§ 6.2-1418 Suspension or revocation of authority
A. The Commission may suspend or revoke the authority of an association to do business upon any of the following grounds:
1. 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 its business;
2. A course of conduct consisting of failure to perform written agreements with borrowers;
3. Failure to account for funds received or disbursed to the satisfaction of the person supplying or receiving such funds;
4. Failure to disburse funds in accordance with any agreement connected with, and promptly upon closing of, a mortgage loan, taking into account any applicable right of rescission;
5. Conviction of any felony or misdemeanor involving fraud, misrepresentation, or deceit;
6. Entry of judgment against such association involving fraud, misrepresentation, or deceit;
7. Entry of a federal or state administrative order against such association for violation of any law or regulation applicable to the conduct of its business;
8. Refusal to permit an investigation or examination by the Commission;
9. Failure to pay any fee or assessment imposed by this chapter; or
B. For the purposes of this section, acts of any officer, director, or principal stockholder shall be deemed acts of the association.
History
This law was first created in 1993. The record of its establishment is cataloged in chapter 419 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1993 “Acts” aren’t available online. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2010, chapter 794.
1993, c. 419, § 6.1-237.8; 2010, c. 794.