6.1-431.2 - (Repealed effective October 1, 2010) License requirement. - Virginia Statutes

§ 6.1-431.2. (Repealed effective October 1, 2010) License requirement.

On or after July 1, 2010, no individual shall act as a mortgage loanoriginator, or hold himself out to the general public as a mortgage loanoriginator, unless such individual has first obtained a license under thischapter. An individual engaging solely in loan processor, or underwriteractivities, who does not represent to the public, through advertising orother means of communicating or providing information including the use ofbusiness cards, stationery, brochures, signs, rate lists, or otherpromotional items that such individual can or will perform any of theactivities of a mortgage loan originator, shall not be required to obtain amortgage loan originator license. An individual acting as an independentcontractor may not engage in residential mortgage loan origination activitiesas a loan processor or underwriter unless such individual obtains a mortgageloan originator license.

(2009, cc. 273, 453.)