6.2-1701 - (Effective October 1, 2010) License requirement. - Virginia Statutes

§ 6.2-1701. (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 engaged solely as a loan processor or underwriter, whodoes not represent to the public, through advertising or other means ofcommunicating or providing information including the use of business cards,stationery, brochures, signs, rate lists, or other promotional items, thatsuch individual can or will perform any of the activities of a mortgage loanoriginator, shall not be required to obtain a mortgage loan originatorlicense. An individual acting as an independent contractor may not engage inresidential mortgage loan origination activities as a loan processor orunderwriter unless such individual obtains a mortgage loan originator license.

(2009, cc. 273, 453, § 6.1-431.2; 2010, c. 794.)