Terms Used In Virginia Code > Title 6.2 > Subtitle III > Chapter 16 - Mortgage Lenders and Mortgage Brokers

• Advertisement: means all representations disseminated in any manner or by any means, other than by labeling, for the purpose of inducing, or that are likely to induce, directly or indirectly, the purchase of food. See Virginia Code 3.2-5120
• Agency: means the Department of State Police, the Division of Capitol Police, the Virginia Marine Resources Commission, the Virginia Port Authority, the Department of Wildlife Resources, the Virginia Alcoholic Beverage Control Authority, the Department of Conservation and Recreation, or the Department of Motor Vehicles; or the political subdivision or the campus police department of any public institution of higher education of the Commonwealth employing the law-enforcement officer. See Virginia Code 9.1-500
• Amortization: Paying off a loan by regular installments.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• 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.
• Beneficiary: means the spouse of a deceased person and such persons as are entitled to take under the will of a deceased person if testate, or as his heirs at law if intestate. See Virginia Code 9.1-400
• Bequest: Property gifted by will.
• Butter: means the food product generally known as butter, which is made exclusively from milk or cream, or both, with or without common salt, and with or without coloring matter, and containing not less than 80 percent by weight of milk fat, having allowed for all tolerances. See Virginia Code 3.2-5120
• Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
• Chief judge: The judge who has primary responsibility for the administration of a court but also decides cases; chief judges are determined by seniority.
• Commissioner: means the Commissioner of Financial Institutions. See Virginia Code 6.2-100
• Correctional officer: means a duly sworn non-probationary employee of the Department of Corrections whose normal duties relate to maintaining immediate control, supervision, and custody of prisoners confined in any state correctional facility. See Virginia Code 9.1-508
• Deceased person: means any individual whose death occurs on or after April 8, 1972, in the line of duty as the direct or proximate result of the performance of his duty, including the presumptions under §§ 27-40. See Virginia Code 9.1-400
• Disabled person: includes any state employee included in the definition of a deceased person who was disabled on or after January 1, 1966. See Virginia Code 9.1-400
• Donor: The person who makes a gift.
• Emergency medical services personnel: means any person who holds a valid certificate issued by the Commissioner and who is employed solely within the fire department, emergency medical services agency, or public safety department of an employing agency as a full-time emergency medical services personnel whose primary responsibility is the provision of emergency care to the sick and injured, using either basic or advanced techniques. See Virginia Code 9.1-300
• Employee: means any person who would be covered or whose spouse, dependents, or beneficiaries would be covered under the benefits of this chapter if the person became a disabled person or a deceased person. See Virginia Code 9.1-400
• Employer: means (i) the employer of a person who is a covered employee or (ii) in the case of a volunteer who is a member of any fire company or department or rescue squad described in the definition of "deceased person" the county, city, or town that by ordinance or resolution recognized such fire company or department or rescue squad as an integral part of the official safety program of such locality. See Virginia Code 9.1-400
• Employing agency: means any municipality of the Commonwealth or any political subdivision thereof, including authorities and special districts, that employs firefighters and emergency medical services personnel. See Virginia Code 9.1-300
• Entity: means any corporation, partnership, association, cooperative, limited liability company, trust, joint venture, or other legal or commercial entity. See Virginia Code 6.2-1600
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Federal act: means the Federal Food, Drug and Cosmetic Act (Title 21 U. See Virginia Code 3.2-5120
• Firefighter: means any person who is employed solely within the fire department or public safety department of an employing agency as a full-time firefighter whose primary responsibility is the prevention and extinguishment of fires, the protection of life and property, and the enforcement of local and state fire prevention codes and laws pertaining to the prevention and control of fires. See Virginia Code 9.1-300
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• food: as used in this article means all articles used for food, drink, confectionery or condiment, whether simple, mixed or compound, and all substances or ingredients used in the preparation thereof, intended for human consumption and introduction into commerce. See Virginia Code 3.2-5105
• Food: means all articles used for food, drink, confectionery, or condiment, for humans or other animals, whether simple, mixed, or compound, and all substances or ingredients used in the preparation thereof. See Virginia Code 3.2-5120
• food: as used in this article means all articles used for food, drink, confectionery or condiment, whether simple, mixed or compound, and all substances or ingredients used in the preparation thereof, intended for human consumption and introduction into commerce. See Virginia Code 3.2-5129
• Food: means any article that is intended for human consumption and introduction into commerce, whether the article is simple, mixed, or compound, and all substances or ingredients used in the preparation thereof. See Virginia Code 3.2-5145.1
• Fund: means the Line of Duty Death and Health Benefits Trust Fund established pursuant to § 9. See Virginia Code 9.1-400
• Industrial hemp: means a Cannabis sativa plant that has a concentration of tetrahydrocannabinol that is no greater than that allowed by federal law. See Virginia Code 3.2-5145.1
• Interrogation: means any questioning of a formal nature as used in Chapter 4 (§ 9. See Virginia Code 9.1-300
• Intestate: Dying without leaving a will.
• Label: means a display of written, printed, or graphic matter upon the immediate container of any article. See Virginia Code 3.2-5120
• Labeling: means all labels and other written, printed, or graphic matter upon an article or any of its containers or wrappers, or accompanying such article. See Virginia Code 3.2-5120
• Law-enforcement officer: means any person, other than a Chief of Police or the Superintendent of the Department of State Police, who, in his official capacity, is (i) authorized by law to make arrests and (ii) a nonprobationary officer of one of the following agencies:

  a. See Virginia Code 9.1-500

• Licensee: means a mortgage lender or mortgage broker licensed by the Commission pursuant to this chapter. See Virginia Code 6.2-1600
• Line of duty: means any action the deceased or disabled person was obligated or authorized to perform by rule, regulation, condition of employment or service, or law. See Virginia Code 9.1-400
• Month: means a calendar month and "year" means a calendar year. See Virginia Code 1-223
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage broker: means any person who directly or indirectly negotiates, places or finds mortgage loans for others, or offers to negotiate, place or find mortgage loans for others. See Virginia Code 6.2-1600
• Mortgage lender: means any person who directly or indirectly originates or makes mortgage loans. See Virginia Code 6.2-1600
• Mortgage loan: means a loan made to an individual, the proceeds of which are to be used primarily for personal, family or household purposes, which loan is secured by a mortgage or deed of trust upon any interest in one- to four-family residential property located in the Commonwealth, regardless of where made, including the renewal or refinancing of any such loan, but excluding (i) loans to persons related to the lender by blood or marriage and (ii) loans to persons who are bona fide employees of the lender. See Virginia Code 6.2-1600
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Nonparticipating employer: means any employer that is a political subdivision of the Commonwealth that elected to directly fund the cost of benefits provided under this chapter and not participate in the Fund. See Virginia Code 9.1-400
• Office: means a location other than a licensee's principal place of business where (i) the licensee negotiates, places, finds, or makes Virginia mortgage loans; (ii) the licensee's name, advertising or promotional materials, or signage indicates that the licensee negotiates, places, finds, or makes Virginia mortgage loans from the location; or (iii) the licensee maintains books, accounts, or records of Virginia mortgage loans. See Virginia Code 6.2-1600
• Oversight: Committee review of the activities of a Federal agency or program.
• Participating employer: means any employer that is a state agency or is a political subdivision of the Commonwealth that did not make an election to become a nonparticipating employer. See Virginia Code 9.1-400
• Person: means any individual or entity. See Virginia Code 6.2-1600
• Principal: means any person who, directly or indirectly, owns or controls a 10 percent or greater interest in any entity. See Virginia Code 6.2-1600
• Registry: means the mortgage licensing and registration system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators. See Virginia Code 6.2-1600
• Remote location: means a location, other than a licensee's principal place of business or office, at which the employees or exclusive agents of a licensee may conduct business if the requirements set forth in subsection F of § 6. See Virginia Code 6.2-1600
• Residential property: means improved real property used or occupied, or intended to be used or occupied, for residential purposes. See Virginia Code 6.2-1600
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). ^{Source: OCC}
• State correctional facility: means any correctional center or correctional field unit used for the incarceration of adult offenders established and operated by the Department of Corrections. See Virginia Code 9.1-508
• Summons: Another word for subpoena used by the criminal justice system.
• Testate: To die leaving a will.
• Tetrahydrocannabinol: means the same as that term is defined in § 3. See Virginia Code 3.2-5145.1
• Total tetrahydrocannabinol: means the same as that term is defined in § 3. See Virginia Code 3.2-5145.1
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• VRS: means the Virginia Retirement System. See Virginia Code 9.1-400