6.2-1706 - (Effective October 1, 2010) Qualifications. - Virginia Statutes

§ 6.2-1706. (Effective October 1, 2010) Qualifications.

Upon the filing and investigation of an application for a license, andcompliance by the applicant with all applicable provisions of this chapter,the Commission shall issue and deliver to the applicant the license appliedfor to engage in business under this chapter if it finds that the financialresponsibility, character, and general fitness of the applicant are such asto warrant belief that the licensee will act as a mortgage loan originatorefficiently and fairly, in the public interest, and in accordance with law.If the Commission fails to make such findings, no license shall be issued andthe Commissioner shall notify the applicant of the denial and the reasons forsuch denial. The Commission shall not base a license denial, in whole or inpart, on an applicant's credit score, nor shall it use a credit report as thesole basis for license denial.

(2009, cc. 273, 453, § 6.1-431.7; 2010, c. 794.)