2010 Code of Virginia
Title 6.2 - FINANCIAL INSTITUTIONS AND SERVICES.
Chapter 17 - Mortgage Loan Originators (6.2-1700 thru 6.2-1720)
6.2-1712 - (Effective October 1, 2010) Provisional mortgage loan originator license.

§ 6.2-1712. (Effective October 1, 2010) Provisional mortgage loan originator license.

A. An applicant for licensure as a mortgage loan originator who has completed and filed with the Commission and the Registry all information, documents, and requirements for licensure pursuant to this chapter shall be provided a provisional license, registration, and unique identifier as a mortgage loan originator for the period preceding the date the Commission acts on his application if (i) the applicant is employed by or contracted to act as a mortgage loan originator for a person licensed under Chapter 16 (§ 6.2-1600 et seq.) and (ii) a senior officer or principal of such person licensed under Chapter 16 attests to the Commission that:

1. If the applicant is not currently, and has not within the six-month period preceding the date of filing his application been, acting as a mortgage loan originator or a state-licensed mortgage loan originator in another state under provisions of § 1507 of the Act:

a. The applicant has never had a mortgage loan originator license denied, revoked, or suspended in any governmental jurisdiction;

b. The Commission has not denied the application of or revoked or taken any adverse action with respect to any license held by the applicant during the five-year period ending on the date of filing of the application;

c. The applicant has not been convicted of a felony that would otherwise authorize the Commission to deny a license;

d. The applicant meets or exceeds all of the applicable requirements of this chapter for licensure; and

e. The licensed person will be responsible for the acts of the applicant during the period that such application is pending; or

2. If the applicant is currently, or has within the six-month period preceding the date of filing his application been, acting as a registered mortgage loan originator or a state-licensed mortgage loan originator in another state under provisions of § 1507 of the Act:

a. The applicant has never had a mortgage loan originator license denied, revoked, or suspended in any governmental jurisdiction; and

b. The applicant has not been convicted of a felony that would otherwise authorize the Commission to deny a license.

B. Any provisional license issued pursuant to this section shall expire on the earlier of the following:

1. The date upon which the Commission issues or denies the application for licensure; or

2. Twelve months from the date the provisional license was issued.

C. The Commission may suspend or revoke the license of, or impose a fine not exceeding $2,500 upon, a person licensed under Chapter 16 (§ 6.2-1600 et seq.) if the Commission finds that the licensee, or a senior officer or principal thereof, did not act in good faith in making any attestation described in subsection A.

(2009, cc. 273, 453, § 6.1-431.13; 2010, cc. 794, 831.)