{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1602.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1602.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1602.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1602.html"}],"law_id":81765,"edition_id":1,"section_id":81765,"structure_id":13352,"section_number":"6.2-1602","catch_line":"Persons exempt from chapter","history":"1987, c. 596, \u00a7 6.1-411; 1989, cc. 411, 667; 1992, c. 156; 1995, c. 62; 1996, c. 126; 2003, c. 386; 2010, c. 794; 2012, cc. 53, 188.","full_text":"The following shall be exempt from the licensing and other provisions of this chapter:\n\n1\n\nLenders making three or fewer mortgage loans in any period of 12 consecutive months;2\n\nAny person subject to the general supervision of or subject to examination by the Commissioner pursuant to Chapter 7 (§ 6.2-700 et seq.), 8 (§ 6.2-800 et seq.), 11 (§ 6.2-1100 et seq.), 13 (§ 6.2-1300 et seq.), or 14 (§ 6.2-1400 et seq.);3\n\nAny lender authorized to engage in business as a bank, savings institution, or credit union under the laws of the United States or any state, and subsidiaries and affiliates of such entities which lender, subsidiary or affiliate is subject to the general supervision or regulation of or subject to audit or examination by a regulatory body or agency of the United States or any state;4\n\nNonprofit corporations making mortgage loans to promote home ownership or improvements for the disadvantaged;5\n\nAgencies of the federal government, or any state or municipal government, or any quasi-governmental agency making or brokering mortgage loans under the specific authority of the laws of any state or the United States;6\n\nPersons acting as fiduciaries with respect to any employee pension benefit plan qualified under the Internal Revenue Code who make mortgage loans solely to plan participants from plan assets;7\n\nAny insurance company;8\n\nPersons licensed by the Commonwealth as attorneys, real estate brokers, or real estate salesmen, not actively and principally engaged in negotiating, placing or finding mortgage loans, when rendering services as an attorney, real estate broker or real estate salesman; however, a real estate broker or real estate salesman who receives any fee, commission, kickback, rebate or other payment for directly or indirectly negotiating, placing or finding a mortgage loan for others shall not be exempt from the provisions of this chapter;9\n\nPersons acting in a fiduciary capacity conferred by authority of any court;10\n\nPersons licensed as small business investment companies by the Small Business Administration;11\n\nThe Virginia Housing Development Authority and persons who (i) are approved by the Virginia Housing Development Authority pursuant to its rules and regulations to act as field originators with respect to mortgage loans made under its programs and (ii) are not engaged in any other activities for which a license is required to be obtained under this chapter; and12\n\nPersons who make loans or extend credit for any part of the purchase price of real property owned by such person.","order_by":null,"text":{"0":{"id":292945,"text":"The following shall be exempt from the licensing and other provisions of this chapter:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":292946,"text":"Lenders making three or fewer mortgage loans in any period of 12 consecutive months;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":292947,"text":"Any person subject to the general supervision of or subject to examination by the Commissioner pursuant to Chapter 7 (§ 6.2-700 et seq.), 8 (§ 6.2-800 et seq.), 11 (§ 6.2-1100 et seq.), 13 (§ 6.2-1300 et seq.), or 14 (§ 6.2-1400 et seq.);","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":292948,"text":"Any lender authorized to engage in business as a bank, savings institution, or credit union under the laws of the United States or any state, and subsidiaries and affiliates of such entities which lender, subsidiary or affiliate is subject to the general supervision or regulation of or subject to audit or examination by a regulatory body or agency of the United States or any state;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":292949,"text":"Nonprofit corporations making mortgage loans to promote home ownership or improvements for the disadvantaged;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":292950,"text":"Agencies of the federal government, or any state or municipal government, or any quasi-governmental agency making or brokering mortgage loans under the specific authority of the laws of any state or the United States;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":292951,"text":"Persons acting as fiduciaries with respect to any employee pension benefit plan qualified under the Internal Revenue Code who make mortgage loans solely to plan participants from plan assets;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":292952,"text":"Any insurance company;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":292953,"text":"Persons licensed by the Commonwealth as attorneys, real estate brokers, or real estate salesmen, not actively and principally engaged in negotiating, placing or finding mortgage loans, when rendering services as an attorney, real estate broker or real estate salesman; however, a real estate broker or real estate salesman who receives any fee, commission, kickback, rebate or other payment for directly or indirectly negotiating, placing or finding a mortgage loan for others shall not be exempt from the provisions of this chapter;","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":292954,"text":"Persons acting in a fiduciary capacity conferred by authority of any court;","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8","next_prefix":"10"},"10":{"id":292955,"text":"Persons licensed as small business investment companies by the Small Business Administration;","type":"section","prefixes":["10"],"prefix":"10","entire_prefix":"10","prefix_anchor":"10","level":1,"prior_prefix":"9","next_prefix":"11"},"11":{"id":292956,"text":"The Virginia Housing Development Authority and persons who (i) are approved by the Virginia Housing Development Authority pursuant to its rules and regulations to act as field originators with respect to mortgage loans made under its programs and (ii) are not engaged in any other activities for which a license is required to be obtained under this chapter; and","type":"section","prefixes":["11"],"prefix":"11","entire_prefix":"11","prefix_anchor":"11","level":1,"prior_prefix":"10","next_prefix":"12"},"12":{"id":292957,"text":"Persons who make loans or extend credit for any part of the purchase price of real property owned by such person.","type":"section","prefixes":["12"],"prefix":"12","entire_prefix":"12","prefix_anchor":"12","level":1,"prior_prefix":"11"}},"ancestry":[{"id":13352,"edition_id":1,"name":"Mortgage Lenders and Mortgage Brokers","identifier":"16","label":"chapter","depth":3,"order_by":1,"parent_id":13060,"metadata":{},"date_created":"2026-06-26 03:44:42","date_modified":"2026-06-26 03:44:42","permalink":{"id":266007,"object_type":"structure","relational_id":13352,"identifier":"16","token":"6.2\/III\/16","url":"\/6.2\/III\/16\/","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":71155,"structure_id":13352,"section_number":"6.2-1600","catch_line":"Definitions","url":"\/6.2-1600\/","token":"6.2\/III\/16\/6.2-1600","metadata":false},{"id":69139,"structure_id":13352,"section_number":"6.2-1601","catch_line":"License requirement","url":"\/6.2-1601\/","token":"6.2\/III\/16\/6.2-1601","metadata":false},{"id":81765,"structure_id":13352,"section_number":"6.2-1602","catch_line":"Persons exempt from chapter","url":"\/6.2-1602\/","token":"6.2\/III\/16\/6.2-1602","metadata":false},{"id":54762,"structure_id":13352,"section_number":"6.2-1603","catch_line":"Application for license; form; content; fee","url":"\/6.2-1603\/","token":"6.2\/III\/16\/6.2-1603","metadata":false},{"id":59504,"structure_id":13352,"section_number":"6.2-1604","catch_line":"Bond required","url":"\/6.2-1604\/","token":"6.2\/III\/16\/6.2-1604","metadata":false},{"id":54914,"structure_id":13352,"section_number":"6.2-1605","catch_line":"Investigation of applications","url":"\/6.2-1605\/","token":"6.2\/III\/16\/6.2-1605","metadata":false},{"id":73062,"structure_id":13352,"section_number":"6.2-1606","catch_line":"Qualifications","url":"\/6.2-1606\/","token":"6.2\/III\/16\/6.2-1606","metadata":false},{"id":81215,"structure_id":13352,"section_number":"6.2-1607","catch_line":"Licenses; places of business; changes","url":"\/6.2-1607\/","token":"6.2\/III\/16\/6.2-1607","metadata":false},{"id":76246,"structure_id":13352,"section_number":"6.2-1608","catch_line":"Acquisition of control; application","url":"\/6.2-1608\/","token":"6.2\/III\/16\/6.2-1608","metadata":false},{"id":54332,"structure_id":13352,"section_number":"6.2-1609","catch_line":"Retention of books, accounts and records","url":"\/6.2-1609\/","token":"6.2\/III\/16\/6.2-1609","metadata":false},{"id":61819,"structure_id":13352,"section_number":"6.2-1610","catch_line":"Periodic reports","url":"\/6.2-1610\/","token":"6.2\/III\/16\/6.2-1610","metadata":false},{"id":71555,"structure_id":13352,"section_number":"6.2-1611","catch_line":"Investigations; examinations","url":"\/6.2-1611\/","token":"6.2\/III\/16\/6.2-1611","metadata":false},{"id":82309,"structure_id":13352,"section_number":"6.2-1612","catch_line":"Annual fees","url":"\/6.2-1612\/","token":"6.2\/III\/16\/6.2-1612","metadata":false},{"id":66404,"structure_id":13352,"section_number":"6.2-1613","catch_line":"Regulations","url":"\/6.2-1613\/","token":"6.2\/III\/16\/6.2-1613","metadata":false},{"id":61182,"structure_id":13352,"section_number":"6.2-1614","catch_line":"Prohibitions applicable to mortgage lenders and mortgage brokers","url":"\/6.2-1614\/","token":"6.2\/III\/16\/6.2-1614","metadata":false},{"id":61213,"structure_id":13352,"section_number":"6.2-1615","catch_line":"Other prohibitions applicable to mortgage lenders","url":"\/6.2-1615\/","token":"6.2\/III\/16\/6.2-1615","metadata":false},{"id":80723,"structure_id":13352,"section_number":"6.2-1616","catch_line":"Other prohibitions applicable to mortgage brokers","url":"\/6.2-1616\/","token":"6.2\/III\/16\/6.2-1616","metadata":false},{"id":64232,"structure_id":13352,"section_number":"6.2-1617","catch_line":"Application to certain real estate brokers","url":"\/6.2-1617\/","token":"6.2\/III\/16\/6.2-1617","metadata":false},{"id":58328,"structure_id":13352,"section_number":"6.2-1618","catch_line":"Escrow accounts","url":"\/6.2-1618\/","token":"6.2\/III\/16\/6.2-1618","metadata":false},{"id":69878,"structure_id":13352,"section_number":"6.2-1619","catch_line":"Suspension or revocation of license","url":"\/6.2-1619\/","token":"6.2\/III\/16\/6.2-1619","metadata":false},{"id":72499,"structure_id":13352,"section_number":"6.2-1620","catch_line":"Censuring, suspending, or barring persons","url":"\/6.2-1620\/","token":"6.2\/III\/16\/6.2-1620","metadata":false},{"id":65038,"structure_id":13352,"section_number":"6.2-1621","catch_line":"Filing of written report with Commissioner; events affecting activities of licensee","url":"\/6.2-1621\/","token":"6.2\/III\/16\/6.2-1621","metadata":false},{"id":61967,"structure_id":13352,"section_number":"6.2-1622","catch_line":"Cease and desist orders","url":"\/6.2-1622\/","token":"6.2\/III\/16\/6.2-1622","metadata":false},{"id":85659,"structure_id":13352,"section_number":"6.2-1623","catch_line":"Notice of proposed suspension or revocation","url":"\/6.2-1623\/","token":"6.2\/III\/16\/6.2-1623","metadata":false},{"id":70740,"structure_id":13352,"section_number":"6.2-1624","catch_line":"Civil penalties","url":"\/6.2-1624\/","token":"6.2\/III\/16\/6.2-1624","metadata":false},{"id":82877,"structure_id":13352,"section_number":"6.2-1625","catch_line":"Criminal penalties","url":"\/6.2-1625\/","token":"6.2\/III\/16\/6.2-1625","metadata":false},{"id":83877,"structure_id":13352,"section_number":"6.2-1626","catch_line":"Authority of Attorney General; referral by Commission to Attorney General","url":"\/6.2-1626\/","token":"6.2\/III\/16\/6.2-1626","metadata":false},{"id":73847,"structure_id":13352,"section_number":"6.2-1627","catch_line":"Private actions","url":"\/6.2-1627\/","token":"6.2\/III\/16\/6.2-1627","metadata":false},{"id":73955,"structure_id":13352,"section_number":"6.2-1628","catch_line":"Enforcement of prohibitions on certain practices; recovery of attorney fees","url":"\/6.2-1628\/","token":"6.2\/III\/16\/6.2-1628","metadata":false},{"id":62961,"structure_id":13352,"section_number":"6.2-1629","catch_line":"Prohibited practices; authority of the Attorney General","url":"\/6.2-1629\/","token":"6.2\/III\/16\/6.2-1629","metadata":false}],"previous_section":{"id":69139,"structure_id":13352,"section_number":"6.2-1601","catch_line":"License requirement","url":"\/6.2-1601\/","token":"6.2\/III\/16\/6.2-1601","metadata":false},"next_section":{"id":54762,"structure_id":13352,"section_number":"6.2-1603","catch_line":"Application for license; form; content; fee","url":"\/6.2-1603\/","token":"6.2\/III\/16\/6.2-1603","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1602\/","history_text":"

This law was first created in 1987. The record of its establishment is cataloged in chapter 596 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 1987 \u201cActs\u201d aren\u2019t available online. It has been modified 7 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 1989, chapters 411 and 667; in 1992, chapter 156; in 1995, chapter 62<\/a>; in 1996, chapter 126<\/a>; in 2003, chapter 386<\/a>; in 2010, chapter 794<\/a>; in 2012, chapters 53<\/a> and 188<\/a>.<\/p>","references":[{"id":76246,"section_number":"6.2-1608","catch_line":"Acquisition of control; application","order_by":null,"url":"\/6.2-1608\/"}],"refers_to":[{"id":68689,"section_number":"6.2-1100","catch_line":"Definitions","order_by":null,"url":"\/6.2-1100\/"},{"id":84320,"section_number":"6.2-1300","catch_line":"Definitions","order_by":null,"url":"\/6.2-1300\/"},{"id":75973,"section_number":"6.2-1400","catch_line":"Definitions","order_by":null,"url":"\/6.2-1400\/"},{"id":75055,"section_number":"6.2-700","catch_line":"Definitions","order_by":null,"url":"\/6.2-700\/"},{"id":86656,"section_number":"6.2-800","catch_line":"Definitions","order_by":null,"url":"\/6.2-800\/"}],"permalink":{"id":266017,"object_type":"law","relational_id":81765,"identifier":"6.2-1602","token":"6.2\/III\/16\/6.2-1602","url":"\/6.2-1602\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1602\/","token":"6.2\/III\/16\/6.2-1602","dublin_core":{"Title":"Persons exempt from chapter","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1602","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The following shall be exempt from the licensing and other provisions of this chapter:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Lenders making three or fewer mortgage loans<\/span> in any period of 12 consecutive months; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Any person<\/span> subject to the general supervision of or subject to examination by the Commissioner<\/span> pursuant to Chapter 7 (§ 6.2-700<\/a> et seq.), 8 (§ 6.2-800<\/a> et seq.), 11 (§ 6.2-1100<\/a> et seq.), 13 (§ 6.2-1300<\/a> et seq.), or 14 (§ 6.2-1400<\/a> et seq.); <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Any lender authorized to engage in business as a bank, savings institution, or credit union under the laws<\/span> of the United States or any state, and subsidiaries and affiliates of such entities which lender, subsidiary or affiliate is subject to the general supervision or regulation of or subject to audit or examination by a regulatory body or agency of the United States or any state; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Nonprofit corporations making mortgage loans<\/span> to promote home ownership or improvements for the disadvantaged; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Agencies of the federal government, or any state or municipal government, or any quasi-governmental agency making or brokering mortgage loans<\/span> under the specific authority of the laws<\/span> of any state or the United States; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Persons<\/span> acting as fiduciaries with respect to any employee pension benefit plan qualified under the Internal Revenue Code who make mortgage loans<\/span> solely to plan participants from plan assets<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Any insurance company; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Persons<\/span> licensed by the Commonwealth as attorneys, real estate brokers, or real estate salesmen, not actively and principally engaged in negotiating, placing or finding<\/span> mortgage loans<\/span>, when rendering services as an attorney, real estate broker or real estate salesman; however, a real estate broker or real estate salesman who receives any fee, commission<\/span>, kickback, rebate or other payment for directly or indirectly negotiating, placing or finding<\/span> a mortgage loan<\/span> for others shall not be exempt from the provisions of this chapter; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Persons<\/span> acting in a fiduciary capacity conferred by authority of any court<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> Persons<\/span> licensed as small business investment companies by the Small Business Administration; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> The Virginia Housing Development Authority and persons<\/span> who (i) are approved by the Virginia Housing Development Authority pursuant to its rules and regulations to act as field originators with respect to mortgage loans<\/span> made under its programs and (ii) are not engaged in any other activities for which a license is required to be obtained under this chapter; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> Persons<\/span> who make loans or extend credit for any part of the purchase price of real property owned by such person<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPERSONS EXEMPT FROM CHAPTER (\u00a7 6.2-1602)\n\nThe following shall be exempt from the licensing and other provisions of this\nchapter:\n\n1. Lenders making three or fewer mortgage loans in any period of 12 consecutive\nmonths;\n\n2. Any person subject to the general supervision of or subject to examination by\nthe Commissioner pursuant to Chapter 7 (§ 6.2-700 et seq.), 8 (§\n6.2-800 et seq.), 11 (§ 6.2-1100 et seq.), 13 (§ 6.2-1300 et seq.), or\n14 (§ 6.2-1400 et seq.);\n\n3. Any lender authorized to engage in business as a bank, savings institution,\nor credit union under the laws of the United States or any state, and\nsubsidiaries and affiliates of such entities which lender, subsidiary or\naffiliate is subject to the general supervision or regulation of or subject to\naudit or examination by a regulatory body or agency of the United States or any\nstate;\n\n4. Nonprofit corporations making mortgage loans to promote home ownership or\nimprovements for the disadvantaged;\n\n5. Agencies of the federal government, or any state or municipal government, or\nany quasi-governmental agency making or brokering mortgage loans under the\nspecific authority of the laws of any state or the United States;\n\n6. Persons acting as fiduciaries with respect to any employee pension benefit\nplan qualified under the Internal Revenue Code who make mortgage loans solely to\nplan participants from plan assets;\n\n7. Any insurance company;\n\n8. Persons licensed by the Commonwealth as attorneys, real estate brokers, or\nreal estate salesmen, not actively and principally engaged in negotiating,\nplacing or finding mortgage loans, when rendering services as an attorney, real\nestate broker or real estate salesman; however, a real estate broker or real\nestate salesman who receives any fee, commission, kickback, rebate or other\npayment for directly or indirectly negotiating, placing or finding a mortgage\nloan for others shall not be exempt from the provisions of this chapter;\n\n9. Persons acting in a fiduciary capacity conferred by authority of any court;\n\n10. Persons licensed as small business investment companies by the Small\nBusiness Administration;\n\n11. The Virginia Housing Development Authority and persons who (i) are approved\nby the Virginia Housing Development Authority pursuant to its rules and\nregulations to act as field originators with respect to mortgage loans made\nunder its programs and (ii) are not engaged in any other activities for which a\nlicense is required to be obtained under this chapter; and\n\n12. Persons who make loans or extend credit for any part of the purchase price\nof real property owned by such person.\n\nHISTORY: 1987, c. 596, \u00a7 6.1-411; 1989, cc. 411, 667; 1992, c. 156; 1995, c.\n62; 1996, c. 126; 2003, c. 386; 2010, c. 794; 2012, cc. 53, 188.","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}}