reglab/statecodes huggingface dataset:
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 120 - MONEY ORDER SELLERS AND MONEY TRANSMITTERS › Section 10VAC5-120-60 - Responding to requests from the Bureau of Financial Institutions; providing false, misleading, or deceptive information

Current through Register Vol. 40, No. 24, July 15, 2024
A. When the bureau requests a written
				response, books, records, documentation, or other information from a licensee
				or its authorized delegate in connection with the bureau's investigation,
				enforcement, or examination of compliance with applicable laws and regulations,
				the licensee or authorized delegate shall deliver a written response as well as
				any requested books, records, documentation, or information within the time
				period specified in the bureau's request. If no time period is specified, a
				written response as well as any requested books, records, documentation, or
				information shall be delivered by the licensee or its authorized delegate to
				the bureau not later than 30 days from the date of such request. In determining
				the specified time period for responding to the bureau and when considering a
				request for an extension of time to respond, the bureau shall take into
				consideration the volume and complexity of the requested written response,
				books, records, documentation, or information and such other factors as the
				bureau determines to be relevant under the circumstances. Requests made by the
				bureau pursuant to this subsection are deemed to be in furtherance of the
				bureau's investigation and examination authority provided for in §
									6.2-1910
				of the Code of Virginia.
B. A
				licensee shall not provide any false, misleading, or deceptive information to
				the bureau.
C. If the bureau
				requests information from an applicant to complete a deficient application
				filed under §
									6.2-1903
				or
				6.2-1914
				of the Code of Virginia, and the information is not received within 60 days of
				the request, the application shall be deemed abandoned unless a request for an
				extension of time is received and approved by the bureau prior to the
				expiration of the 60-day period.
Statutory Authority: §§
											6.2-1913 and
					 12.1-13
					 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 120 - MONEY ORDER SELLERS AND MONEY TRANSMITTERS › Section 10VAC5-120-70 - Acquisitions; additional business requirements and restrictions; operating rules

Current through Register Vol. 40, No. 24, July 15, 2024
A. Any person
				submitting an application to acquire, directly or indirectly, 25% or more of
				the voting shares of a corporation or 25% or more of the ownership of any other
				person licensed to conduct business under Chapter 19 shall pay a nonrefundable
				application fee of $500.
B. A
				licensee shall not permit an authorized delegate to designate or appoint a
				subdelegate to sell money orders or engage in money transmission
				business.
C. A licensee shall
				comply with Chapter 19, this chapter, and all other state and federal laws and
				regulations applicable to the conduct of its business. For purposes of Chapter
				19 and this chapter, the acts and omissions of a licensee's authorized
				delegates shall be deemed acts and omissions of such licensee.
D. In addition to the records specified in
				subsection B of §
									6.2-1916
				of the Code of Virginia, a licensee shall maintain in its principal place of
				business such other books, accounts, and records as the commissioner may
				reasonably require in order to determine whether such licensee is complying
				with the provisions of Chapter 19, this chapter, and other laws and regulations
				applicable to the conduct of its business.
E. If a licensee, authorized delegate, or
				former licensee disposes of records containing a consumer's personal financial
				information or copies of a consumer's identification documents, such records
				and copies shall be shredded, incinerated, or otherwise disposed of in a secure
				manner. A licensee, authorized delegate, or former licensee may arrange for
				service from a business record destruction vendor.
F. A licensee or former licensee shall
				provide the following information to the bureau within 10 days after such
				person's license is surrendered or revoked or the licensed business is
				otherwise closed:
(i) the names, addresses,
				telephone numbers, fax numbers, and email addresses of a designated contact
				person and the person who consumers may contact regarding outstanding money
				orders or money transmission transactions;
(ii) the location of the licensee's or former
				licensee's money order and money transmission records; and
(iii) any additional information that the
				bureau may reasonably require. A licensee or former licensee shall maintain
				current information with the bureau until the licensee or former licensee has
				no outstanding money orders and money transmission transactions.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 120 - MONEY ORDER SELLERS AND MONEY TRANSMITTERS › Section 10VAC5-120-80 - Permissible investments

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				Permissible investments maintained by a licensee pursuant to § 6.2-1918 of
				the Code of Virginia shall be unencumbered and held solely in the name of the
				licensee.
B. In addition to the
				investments specified in § 6.2-1919 of the Code of Virginia, the following
				investments shall be considered permissible under § 6.2-1918 of the Code
				of Virginia: any receivables that are (i) payable to a licensee from any bank,
				savings institution, or credit union that is chartered under the laws of the
				United States or any state thereof; (ii) comprised of funds that have been
				tendered by residents of the United States for money transmission transactions;
				and (iii) no more than seven days old.
C. The receivables specified in §
				6.2-1919 A 5 of the Code of Virginia shall be limited to funds that have been
				collected by a licensee's authorized delegates directly from residents of the
				United States for money transmission transactions.
Statutory Authority: §§ 6.2-1913 and 12.1-13 of
					 the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 120 - MONEY ORDER SELLERS AND MONEY TRANSMITTERS › Section 10VAC5-120-90 - Enforcement

Current through Register Vol. 40, No. 24, July 15, 2024
A. Failure to
				comply with any provision of Chapter 19 or this chapter may result in civil
				penalties, license revocation, the entry of a cease and desist order, or other
				appropriate enforcement action.
B.
				Pursuant to § 6.2-1920 of the Code of Virginia, a person required to be
				licensed under Chapter 19 shall be subject to a civil penalty of up to $2,500
				for every violation of Chapter 19, this chapter, or other law or regulation
				applicable to the conduct of the person's business. Furthermore, if a person
				violates any provision of Chapter 19, this chapter, or other law or regulation
				applicable to the conduct of the person's business in connection with multiple
				money order sales or money transmission transactions, the person shall be
				subject to a separate civil penalty for each money order sale or money
				transmission transaction. For example, if a person sells five money orders and
				the person violates two provisions of this chapter in connection with each of
				the five money order sales, there would be a total of 10 violations and the
				person would be subject to a maximum civil penalty of $25,000.
Statutory Authority: §§ 6.2-1913 and 12.1-13 of
					 the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 120 - MONEY ORDER SELLERS AND MONEY TRANSMITTERS › Section 10VAC5-120-100 - Commission authority

Current through Register Vol. 40, No. 24, July 15, 2024
The commission may, at its discretion, waive or grant
				  exceptions to any provision of this chapter for good cause
				  shown.
Statutory Authority: §§ 6.2-1913 and 12.1-13 of
					 the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 130 - VIRGINIA FINANCIAL INSTITUTION HOLDING COMPANIES › Section 10VAC5-130-10 - Filing of registration statements required

Current through Register Vol. 40, No. 24, July 15, 2024
Pursuant to the direction of § 6.2-702 of the Code of
				  Virginia, every Virginia financial institution holding company (as defined in
				  § 6.2-700 of the Code of Virginia) which was in existence as of November
				  1, 1978, shall register not later than December 31, 1978, by filing with the
				  Bureau of Financial Institutions a copy of the registration statement it has
				  filed with a federal agency pursuant to the Bank Holding Company Act ( 12 USC
				  § 1841 ff et seq.), or pursuant to the Home Owners' Loan Act ( 12 USC
				  § 1467a ).
Any company which becomes a Virginia financial institution
				  holding company after November 1, 1978, shall file with the Bureau of Financial
				  Institutions, within 180 days of its becoming such a company, a copy of the
				  registration statement it files with a federal agency under the provisions of
				  the Bank Holding Company Act ( 12 USC § 1841 ff et seq.) or under the Home
				  Owners' Loan Act ( 12 USC § 1467a ).
Statutory Authority
6.2-713 of the Code of
					 Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 130 - VIRGINIA FINANCIAL INSTITUTION HOLDING COMPANIES › Section 10VAC5-130-20 - Reporting by Virginia financial institution holding companies

Current through Register Vol. 40, No. 24, July 15, 2024
Every company which has control over any Virginia financial
				  institution (within the meaning of Chapter 7 (§ 6.2-700 et seq.) of Title
				  6.2 of the Code of Virginia) shall report annually by filing with the Bureau of
				  Financial Institutions a copy of the report it submits to the federal
				  regulatory agency requiring such reports. Excluded from the reporting
				  requirement herein shall be any such company which, according to an applicable
				  provision of the Bank Holding Company Act ( 12 USC § 1841 ff et seq.) is
				  exempt from such reporting to a federal agency; or which acquires a controlling
				  interest in a Virginia financial institution solely:
(i) in a fiduciary capacity,
(ii) in connection with the company's
				underwriting of securities or proxy solicitation, or
(iii) in connection with the company's
				securing or collecting a debt.
Statutory Authority
§ 6.2-713 of the Code of
					 Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 140 - FINANCIAL SERVICE CENTER BANKS › Section 10VAC5-140-10 - Application

Current through Register Vol. 40, No. 24, July 15, 2024
The applicant shall file its application to acquire a
				  financial service center bank, pursuant to § 6.1-393 of the Code of
				  Virginia, with the Bureau of Financial Institutions using the form prescribed
				  by the Bureau. Upon receiving the completed application form and the $6,500 fee
				  prescribed by law, and after ascertaining that an application to establish a
				  state or national bank in Virginia has been duly filed and all necessary fees
				  in connection therewith paid, the Bureau shall proceed to investigate the
				  application (or, applications, if a state bank charter has been sought). The
				  applicant shall furnish such additional information as the Bureau may
				  reasonably require in furtherance of its investigation.
When it has accepted an application, the Bureau shall
				  publish notice of the application in its "Weekly Information Bulletin." Every
				  written objection to the application shall be filed in the Commission's
				  Document Control Center. Should any party in interest submit a written request
				  for a hearing on the application, an appropriate proceeding under the Rules of
				  Practice and Procedure of the State Corporation Commission (5VAC5-20) will be
				  established. If no request for a hearing is made within 20 days from the
				  publication of notice of the application, the Bureau shall submit to the
				  Commission its findings and recommendations upon completion of its
				  investigation.
The Commission will consider in connection with the
				  application for acquisition the criteria set forth in § 6.1-393B of the
				  Code of Virginia, viz:
(i) the
				financial and managerial resources of the applicant;
(ii) its future prospects and those of the
				bank whose assets or shares it will acquire;
(iii) the financial history of the applicant;
(iv) whether such acquisition or
				holding may result in undue concentration of resources or substantial lessening
				of competition in this Commonwealth; and
(v) the convenience and needs of the public
				of this Commonwealth. The Commission will grant or deny the application on the
				basis of the record in the matter, stating its reason or reasons for denial of
				any such application.
Statutory Authority
§§ 6.1-393 and 6.1-395 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 140 - FINANCIAL SERVICE CENTER BANKS › Section 10VAC5-140-20 - Reporting

Current through Register Vol. 40, No. 24, July 15, 2024
Every out-of-state bank holding company which directly or
				  indirectly through any subsidiary acquires voting stock of a bank pursuant to
				  Chapter 14 (§ 6.1-390 et seq.) of Title 6.1 of the Code of Virginia, shall
				  file with the Commissioner of Financial Institutions copies of all regular and
				  periodic reports which such bank holding company is required to file under
				  Section 13 or Section 15(d) of the Securities Exchange Act ( 15 USC § 78a
				  et seq.), excluding any portion of such reports which is not available to the
				  public.
Statutory Authority
§§ 6.1-393 and 6.1-395 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 140 - FINANCIAL SERVICE CENTER BANKS › Section 10VAC5-140-30 - Compliance with statutory conditions

Current through Register Vol. 40, No. 24, July 15, 2024
Whenever the Bureau has reason to believe that any financial
				  service center bank or any holding company controlling such a bank is failing
				  to comply with any condition prescribed by law for the operation of such banks,
				  it shall seek a rule to show cause why the sanctions set forth in §
				  6.1-396 of the Code of Virginia ought not to be imposed. All such proceedings
				  shall be governed by the appropriate provisions of the State Corporation
				  Commission's Rules of Practice and Procedure (5VAC5-20).
Statutory Authority
§§ 6.1-393 and 6.1-395 of the Code of Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 160 - RULES GOVERNING MORTGAGE LENDERS AND BROKERS › Section 10VAC5-160-15 - Surety bond; required funds

Current through Register Vol. 40, No. 24, July 15, 2024
A. As required by §
									6.2-1604 of the Code of Virginia,
				a surety bond shall be filed with the commissioner and continuously maintained
				thereafter in full force by each licensee. The minimum bond amount required for
				a mortgage broker shall be $25,000, and the minimum amount required for a
				mortgage lender or for a mortgage company with dual authority as both a
				mortgage lender and mortgage broker shall be $50,000. The bond amount shall be
				adjusted annually in accordance with the following scale based upon residential
				mortgage loans originated during the preceding calendar year:
LOANS
BOND AMOUNT
$0 - $5,000,000
$25,000
$5,000,001 - $20,000,000
$50,000
$20,000,001 - $50,000,000
$75,000
$50,000,001 - $100,000,000
$100,000
over $100,000,000
$150,000
B.
				If a person has been or is engaged in business as a mortgage lender or mortgage
				broker and has filed a bond with the commissioner, the bond shall be retained
				by the commissioner notwithstanding the occurrence of any of the following
				events:
1. The person's application for a
				license is withdrawn or denied;
2.
				The person's license is surrendered, suspended, or revoked; or
3. The person ceases engaging in business as
				a mortgage lender or mortgage broker.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 160 - RULES GOVERNING MORTGAGE LENDERS AND BROKERS › Section 10VAC5-160-25 - Books, accounts, and records

Current through Register Vol. 40, No. 24, July 15, 2024
A. A licensee shall maintain in its licensed
				offices all books, accounts, and records required by Chapter 16 and this
				chapter.
B. A licensee may maintain
				records electronically provided (i) the records are readily available for
				examination by the bureau and (ii) the licensee complies with the Uniform
				Electronic Transactions Act (§
									59.1-479 et seq. of the Code of
				Virginia) and the Electronic Signatures in Global and National Commerce Act (
				15 USC §
										7001 et seq.). However, the written agreement
				specified in §
									6.2-1616B 4 of
				the Code of Virginia shall be maintained in the form in which it was originally
				provided and executed.
C. A
				licensee shall continuously maintain a mortgage loan transaction journal that
				includes the following information for each application received:
1. Applicant's name.
2. Application date.
3. Property address.
4. Loan amount.
5. Lien position.
6. Mortgage loan originator (licensed
				name).
7. Mortgage loan originator
				(license or Registry number).
8.
				Address of originating office.
9.
				Name of lender (if applicable).
10.
				Application status (e.g., in process, withdrawn, denied, closed).
11. Any other information reasonably required
				by the commissioner.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 160 - RULES GOVERNING MORTGAGE LENDERS AND BROKERS › Section 10VAC5-160-30 - Commitment agreements and lock-in agreements

Current through Register Vol. 40, No. 24, July 15, 2024
A. If a commitment is issued and accepted,
				the commitment agreement shall be signed by the applicant and a person
				authorized to sign such agreement on behalf of a mortgage lender and include
				the following:
1. The name of the mortgage
				lender;
2. Identification of the
				property intended to secure the mortgage loan (this does not require a formal
				legal description);
3. The
				principal amount and term of the loan;
4. The interest rate and points for the
				mortgage loan if the commitment agreement is also a lock-in agreement or a
				statement that the mortgage loan will be made at the mortgage lender's
				prevailing rate and points for such loans three days prior to
				settlement;
5. The amount of any
				commitment fee and the time within which the commitment fee must be
				paid;
6. Whether or not funds are
				to be escrowed and for what purpose;
7. Whether or not private mortgage insurance
				is required;
8. The length of the
				commitment period;
9. A statement
				that if the loan is not closed within the commitment period, the mortgage
				lender is no longer obligated by the commitment agreement and any commitment
				fee paid by the applicant will be refunded only under the circumstances set
				forth in subsection C of this section and such other circumstances as are set
				forth in the commitment agreement; and
10. Any other terms and conditions of the
				commitment agreement required by the lender.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 160 - RULES GOVERNING MORTGAGE LENDERS AND BROKERS › Section 10VAC5-160-40 - Schedule of annual fees for the examination, supervision, and regulation of mortgage lenders and mortgage brokers

Current through Register Vol. 40, No. 24, July 15, 2024
Pursuant to §
									6.2-1612 of the Code of Virginia,
				  the commission sets the following schedule of annual fees to be paid by
				  mortgage lenders and mortgage brokers required to be licensed under Chapter 16.
				  Such fees are to defray the costs of examination, supervision, and regulation
				  of such lenders and brokers by the Bureau of Financial Institutions. The fees
				  are related to the actual costs of the bureau, to the volume of business of the
				  lenders and brokers, and to other factors relating to supervision and
				  regulation.
SCHEDULE
LENDER LICENSEE: Minimum fee -- $800, plus $6.60
								per loan
BROKER LICENSEE: Minimum fee -- $400, plus $6.60
								per loan
DUAL AUTHORITY (LENDER/BROKER): Minimum fee --
								$1,200, plus $6.60 per loan
The annual fee for each mortgage lender shall be computed on
				  the basis of the number of mortgage loans, as defined in §
									6.2-1600 of the Code of Virginia,
				  made or originated during the calendar year preceding the year of assessment.
				  The annual fee for each mortgage broker shall be based on the number of such
				  loans brokered. The annual fee for each mortgage lender/broker shall be based
				  on the total number of mortgage loans made or originated and mortgage loans
				  brokered. The annual fee computed using the above schedule shall be rounded
				  down to the nearest whole dollar.
Fees shall be assessed on or before April 25 for the current
				  calendar year. By law the fee must be paid on or before May 25.
The quarterly mortgage call reports filed through the
				  Registry by each licensee shall provide the basis for licensee assessment, that
				  is, the number of loans made or brokered. If the required quarterly mortgage
				  call reports of a licensee have not been filed by the assessment date, a
				  provisional fee, subject to adjustment when the report is filed, shall be
				  assessed. In cases where a license or additional authority has been granted
				  between January 1 and March 31, one of the following fees or additional fee
				  shall be assessed: lender -- $400; broker -- $200; lender/broker --
				  $600.
Fees prescribed and assessed by this schedule are apart from,
				  and do not include, the reimbursement for expenses permitted by subsection C of
				  §
									6.2-1612 of the Code of
				  Virginia.
Statutory Authority: §§
											6.2-1613 and
					 12.1-13 of the Code of Virginia
					 (10VAC5-160-10 through
					 10VAC5-160-90
					 ).
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 160 - RULES GOVERNING MORTGAGE LENDERS AND BROKERS › Section 10VAC5-160-50 - Responding to requests from Bureau of Financial Institutions; providing false, misleading, or deceptive information

Current through Register Vol. 40, No. 24, July 15, 2024
A. If the bureau requests information from an
				applicant to complete a deficient application filed under §
									6.2-1603,
				6.2-1607, or
				6.2-1608 of the Code of Virginia
				and the information is not received within 60 days of the request, the
				application shall be deemed abandoned unless a request for an extension of time
				is received and approved by the bureau prior to the expiration of the 60-day
				period.
B. When the bureau requests
				a written response, books, records, documentation, or other information from a
				licensee in connection with the bureau's investigation, enforcement, or
				examination of compliance with applicable laws, the licensee shall deliver a
				written response as well as any requested books, records, documentation, or
				information within the time period specified in the bureau's request. If no
				time period is specified, a written response as well as any requested books,
				records, documentation, or information shall be delivered by the licensee to
				the bureau not later than 30 days from the date of such request. In determining
				the specified time period for responding to the bureau and when considering a
				request for an extension of time to respond, the bureau shall take into
				consideration the volume and complexity of the requested written response,
				books, records, documentation or information and such other factors as the
				bureau determines to be relevant under the circumstances.
Requests made by the bureau pursuant to this subsection are
				  deemed to be in furtherance of the bureau's investigation and examination
				  authority provided for in §
										6.2-1611 of the Code of
				  Virginia.
C. A licensee
				shall not provide any information to the bureau, either directly or through the
				Registry, that is false, misleading, or deceptive.
Statutory Authority: §§
											6.2-1613 and
					 12.1-13 of the Code of Virginia
					 (10VAC5-160-10 through
					 10VAC5-160-90
					 ).
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 160 - RULES GOVERNING MORTGAGE LENDERS AND BROKERS › Section 10VAC5-160-60 - Advertising

Current through Register Vol. 40, No. 24, July 15, 2024
A. Every
				advertisement used by, or published on behalf of, a licensed mortgage lender or
				mortgage broker shall clearly and conspicuously disclose the following
				information:
1. The name of the mortgage
				lender or mortgage broker as set forth in the license issued by the
				commission.
2. The abbreviation
				"NMLS ID #" followed immediately by the unique identifier assigned by the
				Registry to the mortgage lender or mortgage broker along with the address for
				the NMLS Consumer Access website . For example: NMLS ID # 999999
				(www.nmlsconsumeraccess.org). In a radio or television advertisement, this
				disclosure shall be provided after the name of the mortgage lender or mortgage
				broker.
3. If an advertisement
				contains a rate of interest, a statement that the stated rate may change or not
				be available at the time of loan commitment or lock-in.
4. If an advertisement contains specific
				information about a consumer's existing mortgage loan and such information was
				not obtained from the consumer, a statement identifying the source of such
				information (e.g., public court records, credit reporting agency,
				etc.).
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 160 - RULES GOVERNING MORTGAGE LENDERS AND BROKERS › Section 10VAC5-160-90 - Nationwide Mortgage Licensing System and Registry

Current through Register Vol. 40, No. 24, July 15, 2024
A. Applications for a mortgage lender or
				mortgage broker license shall be made through the Registry in accordance with
				instructions provided by the commissioner. The commissioner may provide these
				instructions through the Registry, on the commission's Internet website, or by
				any other means the commissioner deems appropriate.
B. Pursuant to §
									6.2-1610 of the Code of Virginia,
				every licensee shall file quarterly mortgage call reports through the Registry
				as well as such other information pertaining to the licensee's financial
				condition as may be required by the Registry. Reports shall be in such form,
				contain such information, and be submitted with such frequency and by such
				dates as the Registry may require.
C. Entities exempt from the requirement for
				licensure under Chapter 16 that supervise mortgage loan originators licensed
				pursuant to Chapter 17 may obtain a unique identifier through the
				Registry.
D. Every licensee shall
				maintain current information in its records with the Registry. Except as
				provided in subsection E of this section, changes to the licensee's address,
				principal officers, or any other information in the Registry shall be updated
				by the licensee as soon as is practicable, but in no event later than five
				business days from when the change takes effect.
E. A licensee shall update its sponsorship
				information in the Registry within five days after the occurrence of either of
				the following events:
(i) a mortgage loan
				originator becomes a bona fide employee or exclusive agent of the licensee or
(ii) a mortgage loan originator
				ceases to be a bona fide employee or exclusive agent of the licensee.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 160 - RULES GOVERNING MORTGAGE LENDERS AND BROKERS › Section 10VAC5-160-100 - Enforcement

Current through Register Vol. 40, No. 24, July 15, 2024
A. Failure to
				comply with any provision of Chapter 16 or this chapter may result in civil
				penalties, license suspension, license revocation, the entry of a cease and
				desist order, or other appropriate enforcement action.
B. Pursuant to § 6.2-1624 of the Code of
				Virginia, a person required to be licensed under Chapter 16 shall be subject to
				a civil penalty of up to $2,500 for every violation of Chapter 16, this
				chapter, or other law or regulation applicable to the conduct of the person's
				business. Furthermore, if a person violates any provision of Chapter 16, this
				chapter, or other law or regulation applicable to the conduct of the person's
				business in connection with multiple borrowers, loans, or prospective loans,
				the person shall be subject to a separate civil penalty for each borrower,
				loan, or prospective loan. For example, if a person makes five loans and the
				person violates two provisions of this chapter in connection with each of the
				five loans, there would be a total of 10 violations and the person would be
				subject to a maximum civil penalty of $25,000.
Statutory Authority
§§ 6.2-1613 and 12.1-13 of the Code of
					 Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 160 - RULES GOVERNING MORTGAGE LENDERS AND BROKERS › Section 10VAC5-160-110 - Commission authority

Current through Register Vol. 40, No. 24, July 15, 2024
The commission may, at its discretion, waive or grant
				  exceptions to any provision of this chapter for good cause
				  shown.
Statutory Authority
§§ 6.2-1613 and 12.1-13 of the Code of
					 Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 161 - MORTGAGE LOAN ORIGINATORS › Section 10VAC5-161-10 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
A. The following
				words and terms when used in this chapter shall have the following meanings
				unless the context clearly indicates otherwise:
"Bureau," "commission," "commissioner," and "person" shall
				  have the meanings ascribed to them in § 6.2-100 of the Code of
				  Virginia.
"Chapter 16" means Chapter 16 (§ 6.2-1600 et seq.) of
				  Title 6.2 of the Code of Virginia.
"Chapter 17" means Chapter 17 (§ 6.2-1700 et seq.) of
				  Title 6.2 of the Code of Virginia.
"Employee," "licensee," "mortgage loan originator,"
				  "registered mortgage loan originator," "registry," "residential mortgage loan,"
				  and "unique identifier" shall have the meanings ascribed to them in §
				  6.2-1700 of the Code of Virginia.
"Exclusive agent" for purposes of Chapter 17 and this chapter
				  means an individual who engages in the business of a mortgage loan originator
				  solely on behalf of a particular mortgage broker or mortgage lender, and not on
				  his own behalf or on behalf of any other person. The term does not include an
				  employee of a mortgage broker or a mortgage lender.
"License application" means a written request for a mortgage
				  loan originator license pursuant to Chapter 17 and this chapter.
B. Any term or phrase not defined
				in Chapter 17 or this chapter shall be construed in accordance with 12 CFR
				Parts 1007 and 1008.
Statutory Authority
§§ 6.2-1720 and 12.1-13 of the Code of
					 Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 161 - MORTGAGE LOAN ORIGINATORS › Section 10VAC5-161-20 - Individuals subject to licensure

Current through Register Vol. 40, No. 24, July 15, 2024
A. Unless exempt from licensure pursuant to
				subsection B of § 6.2-1701 of the Code of Virginia, the following
				individuals who engage in the business of a mortgage loan originator shall
				obtain and maintain annually a license pursuant to Chapter 17 and this chapter:
1. Individuals who are employees or exclusive
				agents of a person licensed under Chapter 16. Individuals whose wages or other
				compensation is paid by either professional employer organizations or
				organizations that provide staffing services shall become and remain exclusive
				agents of a person licensed under Chapter 16. In the case of individuals who
				are exclusive agents of a person licensed under Chapter 16, the individuals and
				person licensed under Chapter 16 shall comply with such conditions as the
				commissioner may prescribe pursuant to subsection A of § 6.2-1601 of the
				Code of Virginia.
2. Individuals,
				other than registered mortgage loan originators, who are employees or exclusive
				agents of a person exempt from licensure under Chapter 16.
3. Individuals who are not employees or
				exclusive agents of either a person licensed under Chapter 16 or a person
				exempt from such licensure.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 161 - MORTGAGE LOAN ORIGINATORS › Section 10VAC5-161-30 - License application procedure

Current through Register Vol. 40, No. 24, July 15, 2024
A. License applications shall be submitted
				through the registry in accordance with instructions from the registry and the
				bureau. In connection with such license applications, the applicant shall
				furnish the registry with all required information concerning his identity,
				personal history and experience, and fingerprints, and shall pay or cause to be
				paid through the registry required registry fees and a license application fee
				of $150.
B. Within five days after
				submitting a license application through the registry, a bond with corporate
				surety on a commission-approved form and in an amount conforming to
				10VAC5-161-50 shall be filed with
				the bureau, together with such further information as the bureau may require
				concerning the applicant's qualifications for licensure. In the case of
				individuals described in
				10VAC5-161-20 A 1 and 2, the bond
				shall be filed (or documentation shall be filed indicating that the applicant
				is covered by a bond previously filed) by the person for whom the applicant
				will engage in the business of a mortgage loan originator. Filing of a bond
				under this subsection by a person licensed under Chapter 16 shall constitute
				compliance with § 6.2-1604 of the Code of Virginia if the bond is in the
				amount required under § 6.2-1604 of the Code of Virginia. In the case of
				individuals described in
				10VAC5-161-20 A 3, the bond shall
				be filed by the individual applicant. In either case the person filing the bond
				shall, unless such information is contained in a prior filing under Chapter 16,
				simultaneously provide information to the bureau concerning the dollar volume
				of residential mortgage loans originated by such person during the immediately
				preceding calendar year.
C. If the
				bureau requests information to complete a deficient license application and the
				information is not received within 60 days of the bureau's request, the license
				application shall be deemed abandoned unless a request for an extension of time
				is received and approved by the bureau prior to the expiration of the 60-day
				period. However, this provision shall not be construed to prohibit the
				commission from denying a license application that does not meet the
				requirements of Chapter 17 or this chapter.
Statutory Authority
§§ 6.2-1720 and 12.1-13 of the Code of
					 Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 161 - MORTGAGE LOAN ORIGINATORS › Section 10VAC5-161-40 - Conditions of licensure and renewals

Current through Register Vol. 40, No. 24, July 15, 2024
A. A mortgage loan originator license will be
				granted only if an individual meets the following conditions:
1. The individual has submitted a license
				application in accordance with
				10VAC5-161-30;
2. The individual has obtained a unique
				identifier from the registry;
3.
				The individual has never had a mortgage loan originator license revoked by any
				governmental authority;
4. The
				individual's criminal history record contains no disqualifying convictions
				under § 6.2-1707 of the Code of Virginia;
5. The individual has completed the
				prelicensing education prescribed by § 6.2-1708 of the Code of
				Virginia;
6. The individual has
				achieved an acceptable score on the qualified written test prescribed by §
				6.2-1709 of the Code of Virginia; and
7. The commission finds that the individual
				possesses the financial responsibility, character, and general fitness required
				for licensure by § 6.2-1706 of the Code of Virginia and
				10VAC5-161-45.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 161 - MORTGAGE LOAN ORIGINATORS › Section 10VAC5-161-45 - Financial responsibility, character, and general fitness

Current through Register Vol. 40, No. 24, July 15, 2024
A. Except as otherwise provided in this
				subsection, an applicant shall be found to have the financial responsibility
				required by § 6.2-1706 of the Code of Virginia.
1. An applicant shall not be found to have
				the financial responsibility required by § 6.2-1706 if the commission
				finds that the applicant has one or more of the following:
a. One or more outstanding judgments or
				collection accounts that in the aggregate exceed $2,000;
b. One or more outstanding tax liens or other
				governmental liens that in the aggregate exceed $1,000;
c. One or more delinquent accounts, including
				any charged-off accounts but excluding any items in subdivision 1 a or b of
				this subsection, that in the aggregate exceed $3,000;
d. One or more foreclosures within the past
				seven years; or
e. Such other debts
				as the commission deems relevant.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 161 - MORTGAGE LOAN ORIGINATORS › Section 10VAC5-161-50 - Surety bond amount

Current through Register Vol. 40, No. 24, July 15, 2024
The surety bond amount required to be filed and maintained by
				  or on behalf of the licensee shall be set and adjusted as necessary annually by
				  the bureau in accordance with the following scale based upon residential
				  mortgage loans originated during the preceding calendar year:
LOANS
BOND AMOUNT
$0 - $5,000,000
$25,000
$5,000,001 - $20,000,000
$50,000
$20,000,001 - $50,000,000
$75,000
$50,000,001 - $100,000,000
$100,000
over $100,000,000
$150,000
Statutory Authority
§ 6.2-1720 of the Code of
					 Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 161 - MORTGAGE LOAN ORIGINATORS › Section 10VAC5-161-60 - Required reports and notices; information in registry

Current through Register Vol. 40, No. 24, July 15, 2024
A. Each person for whom an individual
				described in
				10VAC5-161-20 A 1 or A 2 engages
				in the business of a mortgage loan originator shall file quarterly mortgage
				call reports through the registry stating the amount of residential mortgage
				loans made or brokered during the preceding quarter, identifying all licensees
				performing services for that person, and providing such additional information
				as the bureau may require. Call reports shall be in such form, contain such
				information, and be submitted with such frequency and by such dates as the
				registry may require. Timely filing of the reports required by Chapter 16 by a
				person licensed under that chapter shall constitute compliance with this
				subsection by that person if the reports contain the information specified in
				this subsection.
B. Each licensee
				who is an individual described in
				10VAC5-161-20 A 3 shall file
				quarterly mortgage call reports through the registry stating the amount of
				residential mortgage loans originated during the preceding quarter and
				providing such additional information as the bureau may require. Call reports
				shall be in such form, contain such information, and be submitted with such
				frequency and by such dates as the registry may require.
C. Each licensee shall give notice to the
				bureau through the registry within five days after the occurrence of either of
				the following events:
1. Termination of, or
				separation from, employment or exclusive agency as a mortgage loan originator
				for a person licensed or exempt from licensing under Chapter 16. A licensee who
				is no longer an employee or exclusive agent of a person licensed or exempt from
				licensing under Chapter 16 shall not engage in activities requiring licensure
				under Chapter 16 until such time as (i) the individual obtains a mortgage
				broker license under Chapter 16 or (ii) the individual becomes a bona fide
				employee or exclusive agent of a person who is licensed or exempt from
				licensing under Chapter 16 and the requirements set forth in clauses (i) and
				(ii) of subdivision 2 of this subsection have been satisfied.
2. Commencement of employment or exclusive
				agency as a mortgage loan originator for a person licensed or exempt from
				licensing under Chapter 16. A licensee who becomes an employee or exclusive
				agent of a person licensed or exempt from licensing under Chapter 16 shall not
				engage in activities requiring licensure under Chapter 16 until (i) the person
				licensed or exempt from licensing under Chapter 16 has complied with the surety
				bond filing requirements of §
										6.2-1703 of the Code of Virginia,
				10VAC5-161-30 B, and 10VAC5-161-50
				and(ii) the bureau has received a sponsorship request through the
				registry.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 161 - MORTGAGE LOAN ORIGINATORS › Section 10VAC5-161-70 - Responding to requests from the Bureau of Financial Institutions; disposal of records

Current through Register Vol. 40, No. 24, July 15, 2024
A. When
				the bureau requests a written response, books, records, documentation, or other
				information from a licensee, the licensee shall deliver a written response as
				well as any requested books, records, documentation, or information within the
				time period specified in the bureau's request. If no time period is specified,
				a written response as well as any requested books, records, documentation, or
				information shall be delivered by the licensee to the bureau not later than 30
				days from the date of such request. In determining the specified time period
				for responding to the bureau and when considering a request for an extension of
				time to respond, the bureau shall take into consideration the volume and
				complexity of the requested written response, books, records, documentation, or
				information and such other factors as the bureau determines to be relevant
				under the circumstances. Requests made by the bureau pursuant to this
				subsection are deemed to be in furtherance of the investigation and examination
				authority provided for in § 6.2-1713 of the Code of Virginia.
B. If a licensee disposes of records
				containing a consumer's personal financial information following the expiration
				of any applicable record retention periods, such records shall be shredded,
				incinerated, or otherwise disposed of in a secure manner.
Statutory Authority
§§ 6.2-1720 and 12.1-13 of the Code of
					 Virginia.
Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 161 - MORTGAGE LOAN ORIGINATORS › Section 10VAC5-161-75 - Bona fide nonprofit organizations

Current through Register Vol. 40, No. 24, July 15, 2024
A. An organization may request that the
				commission designate it as a bona fide nonprofit organization for purposes of
				Chapter 17 and this chapter by (i) submitting its request on a form prescribed
				by the commissioner, (ii) paying a nonrefundable fee of $200, and (iii)
				furnishing such information concerning the criteria in subsection B of this
				section as the commissioner may require. If the registry is capable of
				processing these requests, the organization shall submit its request through
				the registry and shall pay or cause to be paid any fees imposed by the registry
				in addition to the fee payable to the commission.
B. The commission shall designate an
				organization as a bona fide nonprofit organization only if (i) the organization
				has satisfied the requirements of subsection A of this section and (ii) the
				commission finds that the organization:
1. Has
				the status of a tax-exempt organization under § 501(c)(3) of the Internal
				Revenue Code of 1986.
2. Promotes
				affordable housing or provides homeownership education or similar
				services.
3. Conducts its
				activities in a manner that serves public or charitable purposes rather than
				commercial purposes.
4. Charges
				fees and receives funding and revenue in a manner that does not incentivize it
				or its employees to act other than in the best interests of its
				clients.
5. Compensates its
				employees in a manner that does not incentivize employees to act other than in
				the best interests of its clients.
6. Provides or identifies for a borrower
				residential mortgage loans with terms that are (i) favorable to the borrower
				and (ii) comparable to mortgage loans and housing assistance provided under
				government housing assistance programs. For purposes of this subdivision and
				subdivision B 10 of §
										6.2-1701 of
				the Code of Virginia, loan terms shall be considered favorable to the borrower
				if the terms are consistent with loan origination in a public or charitable
				context rather than a commercial context.
7. Meets any other criteria that the
				commission deems relevant.