Code of Virginia - Title 6.1 Banking And Finance - Chapter 16 Mortgage Lender And Broker Act

6.1-408 Short title
This chapter may be cited as the Mortgage Lender and Broker Act. (1987, c. 596.) ...

6.1-409 Definitions
As used in this chapter, the following words and terms shall have the following meanings unless the context requires a different meaning: "Commissioner" means the ...

6.1-410 License requirement
No person shall engage in business as a mortgage lender or a mortgage broker, or hold himself out to the general public to be a ...

6.1-411 Persons exempt from chapter
The following shall be exempt from the licensing and other provisions of this chapter: 1. Lenders making three or fewer mortgage loans in any period ...

6.1-412 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. ...

6.1-413 Bond required
The application for a license shall also be accompanied by a bond filed with the Commissioner with corporate surety authorized to execute such bond in ...

6.1-414 Investigation of applications; criminal background checks
A. The Commissioner may make such investigations as he deems necessary to determine if the applicant has complied with all applicable provisions of law and ...

6.1-415 Qualifications
A. Upon the filing and investigation of an application for a license, and compliance by the applicant with the provisions of §§ 6.1-412 and 6.1-413, ...

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 ...

6.1-416.1 Acquisition of control; application
A. Except as provided in this section, no person shall acquire directly or indirectly twenty-five percent or more of the voting shares of a corporation ...

6.1-417 Retention of books, accounts and records
A. Every lender or broker required to be licensed under this chapter shall maintain in its licensed offices such books, accounts and records as the ...

6.1-418 Annual report
Each lender or broker required to be licensed under this chapter shall annually, on or before March 1, file a written report with the Commissioner ...

6.1-419 Investigations; examinations
The Commission may, by its designated officers and employees, as often as it deems necessary, investigate and examine the affairs, business, premises and records of ...

6.1-420 Annual fees
A. In order to defray the costs of their examination, supervision and regulation, every mortgage lender required to be licensed under this chapter shall pay ...

6.1-421 Rules and regulations
The Commission shall promulgate such rules and regulations as it deems appropriate to effect the purposes of this chapter. Before promulgating any such regulation, the ...

6.1-422 Prohibited predatory practices
A. No lender or broker required to be licensed under this chapter shall: 1. Obtain any agreement or instrument in which blanks are left to ...

6.1-422.1 "Flipping" prohibited
A. As used in this section, "flipping" a mortgage loan means refinancing a mortgage loan within 12 months following the date the refinanced mortgage loan ...

6.1-423 Escrow accounts
All moneys required by a mortgage lender required to be licensed under this chapter to be paid by borrowers in escrow to defray future taxes ...

6.1-423.1 Employee background checks
A licensee shall not employ an individual who may have access to or process personal identifying or financial information from a member of the public ...

6.1-423.2 Employee training programs
Each licensee shall ensure that employees are properly trained in applicable state and federal laws and regulations applicable to mortgage lending. The Commission shall adopt ...

6.1-424 Advertising
No mortgage lender or broker required to be licensed under this chapter shall use or cause to be published any advertisement which: 1. Contains any ...

6.1-425 Suspension or revocation of license
A. The Commission may suspend or revoke any lender's or broker's license issued under this chapter upon any of the following grounds: 1. Any ground ...

6.1-425.1 Suspension
A. The Commission, after providing notice and an opportunity for a hearing, may censure, suspend for a defined period or bar a person from any ...

6.1-425.2 Filing of written report with Commissioner; events impacting activities of registrant
Within 15 days of becoming aware of the occurrence of any of the events listed below, a registrant shall file a written report with the ...

6.1-426 Cease and desist orders
If the Commissioner determines that any lender or broker required to be licensed hereunder has violated any provision of this chapter or any regulation adopted ...

6.1-427 Notice of proposed suspension or revocation
The Commission may not revoke or suspend the license of any lender or broker licensed under this chapter upon any of the grounds set forth ...

6.1-428 Fines for violations
In addition to the authority conferred under §§ 6.1-425 and 6.1-426, the Commission may impose a fine or penalty not exceeding $2,500 upon any lender ...

6.1-429 Criminal penalties
Any person not exempt from licensing under this chapter who shall act as a mortgage lender or mortgage broker in this Commonwealth without having obtained ...

6.1-430 Authority of the Attorney General; referral by Commission to Attorney General
A. If the Commission determines that a mortgage lender or broker licensed under this chapter is in violation, or has violated, any provision of Articles ...

6.1-431 Private action still maintainable
Nothing in this article shall be construed to preclude any individual or entity who suffers loss as a result of a violation of Articles 3 ...