Virginia Code 6.2-1702: Application for license; form; content; fee
A. An application for a license under this chapter shall be on a form provided by the Registry.
Terms Used In Virginia Code 6.2-1702
- Act: means the federal Secure and Fair Enforcement for Mortgage Licensing Act, Title V (§ 1501 et seq. See Virginia Code 6.2-1700
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- Commissioner: means the Commissioner of Financial Institutions. See Virginia Code 6.2-100
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Registry: means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of mortgage loan originators. See Virginia Code 6.2-1700
B. The application shall set forth:
1. The name and residential address of the applicant;
2. The address of the applicant’s employer or the address where the applicant will act as a mortgage loan originator, as applicable; and
3. Such other information concerning the financial responsibility, background, experience, and activities of the applicant as the Commissioner may require.
C. The application shall be accompanied by payment of an application fee in an amount not to exceed $150, or a lesser amount as may be prescribed by the Commission. The application fee shall be in addition to any other fees payable by the applicant, including but not limited to fees for pre-licensing education and testing, fingerprinting, criminal background checks, credit reports, or administrative fees charged by the Registry.
D. The application fee shall not be refundable in any event. The fee shall not be abated by surrender, suspension, or revocation of the license.