6.2-1704 - (Effective October 1, 2010) Mortgage loan originator background checks. - Virginia Statutes

§ 6.2-1704. (Effective October 1, 2010) Mortgage loan originator backgroundchecks.

A. In connection with an application for licensing as a mortgage loanoriginator, the applicant shall furnish to the Registry informationconcerning the applicant's identity, including fingerprints for submission tothe Federal Bureau of Investigation or any federal or state governmentalagency or entity authorized to receive such information for a state,national, and international criminal history background check, as prescribedby the Commission.

B. The applicant shall also submit personal history and experience in a formprescribed by the Registry, including submission of authorization for theRegistry and the Commission to obtain (i) an independent credit report from aconsumer reporting agency described in § 603(p) of the Fair Credit ReportingAct (15 U.S.C. § 1681 et seq.), and (ii) information related to anyadministrative, civil, or criminal findings by any governmental jurisdiction.

C. For the purposes of this section and in order to reduce the points ofcontact that the Federal Bureau of Investigation may be required to maintain,the Commission may use the Registry as a channeling agent for requestinginformation from, and distributing information to, the Department of Justice,other governmental agency, or any other source.

(2009, cc. 273, 453, § 6.1-431.5; 2010, c. 794.)