{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1416.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1416.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1416.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1416.html"}],"law_id":56855,"edition_id":1,"section_id":56855,"structure_id":13311,"section_number":"6.2-1416","catch_line":"Prohibited practices","history":"1993, c. 419, \u00a7 6.1-237.6; 2010, c. 794; 2016, c. 501.","full_text":"A\n\nNo association shall:1\n\nObtain any agreement or instrument in which blanks are left to be filled in after execution;2\n\nTake an interest in collateral other than the real estate or residential property, including fixtures and appliances thereon, securing a mortgage loan; however, an interest in collateral other than real estate may be taken if the real estate taken as collateral does not have sufficient equity to secure the mortgage loan;3\n\nObtain any exclusive dealing or exclusive agency agreement from any borrower;4\n\nDelay closing of any mortgage loan for the purpose of increasing interest, costs, fees, or charges payable by the borrower;5\n\nObtain any agreement or instrument executed by the borrower which contains an acceleration clause permitting the unpaid balance of a mortgage loan to be declared due for any reason other than failure to make timely payments of interest and principal or to perform other obligations undertaken in the agreement or instrument; or6\n\nIf acting as a mortgage lender, fail to require the person closing the mortgage loan to provide the borrower, prior to closing of the mortgage loan, with a (i) settlement statement and (ii) disclosure which conforms to that required by the provisions of 15 U.S.C. § 1601 et seq. and Consumer Financial Protection Bureau Regulation Z (12 C.F.R. Part 1026).B\n\nNo association, when acting as a mortgage broker, shall:1\n\nExcept for documented costs of a credit report and appraisals, receive compensation from a borrower until a written commitment to make a mortgage loan is given to the borrower by a mortgage lender;2\n\nReceive compensation from a mortgage lender of which it is a principal, partner, trustee, director, officer, or employee;3\n\nReceive compensation from a borrower in connection with any mortgage loan transaction in which it is the lender or a principal, partner, trustee, director, or officer of the lender;4\n\nReceive compensation from a borrower other than that specified in a written agreement signed by the borrower; or5\n\nReceive compensation for negotiating, placing or finding a mortgage loan where such association, or any person affiliated with such association, has otherwise acted as a real estate broker, agent, or salesman in connection with the real estate which secures the mortgage loan, and such association or affiliated person has received or will receive any other compensation or thing of value from the lender, borrower, seller, or any other person, unless the borrower is given the following notice in writing at the time the mortgage broker services are first offered to the borrower:\n\t\t\t\tNOTICE\n\t\t\t\tWE HAVE OFFERED TO ASSIST YOU IN OBTAINING A MORTGAGE LOAN. IF WE ARE SUCCESSFUL IN OBTAINING A LOAN FOR YOU, WE WILL CHARGE AND COLLECT FROM YOU A FEE NOT TO EXCEED _____ % OF THE LOAN AMOUNT.\n\t\t\t\tWE DO NOT REPRESENT ALL OF THE LENDERS IN THE MARKET AND THE LENDERS WE DO REPRESENT MAY NOT OFFER THE LOWEST INTEREST RATES OR BEST TERMS AVAILABLE TO YOU. YOU ARE FREE TO SEEK A LOAN WITHOUT OUR ASSISTANCE, IN WHICH EVENT YOU WILL NOT BE REQUIRED TO PAY US A FEE FOR THAT SERVICE.\n\t\t\t\tIF YOU ARE A MEMBER OF A CREDIT UNION, YOU SHOULD COMPARE OUR INTEREST RATES AND TERMS WITH THE MORTGAGE LOANS AVAILABLE THROUGH YOUR CREDIT UNION.\n\t\t\t\t______________________________BORROWER’S SIGNATURE\n\t\t\t\t______________________________BORROWER’S SIGNATURE\n\t\t\t\tThe foregoing notice shall be in at least 10-point type, and the prospective borrower shall acknowledge receipt of the written notice.","order_by":null,"text":{"0":{"id":208252,"text":"No association shall:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":208253,"text":"Obtain any agreement or instrument in which blanks are left to be filled in after execution;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":208254,"text":"Take an interest in collateral other than the real estate or residential property, including fixtures and appliances thereon, securing a mortgage loan; however, an interest in collateral other than real estate may be taken if the real estate taken as collateral does not have sufficient equity to secure the mortgage loan;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":208255,"text":"Obtain any exclusive dealing or exclusive agency agreement from any borrower;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":208256,"text":"Delay closing of any mortgage loan for the purpose of increasing interest, costs, fees, or charges payable by the borrower;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":208257,"text":"Obtain any agreement or instrument executed by the borrower which contains an acceleration clause permitting the unpaid balance of a mortgage loan to be declared due for any reason other than failure to make timely payments of interest and principal or to perform other obligations undertaken in the agreement or instrument; or","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":208258,"text":"If acting as a mortgage lender, fail to require the person closing the mortgage loan to provide the borrower, prior to closing of the mortgage loan, with a (i) settlement statement and (ii) disclosure which conforms to that required by the provisions of 15 U.S.C. § 1601 et seq. and Consumer Financial Protection Bureau Regulation Z (12 C.F.R. Part 1026).","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"B"},"7":{"id":208259,"text":"No association, when acting as a mortgage broker, shall:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A6","next_prefix":"B1"},"8":{"id":208260,"text":"Except for documented costs of a credit report and appraisals, receive compensation from a borrower until a written commitment to make a mortgage loan is given to the borrower by a mortgage lender;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"9":{"id":208261,"text":"Receive compensation from a mortgage lender of which it is a principal, partner, trustee, director, officer, or employee;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"10":{"id":208262,"text":"Receive compensation from a borrower in connection with any mortgage loan transaction in which it is the lender or a principal, partner, trustee, director, or officer of the lender;","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"11":{"id":208263,"text":"Receive compensation from a borrower other than that specified in a written agreement signed by the borrower; or","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3","next_prefix":"B5"},"12":{"id":208264,"text":"Receive compensation for negotiating, placing or finding a mortgage loan where such association, or any person affiliated with such association, has otherwise acted as a real estate broker, agent, or salesman in connection with the real estate which secures the mortgage loan, and such association or affiliated person has received or will receive any other compensation or thing of value from the lender, borrower, seller, or any other person, unless the borrower is given the following notice in writing at the time the mortgage broker services are first offered to the borrower:\n\t\t\t\tNOTICE\n\t\t\t\tWE HAVE OFFERED TO ASSIST YOU IN OBTAINING A MORTGAGE LOAN. IF WE ARE SUCCESSFUL IN OBTAINING A LOAN FOR YOU, WE WILL CHARGE AND COLLECT FROM YOU A FEE NOT TO EXCEED _____ % OF THE LOAN AMOUNT.\n\t\t\t\tWE DO NOT REPRESENT ALL OF THE LENDERS IN THE MARKET AND THE LENDERS WE DO REPRESENT MAY NOT OFFER THE LOWEST INTEREST RATES OR BEST TERMS AVAILABLE TO YOU. YOU ARE FREE TO SEEK A LOAN WITHOUT OUR ASSISTANCE, IN WHICH EVENT YOU WILL NOT BE REQUIRED TO PAY US A FEE FOR THAT SERVICE.\n\t\t\t\tIF YOU ARE A MEMBER OF A CREDIT UNION, YOU SHOULD COMPARE OUR INTEREST RATES AND TERMS WITH THE MORTGAGE LOANS AVAILABLE THROUGH YOUR CREDIT UNION.\n\t\t\t\t______________________________BORROWER’S SIGNATURE\n\t\t\t\t______________________________BORROWER’S SIGNATURE\n\t\t\t\tThe foregoing notice shall be in at least 10-point type, and the prospective borrower shall acknowledge receipt of the written notice.","type":"section","prefixes":["B","5"],"prefix":"5","entire_prefix":"B5","prefix_anchor":"B5","level":2,"prior_prefix":"B4"}},"ancestry":[{"id":13311,"edition_id":1,"name":"Industrial Loan Associations","identifier":"14","label":"chapter","depth":3,"order_by":1,"parent_id":13060,"metadata":{},"date_created":"2026-06-26 03:44:37","date_modified":"2026-06-26 03:44:37","permalink":{"id":265723,"object_type":"structure","relational_id":13311,"identifier":"14","token":"6.2\/III\/14","url":"\/6.2\/III\/14\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13060,"edition_id":1,"name":"Other Regulated Providers of Financial Services","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:12","date_modified":"2026-06-26 03:44:12","permalink":{"id":265721,"object_type":"structure","relational_id":13060,"identifier":"III","token":"6.2\/III","url":"\/6.2\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":75973,"structure_id":13311,"section_number":"6.2-1400","catch_line":"Definitions","url":"\/6.2-1400\/","token":"6.2\/III\/14\/6.2-1400","metadata":false},{"id":72615,"structure_id":13311,"section_number":"6.2-1401","catch_line":"Powers of associations","url":"\/6.2-1401\/","token":"6.2\/III\/14\/6.2-1401","metadata":false},{"id":80300,"structure_id":13311,"section_number":"6.2-1402","catch_line":"Use of certain words in name prohibited","url":"\/6.2-1402\/","token":"6.2\/III\/14\/6.2-1402","metadata":false},{"id":54299,"structure_id":13311,"section_number":"6.2-1403","catch_line":"Directors","url":"\/6.2-1403\/","token":"6.2\/III\/14\/6.2-1403","metadata":false},{"id":58370,"structure_id":13311,"section_number":"6.2-1404","catch_line":"Commission may regulate issuance of evidences of debt","url":"\/6.2-1404\/","token":"6.2\/III\/14\/6.2-1404","metadata":false},{"id":84948,"structure_id":13311,"section_number":"6.2-1405","catch_line":"Extent to which associations regarded as banks; conversion of certain associations to banks; new associations not authorized","url":"\/6.2-1405\/","token":"6.2\/III\/14\/6.2-1405","metadata":false},{"id":73785,"structure_id":13311,"section_number":"6.2-1406","catch_line":"Sale of certificates of investment by certain associations prohibited","url":"\/6.2-1406\/","token":"6.2\/III\/14\/6.2-1406","metadata":false},{"id":81385,"structure_id":13311,"section_number":"6.2-1407","catch_line":"Prohibitions on associations with certificates issued and outstanding; advertisements","url":"\/6.2-1407\/","token":"6.2\/III\/14\/6.2-1407","metadata":false},{"id":81810,"structure_id":13311,"section_number":"6.2-1408","catch_line":"Associations to have one office; how office moved","url":"\/6.2-1408\/","token":"6.2\/III\/14\/6.2-1408","metadata":false},{"id":78712,"structure_id":13311,"section_number":"6.2-1409","catch_line":"Prepayment by borrower from association; rebates for unearned interest; prepayment penalty","url":"\/6.2-1409\/","token":"6.2\/III\/14\/6.2-1409","metadata":false},{"id":81838,"structure_id":13311,"section_number":"6.2-1410","catch_line":"Amount of loan","url":"\/6.2-1410\/","token":"6.2\/III\/14\/6.2-1410","metadata":false},{"id":86510,"structure_id":13311,"section_number":"6.2-1411","catch_line":"Retention of books, accounts, and records","url":"\/6.2-1411\/","token":"6.2\/III\/14\/6.2-1411","metadata":false},{"id":64378,"structure_id":13311,"section_number":"6.2-1412","catch_line":"Annual report","url":"\/6.2-1412\/","token":"6.2\/III\/14\/6.2-1412","metadata":false},{"id":80077,"structure_id":13311,"section_number":"6.2-1413","catch_line":"Investigations; examinations","url":"\/6.2-1413\/","token":"6.2\/III\/14\/6.2-1413","metadata":false},{"id":82795,"structure_id":13311,"section_number":"6.2-1414","catch_line":"Annual fees","url":"\/6.2-1414\/","token":"6.2\/III\/14\/6.2-1414","metadata":false},{"id":84791,"structure_id":13311,"section_number":"6.2-1415","catch_line":"Regulations","url":"\/6.2-1415\/","token":"6.2\/III\/14\/6.2-1415","metadata":false},{"id":56855,"structure_id":13311,"section_number":"6.2-1416","catch_line":"Prohibited practices","url":"\/6.2-1416\/","token":"6.2\/III\/14\/6.2-1416","metadata":false},{"id":76898,"structure_id":13311,"section_number":"6.2-1417","catch_line":"Escrow accounts","url":"\/6.2-1417\/","token":"6.2\/III\/14\/6.2-1417","metadata":false},{"id":54528,"structure_id":13311,"section_number":"6.2-1418","catch_line":"Suspension or revocation of authority","url":"\/6.2-1418\/","token":"6.2\/III\/14\/6.2-1418","metadata":false},{"id":55769,"structure_id":13311,"section_number":"6.2-1419","catch_line":"Cease and desist orders","url":"\/6.2-1419\/","token":"6.2\/III\/14\/6.2-1419","metadata":false},{"id":74966,"structure_id":13311,"section_number":"6.2-1420","catch_line":"Notice of proposed suspension or revocation","url":"\/6.2-1420\/","token":"6.2\/III\/14\/6.2-1420","metadata":false},{"id":85973,"structure_id":13311,"section_number":"6.2-1421","catch_line":"Civil penalties","url":"\/6.2-1421\/","token":"6.2\/III\/14\/6.2-1421","metadata":false}],"previous_section":{"id":84791,"structure_id":13311,"section_number":"6.2-1415","catch_line":"Regulations","url":"\/6.2-1415\/","token":"6.2\/III\/14\/6.2-1415","metadata":false},"next_section":{"id":76898,"structure_id":13311,"section_number":"6.2-1417","catch_line":"Escrow accounts","url":"\/6.2-1417\/","token":"6.2\/III\/14\/6.2-1417","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1416\/","history_text":"

This law was first created in 1993. The record of its establishment is cataloged in chapter 419 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1993 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2010, chapter 794<\/a>; in 2016, chapter 501<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":265789,"object_type":"law","relational_id":56855,"identifier":"6.2-1416","token":"6.2\/III\/14\/6.2-1416","url":"\/6.2-1416\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1416\/","token":"6.2\/III\/14\/6.2-1416","dublin_core":{"Title":"Prohibited practices","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1416","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> No association<\/span> shall: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Obtain any agreement or instrument in which blanks are left to be filled in after execution; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Take an interest in collateral<\/span> other than the real estate or residential property, including fixtures and appliances thereon, securing a mortgage loan<\/span>; however, an interest in collateral<\/span> other than real estate may be taken if the real estate taken as collateral<\/span> does not have sufficient equity<\/span> to secure the mortgage loan<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Obtain any exclusive dealing or exclusive agency agreement from any borrower; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Delay closing of any mortgage loan<\/span> for the purpose of increasing interest, costs, fees, or charges payable by the borrower; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Obtain any agreement or instrument executed by the borrower which contains an acceleration clause permitting the unpaid balance of a mortgage loan<\/span> to be declared due for any reason other than failure to make timely payments of interest and principal or to perform other obligations undertaken in the agreement or instrument; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> If acting as a mortgage lender, fail to require the person<\/span> closing the mortgage loan<\/span> to provide the borrower, prior to closing of the mortgage loan<\/span>, with a (i) settlement<\/span> statement and (ii) disclosure which conforms to that required by the provisions of 15 U.S.C. § 1601 et seq. and Consumer Financial Protection Bureau<\/span> Regulation Z (12 C.F.R. Part 1026). <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> No association<\/span>, when acting as a mortgage broker, shall: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Except for documented costs of a credit report and appraisals, receive compensation from a borrower until a written commitment to make a mortgage loan<\/span> is given to the borrower by a mortgage lender; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Receive compensation from a mortgage lender of which it is a principal, partner, trustee, director, officer, or employee; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Receive compensation from a borrower in connection with any mortgage loan<\/span> transaction in which it is the lender or a principal, partner, trustee, director, or officer of the lender; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Receive compensation from a borrower other than that specified in a written agreement signed by the borrower; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Receive compensation for negotiating, placing or finding<\/span> a mortgage loan<\/span> where such association<\/span>, or any person<\/span> affiliated with such association<\/span>, has otherwise acted as a real estate broker, agent, or salesman in connection with the real estate which secures the mortgage loan<\/span>, and such association<\/span> or affiliated person<\/span> has received or will receive any other compensation or thing of value from the lender, borrower, seller, or any other person<\/span>, unless the borrower is given the following notice in writing at the time the mortgage broker services are first offered to the borrower:\n\t\t\t\tNOTICE\n\t\t\t\tWE HAVE OFFERED TO ASSIST YOU IN OBTAINING A MORTGAGE LOAN<\/span>. IF WE ARE SUCCESSFUL IN OBTAINING A LOAN FOR YOU, WE WILL CHARGE AND COLLECT FROM YOU A FEE NOT TO EXCEED _____ % OF THE LOAN AMOUNT.\n\t\t\t\tWE DO NOT REPRESENT ALL OF THE LENDERS IN THE MARKET AND THE LENDERS WE DO REPRESENT MAY NOT OFFER THE LOWEST INTEREST RATES OR BEST TERMS AVAILABLE TO YOU. YOU ARE FREE TO SEEK A LOAN WITHOUT OUR ASSISTANCE, IN WHICH EVENT YOU WILL NOT BE REQUIRED TO PAY US A FEE FOR THAT SERVICE.\n\t\t\t\tIF YOU ARE A MEMBER OF A CREDIT UNION, YOU SHOULD COMPARE OUR INTEREST RATES AND TERMS WITH THE MORTGAGE LOANS<\/span> AVAILABLE THROUGH YOUR CREDIT UNION.\n\t\t\t\t______________________________BORROWER’S SIGNATURE\n\t\t\t\t______________________________BORROWER’S SIGNATURE\n\t\t\t\tThe foregoing notice shall be in at least 10-point type, and the prospective borrower shall acknowledge receipt of the written notice. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPROHIBITED PRACTICES (\u00a7 6.2-1416)\n\nA. No association shall:\n\n 1. Obtain any agreement or instrument in which blanks are left to be filled in\n after execution;\n\n 2. Take an interest in collateral other than the real estate or residential\n property, including fixtures and appliances thereon, securing a mortgage loan;\n however, an interest in collateral other than real estate may be taken if the\n real estate taken as collateral does not have sufficient equity to secure the\n mortgage loan;\n\n 3. Obtain any exclusive dealing or exclusive agency agreement from any\n borrower;\n\n 4. Delay closing of any mortgage loan for the purpose of increasing interest,\n costs, fees, or charges payable by the borrower;\n\n 5. Obtain any agreement or instrument executed by the borrower which contains\n an acceleration clause permitting the unpaid balance of a mortgage loan to be\n declared due for any reason other than failure to make timely payments of\n interest and principal or to perform other obligations undertaken in the\n agreement or instrument; or\n\n 6. If acting as a mortgage lender, fail to require the person closing the\n mortgage loan to provide the borrower, prior to closing of the mortgage loan,\n with a (i) settlement statement and (ii) disclosure which conforms to that\n required by the provisions of 15 U.S.C. § 1601 et seq. and Consumer\n Financial Protection Bureau Regulation Z (12 C.F.R. Part 1026).\n\nB. No association, when acting as a mortgage broker, shall:\n\n 1. Except for documented costs of a credit report and appraisals, receive\n compensation from a borrower until a written commitment to make a mortgage\n loan is given to the borrower by a mortgage lender;\n\n 2. Receive compensation from a mortgage lender of which it is a principal,\n partner, trustee, director, officer, or employee;\n\n 3. Receive compensation from a borrower in connection with any mortgage loan\n transaction in which it is the lender or a principal, partner, trustee,\n director, or officer of the lender;\n\n 4. Receive compensation from a borrower other than that specified in a written\n agreement signed by the borrower; or\n\n 5. Receive compensation for negotiating, placing or finding a mortgage loan\n where such association, or any person affiliated with such association, has\n otherwise acted as a real estate broker, agent, or salesman in connection with\n the real estate which secures the mortgage loan, and such association or\n affiliated person has received or will receive any other compensation or thing\n of value from the lender, borrower, seller, or any other person, unless the\n borrower is given the following notice in writing at the time the mortgage\n broker services are first offered to the borrower:\n \t\t\t\tNOTICE\n \t\t\t\tWE HAVE OFFERED TO ASSIST YOU IN OBTAINING A MORTGAGE LOAN. IF WE ARE\n SUCCESSFUL IN OBTAINING A LOAN FOR YOU, WE WILL CHARGE AND COLLECT FROM YOU A\n FEE NOT TO EXCEED _____ % OF THE LOAN AMOUNT.\n \t\t\t\tWE DO NOT REPRESENT ALL OF THE LENDERS IN THE MARKET AND THE LENDERS WE DO\n REPRESENT MAY NOT OFFER THE LOWEST INTEREST RATES OR BEST TERMS AVAILABLE TO\n YOU. YOU ARE FREE TO SEEK A LOAN WITHOUT OUR ASSISTANCE, IN WHICH EVENT YOU\n WILL NOT BE REQUIRED TO PAY US A FEE FOR THAT SERVICE.\n \t\t\t\tIF YOU ARE A MEMBER OF A CREDIT UNION, YOU SHOULD COMPARE OUR INTEREST\n RATES AND TERMS WITH THE MORTGAGE LOANS AVAILABLE THROUGH YOUR CREDIT UNION.\n \t\t\t\t______________________________BORROWER’S SIGNATURE\n \t\t\t\t______________________________BORROWER’S SIGNATURE\n \t\t\t\tThe foregoing notice shall be in at least 10-point type, and the\n prospective borrower shall acknowledge receipt of the written notice.\n\nHISTORY: 1993, c. 419, \u00a7 6.1-237.6; 2010, c. 794; 2016, c. 501.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}