanently enjoining the unlawful act or practice.D. In any action brought by the Attorney General by virtue of the authority granted in this section, the Attorney General shall be entitled to seek attorney fees and costs.E. The Attorney General shall be authorized to bring an action to enjoin violations of the Real Estate Settlement Procedures Act of 1974 (RESPA) (12 U.S.C. § 2601 et seq.), to the extent authorized by §§ 8 and 16 of RESPA (12 U.S.C. §§ 2607 and 2614).1987, c. 596, § 6.1-430; 2001, c. 510; 2008, c. 863; 2009, cc. 204, 727; 2010, c. 794.
VA Code § 6.2-1627 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 16 - Mortgage Lenders and Mortgage Brokers|§ 6.2-1627. Private actions

A. Nothing in this chapter shall be construed to preclude any person who suffers loss as a result of a violation of Chapter 3 (§ 6.2-300 et seq.) or Chapter 4 (§ 6.2-400 et seq.) from maintaining an action to recover damages or restitution and, as provided by statute, attorney fees. However, in any matter in which the Attorney General has exercised his authority pursuant to § 6.2-1626, an individual action shall not be maintainable if the individual has received damages or restitution pursuant to § 6.2-1626.B. A borrower who suffers a loss as a result of a mortgage broker's breach of duty as set forth in subdivision B 6 of § 6.2-1616 may bring an action against such broker to recover actual damages. In addition to any damages awarded, such borrower also may be awarded attorney fees and court costs.1987, c. 596, § 6.1-431; 2009, cc. 189, 261; 2010, c. 794.
VA Code § 6.2-1628 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 16 - Mortgage Lenders and Mortgage Brokers|§ 6.2-1628. Enforcement of prohibitions on certain practices; recovery of attorney fees

A. The Attorney General, the Commission, or any party to a mortgage loan may enforce the provisions of §§ 6.2-1614, 6.2-1615, and 6.2-1616.B. In any suit instituted by a borrower who alleges that the defendant violated § 6.2-1614, 6.2-1615, or 6.2-1616, the presiding judge may, in the judge's discretion, allow reasonable attorney fees to the attorney representing the prevailing party. The attorney fees shall be taxed as a part of the court costs and payable by the losing party upon a finding by the presiding judge that (i) the party charged with the violation has willfully engaged in the act or practice with which he was charged or (ii) the party instituting the action knew, or should have known, that the action was frivolous and malicious.C. The provisions of this section shall be in addition to, and shall not impair, the rights of and remedies available to borrowers in mortgage loans otherwise provided by law.2001, c. 510, § 6.1-422.1; 2003, c. 386; 2010, c. 794.
VA Code § 6.2-1629 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 16 - Mortgage Lenders and Mortgage Brokers|§ 6.2-1629. Prohibited practices; authority of the Attorney General

A. Notwithstanding whether a person is licensed, is required to be licensed, or is exempt from licensure under this chapter, and notwithstanding any other provision of the law to the contrary, no person that is engaged in the business of originating residential mortgage loans in the Commonwealth shall use any deception, fraud, false pretense, false promise, or misrepresentation in connection with a mortgage loan transaction.B. Whenever the Attorney General has reasonable cause to believe that any person has engaged in, or is engaging in, or is about to engage in, any violation of this section, the Attorney General is empowered to issue a civil investigative demand. The provisions of § 59.1-9.10 shall apply, mutatis mutandis, to civil investigative demands issued pursuant to this section.C. The Attorney General may cause an action to be brought in the appropriate circuit court in the name of the Commonwealth to enjoin any violation of this section. The circuit court having jurisdiction may enjoin such violations notwithstanding the existence of an adequate remedy at law. In any action under this section, it shall not be necessary that damages or intent be proved to establish a violation. The standard of proof at trial shall be preponderance of the evidence. The circuit courts are authorized to issue temporary or permanent injunctions to restrain and prevent violations of this section.D. In any action brought under this section, if the court finds that a person has willfully engaged in a violation of this section, the Attorney General may recover, upon petition to the court, a civil penalty of not more than $2,500 per violation.E. In any action brought under this section, the Attorney General may recover damages and such other relief allowed by law, including restitution on behalf of borrowers injured by violations of this section as well as costs and reasonable expenses incurred by the Commonwealth in investigation and preparing the case, including attorney fees.F. Unless the Attorney General determines that a person subject to the provisions of this section intends to depart from the Commonwealth or to remove his property from the Commonwealth, or to conceal himself or his property in the Commonwealth, or on a reasonable determination that irreparable harm may occur if immediate action is not taken, the Attorney General shall, before initiating any legal proceedings as provided in this section, give notice in writing that such proceedings are contemplated, and allow such person a reasonable opportunity to appear before the Attorney General and show that a violation did not occur or execute an assurance of voluntary compliance or consent judgment.G. Nothing in this section shall create a private right of action in favor of any individual aggrieved by a violation of this section.2009, cc. 204, 727, § 6.1-430.1; 2010, c. 794.
VA Code § 6.2-1701 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 17 - Mortgage Loan Originators|§ 6.2-1701. License requirement

A. Except as otherwise provided in § 6.2-1701.3, no individual shall engage in the business of a mortgage loan originator unless such individual has first obtained and maintains annually a license under this chapter.B. The following shall be exempt from licensing and other provisions of this chapter:1. Any individual engaged solely as a loan processor or underwriter. Except as otherwise provided in this subsection, an individual acting as an independent contractor may not engage in residential mortgage loan origination activities as a loan processor or underwriter unless such individual has first obtained and maintains annually a mortgage loan originator license;2. Any individual who only performs administrative or clerical tasks on behalf of a mortgage loan originator;3. Any individual who only performs real estate brokerage activities and is licensed or registered in accordance with applicable law, unless the individual is compensated directly or indirectly by the lender, a mortgage broker, or other mortgage loan originator or by any agent of such lender, mortgage broker, or other mortgage loan originator;4. Any individual solely involved in extensions of credit relating to timeshare plans, as that term is defined in 11 U.S.C. § 101 (53D);5. A registered mortgage loan originator;6. Any individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member of the individual;7. Any individual who acts as a loan originator in providing financing for the sale of that individual's own residence;8. A licensed attorney, provided that the attorney's mortgage loan origination activities are: (i) considered by the Supreme Court of Virginia to be part of the authorized practice of law within the Commonwealth, (ii) carried out within an attorney-client relationship, and (iii) accomplished by the attorney in compliance with all applicable laws, rules, ethics, and standards;9. Any employee of federal, state, or local government, or a housing finance agency, who acts as a mortgage loan originator only pursuant to his official duties of employment. For the purposes of this subdivision, "local government" means any county, city, or town or other local or regional political subdivision; and10. Any employee of a bona fide nonprofit organization, as determined by the Commission in accordance with § 6.2-1701.1, who acts as a mortgage loan originator only (i) pursuant to his official duties of employment and (ii) with respect to residential mortgage loans with terms that are favorable to a borrower.2009, cc. 273, 453, § 6.1-431.2; 2010, c. 794; 2012, cc. 52, 187; 2013, cc. 20, 380; 2014, cc. 295, 343; 2019, c. 740.