Administrative Code

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Virginia Administrative Code
Title 10. Finance And Financial Institutions
Agency 5. State Corporation Commission
Chapter 160. Rules Governing Mortgage Lenders and Brokers

10VAC5-160-100. Enforcement.

A. Failure to comply with any provision of Chapter 16 or this chapter may result in civil penalties, license suspension, license revocation, the entry of a cease and desist order, or other appropriate enforcement action.

B. Pursuant to § 6.2-1624 of the Code of Virginia, a person required to be licensed under Chapter 16 shall be subject to a civil penalty of up to $2,500 for every violation of Chapter 16, this chapter, or other law or regulation applicable to the conduct of the person's business. Furthermore, if a person violates any provision of Chapter 16, this chapter, or other law or regulation applicable to the conduct of the person's business in connection with multiple borrowers, loans, or prospective loans, the person shall be subject to a separate civil penalty for each borrower, loan, or prospective loan. For example, if a person makes five loans and the person violates two provisions of this chapter in connection with each of the five loans, there would be a total of 10 violations and the person would be subject to a maximum civil penalty of $25,000.

Statutory Authority

§§ 6.2-1613 and 12.1-13 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 27, Issue 13, eff. February 15, 2011; amended, Virginia Register Volume 29, Issue 12, eff. January 28, 2013.

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