{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1606.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1606.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1606.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1606.html"}],"law_id":73062,"edition_id":1,"section_id":73062,"structure_id":13352,"section_number":"6.2-1606","catch_line":"Qualifications","history":"1987, c. 596, \u00a7 6.1-415; 1988, c. 303; 1993, c. 183; 2010, c. 794.","full_text":"A\n\nUpon the filing and investigation of an application for a license, and compliance by the applicant with the provisions of \u00a7\u00a7 6.2-1603 and 6.2-1604, the Commission shall issue and deliver to the applicant the license applied for to engage in business under this chapter at the office locations specified in the application if it finds:1\n\nThat the financial responsibility, character, reputation, experience, and general fitness of the applicant and its members, senior officers, directors and principals are such as to warrant belief that the business will be operated efficiently and fairly, in the public interest and in accordance with law; and2\n\nThat, in the case of an application for a license to act as a mortgage lender, the applicant has funds available for the operation of the business of at least $200,000.B\n\nIf the Commission fails to make such findings, no license shall be issued and the Commissioner shall notify the applicant of the denial and the reasons for such denial.","order_by":null,"text":{"0":{"id":263079,"text":"Upon the filing and investigation of an application for a license, and compliance by the applicant with the provisions of \u00a7\u00a7 6.2-1603 and 6.2-1604, the Commission shall issue and deliver to the applicant the license applied for to engage in business under this chapter at the office locations specified in the application if it finds:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":263080,"text":"That the financial responsibility, character, reputation, experience, and general fitness of the applicant and its members, senior officers, directors and principals are such as to warrant belief that the business will be operated efficiently and fairly, in the public interest and in accordance with law; and","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":263081,"text":"That, in the case of an application for a license to act as a mortgage lender, the applicant has funds available for the operation of the business of at least $200,000.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":263082,"text":"If the Commission fails to make such findings, no license shall be issued and the Commissioner shall notify the applicant of the denial and the reasons for such denial.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1606\/","history_text":"<p>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 3 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 1988, chapter 303; in 1993, chapter 183; in 2010, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?101+ful+CHAP0794\">794<\/a>.<\/p>","references":false,"refers_to":[{"id":54762,"section_number":"6.2-1603","catch_line":"Application for license; form; content; fee","order_by":null,"url":"\/6.2-1603\/"},{"id":59504,"section_number":"6.2-1604","catch_line":"Bond required","order_by":null,"url":"\/6.2-1604\/"}],"permalink":{"id":266033,"object_type":"law","relational_id":73062,"identifier":"6.2-1606","token":"6.2\/III\/16\/6.2-1606","url":"\/6.2-1606\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1606\/","token":"6.2\/III\/16\/6.2-1606","dublin_core":{"Title":"Qualifications","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1606","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> Upon the filing and investigation of an application for a license, and compliance by the applicant with the provisions of \u00a7\u00a7&nbsp;<a class=\"law\" title=\"Application for license; form; content; fee\" href=\"\/6.2-1603\/\">6.2-1603<\/a> and <a class=\"law\" title=\"Bond required\" href=\"\/6.2-1604\/\">6.2-1604<\/a>, the <span class=\"dictionary\">Commission<\/span> shall <span class=\"dictionary\">issue<\/span> and deliver to the applicant the license applied for to engage in business under this chapter at the <span class=\"dictionary\">office<\/span> locations specified in the application if it finds: <a id=\"paragraph-263079\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1606\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A1\" class=\"indent-1\"><p><span class=\"prefix-number\">1.<\/span> That the financial responsibility, character, reputation, experience, and general fitness of the applicant and its members, senior officers, directors and <span class=\"dictionary\">principals<\/span> are such as to warrant belief that the business will be operated efficiently and fairly, in the public interest and in accordance with <span class=\"dictionary\">law<\/span>; and <a id=\"paragraph-263080\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1606\/#A1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A2\" class=\"indent-1\"><p><span class=\"prefix-number\">2.<\/span> That, in the case of an application for a license to act as a <span class=\"dictionary\">mortgage lender<\/span>, the applicant has funds available for the operation of the business of at least $200,000. <a id=\"paragraph-263081\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1606\/#A2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> If the <span class=\"dictionary\">Commission<\/span> fails to make such <span class=\"dictionary\">findings<\/span>, no license shall be issued and the <span class=\"dictionary\">Commissioner<\/span> shall notify the applicant of the denial and the reasons for such denial. <a id=\"paragraph-263082\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1606\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nQUALIFICATIONS (\u00a7 6.2-1606)\n\nA. Upon the filing and investigation of an application for a license, and\ncompliance by the applicant with the provisions of \u00a7\u00a7 6.2-1603 and 6.2-1604,\nthe Commission shall issue and deliver to the applicant the license applied for\nto engage in business under this chapter at the office locations specified in\nthe application if it finds:\n\n   1. That the financial responsibility, character, reputation, experience, and\n   general fitness of the applicant and its members, senior officers, directors\n   and principals are such as to warrant belief that the business will be\n   operated efficiently and fairly, in the public interest and in accordance with\n   law; and\n\n   2. That, in the case of an application for a license to act as a mortgage\n   lender, the applicant has funds available for the operation of the business of\n   at least $200,000.\n\nB. If the Commission fails to make such findings, no license shall be issued and\nthe Commissioner shall notify the applicant of the denial and the reasons for\nsuch denial.\n\nHISTORY: 1987, c. 596, \u00a7 6.1-415; 1988, c. 303; 1993, c. 183; 2010, c. 794.","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}}