Virginia Code 6.2-1716: Suspension or revocation of license
The Commission may suspend or revoke any license issued under this chapter based upon:
Terms Used In Virginia Code 6.2-1716
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- Conviction: A judgement of guilt against a criminal defendant.
- Fraud: Intentional deception resulting in injury to another.
- Licensee: means an individual licensed under this chapter. See Virginia Code 6.2-1700
- 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
- 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
- Unique identifier: means a number or other identifier assigned by protocols established by the Registry that permanently identifies a mortgage loan originator. See Virginia Code 6.2-1700
1. Any ground sufficient for denial of the issuance of a license under this chapter;
2. Any violation of the provisions of this chapter or regulations adopted by the Commission pursuant thereto, or a violation of any other law or regulation applicable to the conduct of the licensee‘s licensed activities;
3. Conviction of a felony or misdemeanor involving fraud, misrepresentation, or deceit;
4. Entry of a judgment against a licensee involving fraud, misrepresentation, or deceit;
5. Entry of a federal or state administrative order against a licensee for violation of any law or any regulation applicable to the conduct of his licensed activities;
6. Refusal to permit an investigation or examination by the Commission;
7. Failure to pay any fee or assessment imposed by this chapter;
8. Failure to comply with any order of the Commission; or
9. Failure to maintain registration with, or a unique identifier from, the Registry.