Virginia Code 6.2-1621: Filing of written report with Commissioner; events affecting activities of licensee
A. A licensee shall file a written report with the Commissioner within 15 days of becoming aware of the occurrence of any of the following:
Terms Used In Virginia Code 6.2-1621
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Commissioner: means the Commissioner of Financial Institutions. See Virginia Code 6.2-100
- Conviction: A judgement of guilt against a criminal defendant.
- in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Chapter 42. See Virginia Code 1-257
- Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
- Licensee: means a mortgage lender or mortgage broker licensed by the Commission pursuant to this chapter. See Virginia Code 6.2-1600
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
1. The filing for bankruptcy or reorganization by the licensee;
2. The institution of revocation or suspension proceedings against the licensee by any state or governmental authority;
3. The denial of the opportunity of the licensee to engage in business by any state or governmental authority;
4. Any felony indictment of the licensee or any of its employees, officers, directors, or principals;
5. Any felony conviction of the licensee or any of its employees, officers, directors, or principals; and
6. Such other events as the Commissioner may determine and identify by regulation.
B. The report shall be in writing and describe the event and its expected impact on the activities of the licensee in the Commonwealth.