Administrative Code

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Virginia Administrative Code
Title 10. Finance And Financial Institutions
Agency 5. State Corporation Commission
Chapter 161. Mortgage Loan Originators

10VAC5-161-40. Conditions of licensure and renewals.

A. A mortgage loan originator license will be granted only if an individual meets the following conditions:

1. The individual has submitted a license application in accordance with 10VAC5-161-30;

2. The individual has obtained a unique identifier from the registry;

3. The individual has never had a mortgage loan originator license revoked by any governmental authority;

4. The individual's criminal history record contains no disqualifying convictions under § 6.2-1707 of the Code of Virginia;

5. The individual has completed the prelicensing education prescribed by § 6.2-1708 of the Code of Virginia;

6. The individual has achieved an acceptable score on the qualified written test prescribed by § 6.2-1709 of the Code of Virginia; and

7. The commission finds that the individual possesses the financial responsibility, character, and general fitness required for licensure by § 6.2-1706 of the Code of Virginia and 10VAC5-161-45.

B. Licenses shall expire at the end of each calendar year unless renewed by the commission on or after November 1 of the same calendar year. To request license renewal, a licensee shall (i) submit a license renewal application through the registry on or before the end of the current license year in accordance with instructions from the registry and the bureau; (ii) furnish the registry and the bureau with all required information and documentation; (iii) pay or cause to be paid through the registry all required registry fees and a license renewal fee of $100; (iv) obtain the continuing education prescribed in § 6.2-1710 of the Code of Virginia; and (v) comply with any other renewal requirements imposed by the registry.

C. A mortgage loan originator license will be renewed only if the commission finds that the following conditions have been met:

1. The licensee has satisfied the requirements of subsection B of this section; and

2. The licensee has complied with Chapter 17 and this chapter, and continues to meet the conditions for initial licensure.

D. If (i) a licensee fails to timely meet the requirements specified in subsection B of this section, but meets such requirements and pays a reinstatement fee of $30 before March 1 of the following calendar year, and (ii) the commission makes the findings specified in subsection C of this section, his license shall be reinstated and renewed.

Statutory Authority

§§ 6.2-1720 and 12.1-13 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 25, Issue 25, eff. August 17, 2009; amended, Virginia Register Volume 28, Issue 26, eff. August 15, 2012.

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