6.1-420 - (Repealed effective October 1, 2010) Annual fees. - Virginia Statutes

§ 6.1-420. (Repealed effective October 1, 2010) Annual fees.

A. In order to defray the costs of their examination, supervision andregulation, every mortgage lender required to be licensed under this chaptershall pay an annual fee calculated in accordance with a schedule set by theCommission. The schedule shall bear a reasonable relationship to the businessvolume of such individual mortgage lenders, the actual costs of theirexaminations, and to other factors relating to their supervision andregulation. Every mortgage broker required to be licensed under this chaptershall pay an annual fee calculated in accordance with a schedule set by theCommission. The schedule shall bear a reasonable relationship to the volumeof business transacted by such mortgage broker, to the actual cost ofexamination and to other factors relating to their supervision andregulation. All such fees shall be assessed on or before April 25 for everycalendar year. All such fees shall be paid by the licensed mortgage lendersand mortgage brokers to the State Treasurer on or before May 25 followingeach assessment.

B. In addition to the annual fee prescribed in subsection A of this section,when it becomes necessary to examine or investigate the books and records ofa mortgage lender or mortgage broker required to be licensed under thischapter at a location outside the Commonwealth, the mortgage lender ormortgage broker shall be liable for and shall pay to the Commission withinthirty days of the presentation of an itemized statement, the actual traveland reasonable living expenses incurred on account of its examination,supervision and regulation, or shall pay at a reasonable per diem rateapproved by the Commission.

(1987, c. 596; 1988, c. 303; 1990, c. 32; 1996, c. 524.)