reglab/statecodes huggingface dataset:
2023 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.
2023 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.
2023 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; and
10. 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.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 17 - Mortgage Loan Originators › § 6.2-1701.1. Bona fide nonprofit organizations

A. The Commission shall prescribe by regulation (i) the procedures and criteria that it will use to determine whether an organization is a bona fide nonprofit organization and (ii) the information and fees that must be submitted by an organization to the Commission in connection with a request for a determination under this section. In establishing the criteria for a bona fide nonprofit organization, the Commission shall give consideration to the criteria that have been adopted by the Consumer Financial Protection Bureau or any other federal agency with rulemaking authority under the Act.
B. The Commission shall, as often as it deems necessary, investigate and periodically examine the business activities, books, and records of any bona fide nonprofit organization insofar as they pertain to the criteria that the Commission has prescribed pursuant to clause (i) of subsection A. In the course of such investigations and examinations, the organization being investigated or examined shall, upon demand of the person making such investigation or examination, afford full access to all books, records, and information that the person making such investigation or examination deems necessary.
C. The Commission may, after providing notice and an opportunity for a hearing, revoke its determination that an organization is a bona fide nonprofit organization if it finds that the organization no longer meets the criteria prescribed by the Commission pursuant to clause (i) of subsection A.
2012, cc. 52, 187.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 17 - Mortgage Loan Originators › § 6.2-1701.3. Temporary authority to act as a mortgage loan originator

A. An individual shall be deemed to have temporary authority to act as a mortgage loan originator in the Commonwealth to the extent authorized by, and subject to the terms and conditions prescribed in, § 1518 of the Act.
B. A mortgage lender or mortgage broker that employs an individual who is deemed to have temporary authority to act as a mortgage loan originator in the Commonwealth pursuant to this section shall be subject to the requirements of this chapter and Chapter 16 (§ 6.2-1600 et seq.) to the same extent that such mortgage lender or mortgage broker would be subject to such requirements if such individual were a licensed mortgage loan originator under this chapter.
C. An individual who is deemed to have temporary authority to act as a mortgage loan originator in the Commonwealth pursuant to this section and acts as a mortgage loan originator shall be subject to the requirements of this chapter to the same extent as if such individual was a licensed mortgage loan originator under this chapter.
2019, c. 740.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 17 - Mortgage Loan Originators › § 6.2-1702. Application for license; form; content; fee

A. An application for a license under this chapter shall be on a form provided by the Registry.
B. The application shall set forth:
1. The name and residential address of the applicant;
2. The address of the applicant's employer or the address where the applicant will act as a mortgage loan originator, as applicable; and
3. Such other information concerning the financial responsibility, background, experience, and activities of the applicant as the Commissioner may require.
C. The application shall be accompanied by payment of an application fee in an amount not to exceed $150, or a lesser amount as may be prescribed by the Commission. The application fee shall be in addition to any other fees payable by the applicant, including but not limited to fees for pre-licensing education and testing, fingerprinting, criminal background checks, credit reports, or administrative fees charged by the Registry.
D. The application fee shall not be refundable in any event. The fee shall not be abated by surrender, suspension, or revocation of the license.
2009, cc. 273, 453, § 6.1-431.3; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 17 - Mortgage Loan Originators › § 6.2-1703. Bond required

A. The application for a license shall be accompanied by a bond to be filed with the Commission with corporate surety authorized to execute such bond in the Commonwealth, the form of which shall be approved by the Commission.
1. If the applicant is not an employee or exclusive agent of a person licensed or exempt from licensing under Chapter 16 (§ 6.2-1600 et seq.), the bond shall be an individual surety bond for the applicant; or
2. If the applicant is an employee or exclusive agent of a person licensed or exempt from licensing under Chapter 16 (§ 6.2-1600 et seq.), the bond shall be a surety bond filed by such person covering all such employees and exclusive agents holding or applying for a license as a mortgage loan originator.
B. The amount of the bond shall be $25,000, or such greater sum as the Commission may require based on the total dollar amount of residential mortgage loans originated in the preceding calendar year by (i) the applicant, in the case of the bond referred to in subdivision A 1 or (ii) the person licensed or exempt from licensing under Chapter 16 (§ 6.2-1600 et seq.), in the case of the bond referred to in subdivision A 2. A bond already filed with the Commission pursuant to § 6.2-1604 may be applied toward the minimum bond required by this section, subject to approval by the Commission. In the case of the bond referred to in subdivision A 2, it shall be the responsibility of the person licensed or exempt from licensing under Chapter 16 (§ 6.2-1600 et seq.) to provide information, in a form satisfactory to the Commission, sufficient for determining and verifying the total dollar amount of residential mortgage loans originated in the preceding calendar year.
C. Such bond shall be continuously maintained thereafter in full force.
D. Such bond shall be conditioned upon the licensee: (i) performing all written agreements with borrowers or prospective borrowers; (ii) correctly and accurately accounting for all funds received by him in the course of his business activities as a licensee; and (iii) conducting himself in conformity with this chapter and all applicable laws and regulations.
E. Any person who may be damaged by noncompliance of a licensee with any condition of such bond may proceed on such bond against the principal or surety thereon, or both, to recover damages. The aggregate liability under the bond shall not exceed the penal sum of the bond.
2009, cc. 273, 453, § 6.1-431.4; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 17 - Mortgage Loan Originators › § 6.2-1704. Mortgage loan originator background checks

A. In connection with an application for licensing as a mortgage loan originator, the applicant shall furnish to the Registry information concerning the applicant's identity, including fingerprints for submission to the Federal Bureau of Investigation or any federal or state governmental agency or entity authorized to receive such information for a state, national, and international criminal history background check, as prescribed by the Commission.
B. The applicant shall also submit personal history and experience in a form prescribed by the Registry, including submission of authorization for the Registry and the Commission to obtain (i) an independent credit report from a consumer reporting agency described in § 603(p) of the Fair Credit Reporting Act (15 U.S.C. § 1681 et seq.), and (ii) information related to any administrative, civil, or criminal findings by any governmental jurisdiction.
C. For the purposes of this section and in order to reduce the points of contact that the Federal Bureau of Investigation may be required to maintain, the Commission may use the Registry as a channeling agent for requesting information from, and distributing information to, the Department of Justice, other governmental agency, or any other source.
2009, cc. 273, 453, § 6.1-431.5; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 17 - Mortgage Loan Originators › § 6.2-1705. Coordination of licensing

In connection with its administration and enforcement of this chapter, the Commission is authorized to establish agreements or contracts with the Registry or other entities designated by the Registry to collect, distribute, and maintain information and records, and to process transaction fees and other fees, related to licensees and other persons subject to this chapter. When establishing such agreements or contracts the Commission shall not be subject to the Virginia Public Procurement Act (§ 2.2-4300 et seq.). Notwithstanding the provisions of § 6.2-101, the Commission shall report regularly to the Registry any violations of this chapter, enforcement actions, and license status changes. The Commission shall report to the Registry only those violations, actions, and license status changes effected by final order of the Commission or by the Commissioner pursuant to his delegated authority.
2009, cc. 273, 453, § 6.1-431.6; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 17 - Mortgage Loan Originators › § 6.2-1706. Qualifications

Upon the filing and investigation of an application for a license and compliance by the applicant with all applicable provisions of this chapter, the Commission shall issue and deliver to the applicant the license applied for to engage in business under this chapter if it finds that the financial responsibility, character, and general fitness of the applicant are such as to warrant belief that the licensee will act as a mortgage loan originator efficiently and fairly, in the public interest, and in accordance with law. If the Commission fails to make such findings, no license shall be issued and the Commissioner shall notify the applicant of the denial and the reasons for such denial. The Commission shall not base a license denial, in whole or in part, on an applicant's credit score, nor shall it use a credit report as the sole basis for license denial.
2009, cc. 273, 453, § 6.1-431.7; 2010, c. 794; 2014, cc. 295, 343; 2019, c. 740.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 17 - Mortgage Loan Originators › § 6.2-1707. Other conditions for mortgage loan originator licensing

In addition to the findings required by § 6.2-1706, the Commission shall not issue a mortgage loan originator license unless it finds that:
1. The applicant has never had a mortgage loan originator license revoked by any governmental authority;
2. The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court (i) during the seven-year period preceding the application for licensing and registration; or (ii) at any time preceding such date of application if such felony involved an act of fraud, dishonesty, breach of trust, or money laundering;
3. The applicant has completed the pre-licensing education requirement described in § 6.2-1708;
4. The applicant has passed a written test that meets the test requirement described in § 6.2-1709; and
5. The applicant has become registered through, and obtained a unique identifier from, the Registry.
2009, cc. 273, 453, § 6.1-431.8; 2010, c. 794; 2014, cc. 295, 343; 2019, c. 740.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 17 - Mortgage Loan Originators › § 6.2-1708. Pre-licensing education of mortgage loan originators

A. In order to meet the pre-licensing education requirement referred to in subdivision 3 of § 6.2-1707, an applicant shall complete at least 20 hours of pre-licensing education courses, approved in accordance with subsection B, which shall include at least (i) three hours of federal law and regulations; (ii) three hours of ethics, which shall include instruction about fraud, consumer protection, and fair lending issues; and (iii) two hours of training related to lending standards for the nontraditional mortgage product marketplace.
B. Pre-licensing education courses shall be reviewed and approved by the Registry based upon reasonable standards. Review and approval of a course shall include review and approval of the course provider.
C. Nothing in this section shall preclude the provision of any pre-licensing education course that has been approved by the Registry by: (i) the employer of the applicant; (ii) an entity that is affiliated with the applicant by any agency contract; or (iii) a subsidiary or affiliate of such employer or entity.
D. Pre-licensing education courses may be offered in a classroom, online, or by any other means approved by the Registry.
E. Except as otherwise provided by the Commission, pre-licensing education courses shall be subject to such expiration rules as may be established by the Registry. Expired courses shall not count toward the minimum number of hours of pre-licensing education required by subsection A.
2009, cc. 273, 453, § 6.1-431.9; 2010, c. 794; 2019, c. 740.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 17 - Mortgage Loan Originators › § 6.2-1709. Testing of mortgage loan originator applicants

A. In order to meet the written test requirement referred to in subdivision 4 of § 6.2-1707, an individual shall pass, in accordance with reasonable standards established under this section, a qualified written test that has been developed by the Registry and administered by a test provider approved by the Registry.
B. A written test shall not be a qualified written test for purposes of subsection A unless the test adequately measures the applicant's knowledge and comprehension in appropriate subject areas, including: (i) ethics; (ii) federal law and regulation pertaining to mortgage loan origination; (iii) state law pertaining to mortgage loan origination; and (iv) federal and state law and regulation pertaining to fraud, consumer protection, the nontraditional mortgage product marketplace, and fair lending issues.
C. Nothing in this section shall prohibit a test provider approved by the Registry from providing a test at a location of: (i) the employer of the applicant; (ii) any subsidiary or affiliate of the employer; or (iii) any entity with which the applicant maintains an exclusive arrangement to act as a mortgage loan originator.
D. An individual shall not be considered to have passed a qualified written test unless he has correctly answered at least 75 percent of the test questions. An individual may take a test three consecutive times with each consecutive taking occurring at least 30 days after the preceding test. After failing three consecutive tests, an individual shall wait at least six months before retaking the test. A licensed mortgage loan originator who fails to maintain a valid license for a period of five years or longer, exclusive of any period during which such individual is a registered mortgage loan originator, shall retake the test and correctly answer at least 75 percent of the test questions.
E. An applicant who has successfully completed pre-licensing education and testing that is mandated by the Act and approved by the Registry for any state shall be deemed to have completed Virginia's pre-licensing education and testing requirements, other than any limited or separate state testing requirements relating to Virginia law and regulation as described in subsection B.
2009, cc. 273, 453, § 6.1-431.10; 2010, c. 794; 2012, cc. 52, 187.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 17 - Mortgage Loan Originators › § 6.2-1710. Continuing education requirements

A. A licensed mortgage loan originator shall complete annually at least eight hours of continuing education courses approved in accordance with subsection B, which shall include at least: (i) three hours related to federal law and regulations; (ii) two hours related to ethics, which shall include instruction about fraud, consumer protection, and fair lending issues; and (iii) two hours related to lending standards for the nontraditional mortgage product marketplace.
B. Continuing education courses shall be reviewed and approved by the Registry based upon reasonable standards. Review and approval of a continuing education course shall include review and approval of the course provider.
C. Nothing in this section shall preclude the provision of any continuing education course that has been approved by the Registry by: (i) the employer of the mortgage loan originator; (ii) an entity that is affiliated with the mortgage loan originator by an agency contract; or (iii) a subsidiary or affiliate of such employer or entity.
D. Continuing education courses may be offered in a classroom, online, or by any means approved by the Registry.
E. A licensed mortgage loan originator may only receive credit for a continuing education course in the year in which the course is taken and may not take the same approved course in the same or successive years to meet the annual requirements for continuing education.
F. A licensed mortgage loan originator who is an instructor of an approved continuing education course may receive credit for his annual continuing education requirement at the rate of two hours of credit for every one hour of teaching.
G. A licensed mortgage loan originator who has successfully completed Registry-approved continuing education courses that satisfy the requirements of subsection A for any state shall be deemed to have satisfied the continuing education requirements of this chapter.
2009, cc. 273, 453, § 6.1-431.11; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 17 - Mortgage Loan Originators › § 6.2-1711. Licenses; places of business; changes

A. Each license shall state fully the name and address of record of the licensee. Each licensee shall be required to display proof of licensing upon request, and to prominently display at any location where he acts as a mortgage loan originator the telephone numbers and Internet addresses for the Registry and the Commission where consumers and other interested parties may confirm the status of his license. Licenses shall not be transferable or assignable, by operation of law or otherwise. Except as otherwise provided by the Commission, no licensee shall use any name, in acting as a mortgage loan originator, other than the name set forth on the license issued by the Commission.
B. Every licensee shall within 10 days notify the Commissioner, in writing, of any change of residential or business address and provide such other information with respect to any such change as the Commissioner may reasonably require.
C. Every license shall remain in force until it expires or has been surrendered, revoked, or suspended. The expiration, surrender, revocation, or suspension of a license shall not affect any preexisting legal right or obligation of the licensee. In addition:
1. Except as otherwise provided by the Commission, licenses shall expire at the end of each calendar year. A licensee may request renewal by (i) filing a license renewal application through the Registry, (ii) paying the annual license renewal fee prescribed in § 6.2-1714, (iii) obtaining the continuing education prescribed in § 6.2-1710, and (iv) furnishing such other information as may be required by the Commission;
2. The Commission shall renew an individual's license if the Commission finds that the individual has complied with the requirements of this chapter and continues to meet the conditions for initial licensure. If the Commission fails to make the findings required by this subdivision, the Commission shall not renew the individual's license. In determining whether to renew a license, the Commission shall consider whether the licensee has violated state or federal law; and
3. Notwithstanding any other provision of this chapter, the Commission may by regulation permit a former licensee to seek license reinstatement after the license expiration date by requesting renewal in accordance with subdivision 1 and paying a reinstatement fee as prescribed by the Commission.
2009, cc. 273, 453, § 6.1-431.12; 2010, c. 794; 2012, cc. 52, 187.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 17 - Mortgage Loan Originators › § 6.2-1712.1. Inactive mortgage loan originator licenses

A. Notwithstanding any other provision of this chapter, if the Commission finds that an individual has applied for a mortgage loan originator license and meets all applicable requirements for licensure except § 6.2-1703, then the Commission shall issue a mortgage loan originator license to the applicant. However, the license issued by the Commission shall be inactive by operation of law until the Commission has updated the licensee's status in the Registry pursuant to subsection D.
B. Notwithstanding any other provision of this chapter, if the Commission finds that an individual has requested renewal of his mortgage loan originator license in accordance with subsection C of § 6.2-1711 and meets all applicable requirements for license renewal except § 6.2-1703, then the Commission shall renew the individual's mortgage loan originator license. However, the license renewed by the Commission shall be inactive by operation of law until the Commission has updated the licensee's status in the Registry pursuant to subsection D.
C. If at any time a licensee ceases to be covered by a surety bond meeting the requirements of § 6.2-1703, then the individual's license shall be inactive by operation of law until the Commission has updated the licensee's status in the Registry pursuant to subsection D.
D. If a licensee's mortgage loan originator license is inactive by operation of law pursuant to this section, then the licensee shall not engage in the business of a mortgage loan originator until (i) the Commission has determined that the licensee is covered by a surety bond meeting the requirements of § 6.2-1703 and (ii) based upon its determination, the Commission has updated the licensee's status in the Registry to indicate that the licensee may engage in the business of a mortgage loan originator.
2016, c. 330; 2019, c. 740.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 17 - Mortgage Loan Originators › § 6.2-1713. Investigations; examinations

The Commission may, by its designated officers and employees, as often as it deems necessary, investigate and examine the business activities, premises, and records of any individual required to be licensed under this chapter insofar as they pertain to any activities for which a license is required by this chapter. In the course of such investigations and examinations, the individual being investigated or examined shall, upon demand of the person making such investigation or examination, afford full access to all persons, premises, books, records, and information that the person making such investigation or examination deems necessary. For the foregoing purposes, the person making such investigation or examination shall have authority to administer oaths, examine under oath all the aforementioned individuals, and compel the production of papers and objects of all kinds.
2009, cc. 273, 453, § 6.1-431.14; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 17 - Mortgage Loan Originators › § 6.2-1714. Annual fees

A. In order to defray the costs of his examination, supervision, and regulation, every licensee shall pay an annual license renewal fee. The fee shall be $100 unless another amount is prescribed by the Commission. The renewal fee shall be paid by the licensee to the State Treasurer or through the Registry, as determined by the Commission, on or before the end of each license year.
B. When it becomes necessary to examine or investigate the books and records of an individual required to be licensed under this chapter at a location outside the Commonwealth, the individual 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 his examination, supervision, and regulation, or shall pay a reasonable per diem rate approved by the Commission. Any sums due pursuant to this subsection shall be in addition to the annual fee prescribed in subsection A.
C. If an individual is an employee or exclusive agent of a person licensed under Chapter 16 (§ 6.2-1600 et seq.), the expenses referred to in subsection B shall be paid by the licensed mortgage lender or mortgage broker.
2009, cc. 273, 453, § 6.1-431.15; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 17 - Mortgage Loan Originators › § 6.2-1715. Advertising; use of a unique identifier

A. No individual required to be licensed under this chapter shall use or cause to be published any advertisement that:
1. Contains any false, misleading, or deceptive statement or representation; or
2. Except as otherwise provided by the Commission, identifies a licensee by any name other than the name set forth on the license issued by the Commission.
B. No licensee shall use the unique identifier obtained from the Registry for any purpose other than the purposes of the Act and this chapter.
2009, cc. 273, 453, § 6.1-431.16; 2010, c. 794; 2012, cc. 52, 187.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 17 - Mortgage Loan Originators › § 6.2-1716. Suspension or revocation of license

The Commission may suspend or revoke any license issued under this chapter based upon:
1. Any ground sufficient for denial of the issuance 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 licensee's licensed activities;
3. Conviction of a felony or misdemeanor involving fraud, misrepresentation, or deceit;
4. Entry of a judgment against a licensee involving fraud, misrepresentation, or deceit;
5. Entry of a federal or state administrative order against a licensee for violation of any law or any regulation applicable to the conduct of his licensed activities;
6. Refusal to permit an investigation or examination by the Commission;
7. Failure to pay any fee or assessment imposed by this chapter;
8. Failure to comply with any order of the Commission; or
9. Failure to maintain registration with, or a unique identifier from, the Registry.
2009, cc. 273, 453, § 6.1-431.17; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 17 - Mortgage Loan Originators › § 6.2-1717. Filing of written report with Commissioner; events affecting a licensee

Within 15 days of becoming aware of the occurrence of any of the events listed below, a licensee shall file a written report with the Commissioner describing such event:
1. The institution of revocation or suspension proceedings against the licensee by any state or other governmental authority;
2. The denial of the opportunity to engage in business by any state or other governmental authority;
3. Any felony indictment of the licensee;
4. Any felony conviction of the licensee; and
5. Such other events as the Commission may determine and identify by regulation.
2009, cc. 273, 453, § 6.1-431.18; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 17 - Mortgage Loan Originators › § 6.2-1718. Notice of proposed suspension or revocation

The Commission may not revoke or suspend the license of any licensee under this chapter unless it has given the licensee 21 days' notice in writing of the reasons for the proposed revocation or suspension and has given the licensee an opportunity to introduce evidence and be heard. The notice shall be sent by certified mail to the licensee's last address on the Commission's records and shall state with particularity the basis for the contemplated action. Within 14 days of mailing the notice, the licensee 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.
2009, cc. 273, 453, § 6.1-431.19; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 17 - Mortgage Loan Originators › § 6.2-1719. Civil penalties

The Commission may impose a civil penalty not exceeding $2,500 upon any individual 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 licensee's activities. For the purposes of this section, each separate violation shall be subject to the civil penalty herein prescribed, and each day that an unlicensed individual engages in the business of a mortgage loan originator shall constitute a separate violation.
2009, cc. 273, 453, § 6.1-431.20; 2010, c. 794; 2012, cc. 52, 187.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 17 - Mortgage Loan Originators › § 6.2-1721. Cease and desist orders

A. If the Commission determines that any mortgage loan originator 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 address of record in the Registry for such mortgage loan originator and shall state the grounds for the contemplated action.
B. Within 14 days after the mailing of 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 penalties as may be prescribed by Commission regulations.
2011, c. 435.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 18 - Short-Term Loans › § 6.2-1800. Definitions

As used in this chapter, unless the context requires a different meaning:
"Affiliate" means a person related to a licensee by common ownership or control, or any employee or agent of a licensee.
"Annual percentage rate" has the same meaning as in the federal Truth in Lending Act (15 U.S.C. § 1601 et seq.) and its implementing regulations, as they may be amended from time to time. All fees and charges payable directly or indirectly by a borrower to a licensee as a condition to a loan, including interest and the monthly maintenance fees authorized under § 6.2-1817, shall be included in the computation of the annual percentage rate.
"Check" means a draft drawn on the account of an individual at a depository institution.
"Depository institution" means a bank, savings institution, or credit union.
"Interest" means all charges payable directly or indirectly by a borrower to a licensee as a condition to a loan, including fees, service charges, and renewal charges, and any ancillary product sold in connection with a loan, but does not include the monthly maintenance fees, deposit item return fees, or late charges authorized under § 6.2-1817.
"Licensee" means a person to whom a license has been issued under this chapter.
"Loan amount" means the principal amount of a loan, exclusive of fees or charges.
"Principal" means any person who, directly or indirectly, owns or controls (i) 10 percent or more of the outstanding stock of a stock corporation or (ii) a 10 percent or greater interest in a nonstock corporation or a limited liability company.
"Short-term loan" means a loan made pursuant to this chapter.
2002, c. 897, § 6.1-444; 2005, c. 571; 2010, c. 794; 2020, cc. 1215, 1258.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 18 - Short-Term Loans › § 6.2-1801. License requirement

A. No person shall engage in the business of making loans to individuals for personal, family, household, or other nonbusiness purposes, and charge, contract for, or receive, directly or indirectly, on or in connection with any loan interest, charges, compensation, consideration, or expense that in the aggregate is greater than the interest permitted by § 6.2-303, whether or not the person has a location in the Commonwealth, except as provided and authorized by this chapter, Chapter 15 (§ 6.2-1500 et seq.), or Chapter 22 (§ 6.2-2200 et seq.) and without having first obtained a license under this chapter from the Commission.
B. No person shall engage in the business of arranging or brokering short-term loans for any consumer residing in the Commonwealth, whether or not the person has an office or conducts business at a location in the Commonwealth.
C. The provisions of subsection A shall apply to any person who seeks to evade its application by any device, subterfuge, or pretense whatsoever, including:
1. The loan, forbearance, use, or sale of (i) credit, as guarantor, surety, endorser, comaker, or otherwise; (ii) money; (iii) goods; or (iv) things in action;
2. The use of collateral or related sales or purchases of goods or services, or agreements to sell or purchase, whether real or pretended; receiving or charging compensation for goods or services, whether or not sold, delivered, or provided; and
3. The real or pretended negotiation, arrangement, or procurement of a loan through any use or activity of a third person, whether real or fictitious.
D. Any loan made in violation of this section is void, and no person shall have the right to collect, receive, or retain any principal, interest, fees, or other charges in connection with the loan.
2002, c. 897, § 6.1-445; 2005, c. 571; 2010, c. 794; 2020, cc. 1215, 1258.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 18 - Short-Term Loans › § 6.2-1802. Applicability

The provisions of this chapter shall not apply to any depository institution that does not elect to become licensed under this chapter. Electing to become licensed under this chapter shall constitute a waiver of the benefit of any and all laws of the Commonwealth and other states and federal laws preemptive of, or inconsistent with, the provisions of this chapter.
2002, c. 897, § 6.1-446; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 18 - Short-Term Loans › § 6.2-1803. Application for license; form; content; fee

A. An application for a license under this chapter shall be made in writing, under oath and on a form provided by the Commissioner.
B. The application shall set forth:
1. The name and address of the applicant;
2. If the applicant is a firm or partnership, the name and address of each member of the firm or partnership;
3. If the applicant is a corporation or a limited liability company, the name and address of each officer, director, registered agent, and each principal;
4. The addresses of the locations of the offices to be approved; and
5. Such other information concerning the financial responsibility, background, experience and activities of the applicant and its members, officers, directors, and principals as the Commissioner may require.
C. The application shall be accompanied by payment of an application fee of $500 or other reasonable amount that the Commission prescribes by regulation.
D. The application fee shall not be refundable in any event. The fee shall not be abated by surrender, suspension, or revocation of the license.
2002, c. 897, § 6.1-447; 2010, c. 794; 2020, cc. 1215, 1258.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 18 - Short-Term Loans › § 6.2-1804. Bond required

The application for a license shall be accompanied by a bond filed with the Commissioner with corporate surety authorized to execute such bond in the Commonwealth, in the sum of $10,000 per office, or such greater sum as the Commission may require, but not to exceed a total of $500,000. The form of such bond shall be approved by the Commission. The bond shall be continuously maintained thereafter in full force. The bond shall be conditioned upon the applicant or licensee performing all written agreements with borrowers or prospective borrowers, correctly and accurately accounting for all funds received by him in his licensed business, and conducting his licensed business in conformity with this chapter and all other applicable law. Any person who may be damaged by noncompliance of the licensee with any condition of such bond may proceed on such bond against the principal or surety thereon, or both, to recover damages. The aggregate liability under the bond shall not exceed the penal sum of the bond.
2002, c. 897, § 6.1-448; 2010, c. 794; 2020, cc. 1215, 1258.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 18 - Short-Term Loans › § 6.2-1805. Investigation of applications

The Commissioner may make such investigations as he deems necessary to determine if the applicant has complied with all applicable provisions of law and regulations adopted thereunder.
2002, c. 897, § 6.1-449; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 18 - Short-Term Loans › § 6.2-1806. Qualifications

A. Upon the filing and investigation of an application for a license, and compliance by the applicant with the provisions of §§ 6.2-1803 and 6.2-1804, the Commission shall issue and deliver to the applicant the license applied for to engage in business under this chapter at the offices specified in the application if it finds:
1. That the financial responsibility, character, reputation, experience, and general fitness of the applicant and its members, senior officers, directors, and principals are such as to warrant belief that the business will be operated efficiently and fairly, in the public interest and in accordance with law; and
2. That the applicant has unencumbered liquid assets per office available for the operation of the business of at least $25,000.
B. If the Commission fails to make such findings, no license shall be issued and the Commissioner shall notify the applicant of the denial and the reasons for such denial.
2002, c. 897, § 6.1-450; 2010, c. 794.
2023 Code of Virginia › Title 6.2 - Financial Institutions and Services › Chapter 18 - Short-Term Loans › § 6.2-1807. Licenses; places of offices; changes

A. Each license shall:
1. State the address of each approved office at which the business is to be conducted;
2. State fully the name of the licensee; and
3. Be prominently posted in each office of the licensee.
B. No licensee shall:
1. Use any name other than the name set forth on the license issued by the Commission; or
2. Open an additional office or relocate any office without prior approval of the Commission.
C. Applications for Commission approval to open an additional office or relocate any office shall be made in writing on a form provided by the Commissioner and shall be accompanied by payment of a $150 nonrefundable application fee or other reasonable amount as the Commission may prescribe by regulation. The application shall be approved unless the Commission finds that the applicant does not have the required liquid assets or has not conducted business under this chapter efficiently, fairly, in the public interest, and in accordance with law. The application shall be deemed approved if notice to the contrary has not been mailed by the Commission to the applicant within 30 days of the date the application is received by the Commission. After approval, the applicant shall give written notice to the Commissioner within 10 days of the commencement of business at the additional office or relocated office.
D. Every licensee shall within 10 days notify the Commissioner, in writing, of the closing of any office and of the name, address, and position of each new senior officer, member, partner, or director and provide such other information with respect to any such change as the Commissioner may reasonably require.
E. Licenses shall:
1. Not be transferable or assignable, by operation of law or otherwise; and
2. Remain in force until they have been surrendered, revoked, or suspended. The surrender, revocation, or suspension of a license shall not affect any preexisting legal right or obligation of the licensee.
2002, c. 897, § 6.1-451; 2010, c. 794; 2020, cc. 1215, 1258.