Code of Virginia - Title 6.1 Banking And Finance - Section 6.1-416 Licenses; places of business; changes

§ 6.1-416. Licenses; places of business; changes

A. Each license shall state the address or addresses at which the business is to be conducted and shall state fully the name of the licensed broker or lender. Each license shall be prominently posted in each place of business of the licensee. Licenses shall not be transferable or assignable, by operation of law or otherwise. No mortgage lender or mortgage broker shall use any name other than the name set forth on the license issued by the Commission.

B. No licensed mortgage lender or mortgage broker shall open an additional office or relocate any office without prior approval of the Commission. Applications for such approval shall be made in writing on a form provided by the Commissioner and shall be accompanied by payment of a $150 nonrefundable application fee. The applicants shall be approved unless the Commission finds that the applicant 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 thirty days of the date the application is received by the Commission. After approval, the applicant shall give written notice to the Commissioner within ten days of the commencement of business at the additional or relocated office.

C. Every licensed mortgage lender or mortgage broker shall within ten 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.

D. Every license shall remain in force until it has been surrendered, revoked or suspended. The surrender, revocation or suspension of a license shall not affect any preexisting legal right or obligation of such lender or broker.

(1987, c. 596; 1988, c. 303; 1990, c. 8; 1992, c. 283.)

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Last modified: April 2, 2009