6.2-1607 - (Effective October 1, 2010) Licenses; places of business; changes. - Virginia Statutes

§ 6.2-1607. (Effective October 1, 2010) Licenses; places of business; changes.

A. Each license shall state the address of each office at which the businessis to be conducted and shall state fully the name of the licensee. Eachlicense shall be prominently posted in each office of the licensee. Licensesshall not be transferable or assignable, by operation of law or otherwise. Nolicensee shall use any name other than the name set forth on the licenseissued by the Commission.

B. No licensee shall open an additional office or relocate any office withoutprior approval of the Commission. Applications for such approval shall bemade in writing on a form provided by the Commissioner and shall beaccompanied by payment of a $150 nonrefundable application fee. Theapplication shall be approved unless the Commission finds that the applicanthas not conducted business under this chapter efficiently, fairly, in thepublic interest, and in accordance with law. The application shall be deemedapproved if notice to the contrary has not been mailed by the Commission tothe applicant within 30 days of the date the application is received by theCommission. After approval, the applicant shall give written notice to theCommissioner within 10 days of the commencement of business at the additionalor relocated office.

C. Every licensee shall within 10 days notify the Commissioner, in writing,of the closing of any approved office and of the name, address and positionof each new senior officer, member, partner, or director and provide suchother information with respect to any such change as the Commissioner mayreasonably require.

D. Every license shall remain in force until it has been surrendered,revoked, or suspended. The surrender, revocation, or suspension of a licenseshall not affect any preexisting legal right or obligation of such lender orbroker.

(1987, c. 596, § 6.1-416; 1988, c. 303; 1990, c. 8; 1992, c. 283; 2010, c.794.)