6.2-1601 - (Effective October 1, 2010) License requirement. - Virginia Statutes

§ 6.2-1601. (Effective October 1, 2010) License requirement.

A. No person shall engage in business as a mortgage lender ora mortgage broker, or hold himself out to the general public to be a mortgagelender or a mortgage broker unless such person has first obtained a licenseunder this chapter. Subject to such conditions as the Commission may prescribe,an individual who is a bona fide employee or exclusive agent of a licensee maynegotiate, place or find mortgage loans without being licensed as a mortgagebroker.

B. Every mortgage lender and mortgage broker required to belicensed under this chapter shall register with the Registry and be subject tosuch registration and renewal requirements as may be established by theRegistry, in addition to any requirements of this chapter. In adopting rulesand regulations pursuant to § 6.2-1613, the Commission shall include any terms,conditions, or requirements applicable to such registration and renewal. Anyfees required by the Registry shall be separate and apart from any fees imposedby this chapter. The Commission, at its discretion, may collect anyregistration and renewal fees on behalf of the Registry and remit such fees tothe Registry or permit the Registry to collect any fees imposed by this chapterand remit such fees to the Commission.

C. In connection with its implementation and administration ofthis chapter, the Commission may establish agreements or contracts with the Registryor other entities designated by the Registry to collect, distribute, andmaintain information and records, and process fees related to mortgage lendersand mortgage brokers required to be licensed under this chapter. Inestablishing such agreements or contracts, the Commission shall not be subjectto the Virginia Public Procurement Act (§ 2.2-4300 et seq.).

(1987, c. 596, § 6.1-410; 1990, c. 4; 2001, c. 24; 2010, cc.146, 794, 831.)