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
2/16/2019

10VAC5-161-80. Enforcement; Civil Penalties.

A. Failure to comply with any provision of Chapter 17 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 § 6.2-1719 of the Code of Virginia, an individual required to be licensed under Chapter 17 shall be subject to a separate civil penalty of up to $2,500 for every violation of Chapter 17, this chapter, or other law or regulation applicable to the conduct of the individual's business. Furthermore, if an individual violates any provision of Chapter 17, this chapter, or other law or regulation applicable to the conduct of the individual's business in connection with multiple borrowers, loans, or prospective loans, the individual shall be subject to a separate civil penalty for each borrower, loan, or prospective loan. For example, if an individual originates five loans and the individual violates two applicable laws in connection with each of the five loans, the individual shall be subject to a maximum civil penalty of $25,000.

Statutory Authority

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

Historical Notes

Derived from Volume 28, Issue 26, eff. August 15, 2012.

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