{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1619.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1619.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1619.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1619.html"}],"law_id":69878,"edition_id":1,"section_id":69878,"structure_id":13352,"section_number":"6.2-1619","catch_line":"Suspension or revocation of license","history":"1987, c. 596, \u00a7 6.1-425; 1993, c. 183; 2008, c. 863; 2010, c. 794.","full_text":"A\n\nThe Commission may suspend or revoke any license issued under this chapter to a mortgage lender or mortgage broker upon any of the following grounds:1\n\nAny ground for denial of a license under this chapter;2\n\nAny 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 the mortgage lender’s or mortgage broker’s business;3\n\nA course of conduct consisting of the failure to perform written agreements with borrowers;4\n\nFailure to account for funds received or disbursed to the satisfaction of the person supplying or receiving such funds;5\n\nFailure to pay when due reasonable fees to a licensed appraiser for appraisal services that are (i) requested from the appraiser in writing by the mortgage broker or mortgage lender or an employee of the mortgage broker or mortgage lender and (ii) performed, in accordance with the terms of the contract with the appraiser and all regulatory requirements related to such appraiser and appraisal, by the appraiser in connection with the origination or closing of a mortgage loan for a customer of the mortgage broker or mortgage lender;6\n\nFailure 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;7\n\nConviction of a felony or misdemeanor involving fraud, misrepresentation or deceit;8\n\nEntry of a judgment against the licensee involving fraud, misrepresentation or deceit;9\n\nEntry of a federal or state administrative order against the licensee for violation of any law or any regulation applicable to the conduct of his business;10\n\nRefusal to permit an investigation or examination by the Commission;11\n\nFailure to pay any fee or assessment imposed by this chapter; or12\n\nFailure to comply with any order of the Commission.B\n\nFor the purposes of this section, acts of any officer, director, member, partner, or principal shall be deemed acts of the licensee.","order_by":null,"text":{"0":{"id":252490,"text":"The Commission may suspend or revoke any license issued under this chapter to a mortgage lender or mortgage broker upon any of the following grounds:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":252491,"text":"Any ground for denial of a license under this chapter;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":252492,"text":"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 the mortgage lender’s or mortgage broker’s business;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":252493,"text":"A course of conduct consisting of the failure to perform written agreements with borrowers;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":252494,"text":"Failure to account for funds received or disbursed to the satisfaction of the person supplying or receiving such funds;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":252495,"text":"Failure to pay when due reasonable fees to a licensed appraiser for appraisal services that are (i) requested from the appraiser in writing by the mortgage broker or mortgage lender or an employee of the mortgage broker or mortgage lender and (ii) performed, in accordance with the terms of the contract with the appraiser and all regulatory requirements related to such appraiser and appraisal, by the appraiser in connection with the origination or closing of a mortgage loan for a customer of the mortgage broker or mortgage lender;","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":252496,"text":"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;","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"A7"},"7":{"id":252497,"text":"Conviction of a felony or misdemeanor involving fraud, misrepresentation or deceit;","type":"section","prefixes":["A","7"],"prefix":"7","entire_prefix":"A7","prefix_anchor":"A7","level":2,"prior_prefix":"A6","next_prefix":"A8"},"8":{"id":252498,"text":"Entry of a judgment against the licensee involving fraud, misrepresentation or deceit;","type":"section","prefixes":["A","8"],"prefix":"8","entire_prefix":"A8","prefix_anchor":"A8","level":2,"prior_prefix":"A7","next_prefix":"A9"},"9":{"id":252499,"text":"Entry of a federal or state administrative order against the licensee for violation of any law or any regulation applicable to the conduct of his business;","type":"section","prefixes":["A","9"],"prefix":"9","entire_prefix":"A9","prefix_anchor":"A9","level":2,"prior_prefix":"A8","next_prefix":"A10"},"10":{"id":252500,"text":"Refusal to permit an investigation or examination by the Commission;","type":"section","prefixes":["A","10"],"prefix":"10","entire_prefix":"A10","prefix_anchor":"A10","level":2,"prior_prefix":"A9","next_prefix":"A11"},"11":{"id":252501,"text":"Failure to pay any fee or assessment imposed by this chapter; or","type":"section","prefixes":["A","11"],"prefix":"11","entire_prefix":"A11","prefix_anchor":"A11","level":2,"prior_prefix":"A10","next_prefix":"A12"},"12":{"id":252502,"text":"Failure to comply with any order of the Commission.","type":"section","prefixes":["A","12"],"prefix":"12","entire_prefix":"A12","prefix_anchor":"A12","level":2,"prior_prefix":"A11","next_prefix":"B"},"13":{"id":252503,"text":"For the purposes of this section, acts of any officer, director, member, partner, or principal shall be deemed acts of the licensee.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A12"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1619\/","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 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 1993, chapter 183; in 2008, chapter 863<\/a>; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":85659,"section_number":"6.2-1623","catch_line":"Notice of proposed suspension or revocation","order_by":null,"url":"\/6.2-1623\/"},{"id":70740,"section_number":"6.2-1624","catch_line":"Civil penalties","order_by":null,"url":"\/6.2-1624\/"}],"refers_to":false,"permalink":{"id":266085,"object_type":"law","relational_id":69878,"identifier":"6.2-1619","token":"6.2\/III\/16\/6.2-1619","url":"\/6.2-1619\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1619\/","token":"6.2\/III\/16\/6.2-1619","dublin_core":{"Title":"Suspension or revocation of license","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1619","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Commission<\/span> may suspend or revoke any license issued under this chapter to a mortgage lender<\/span> or mortgage broker<\/span> upon any of the following grounds: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Any ground for denial of a license under this chapter; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Any violation of the provisions of this chapter or regulations adopted by the Commission<\/span> pursuant thereto, or a violation of any other law<\/span> or regulation applicable to the conduct of the mortgage lender<\/span>’s or mortgage broker<\/span>’s business; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> A course of conduct consisting of the failure to perform written agreements with borrowers; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Failure to account for funds received or disbursed to the satisfaction of the person<\/span> supplying or receiving such funds; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Failure to pay when due reasonable fees to a licensed appraiser for appraisal services that are (i) requested from the appraiser in writing by the mortgage broker<\/span> or mortgage lender<\/span> or an employee of the mortgage broker<\/span> or mortgage lender<\/span> and (ii) performed, in accordance with the terms of the contract<\/span> with the appraiser and all regulatory requirements related to such appraiser and appraisal, by the appraiser in connection with the origination or closing of a mortgage loan<\/span> for a customer of the mortgage broker<\/span> or mortgage lender<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Failure to disburse funds in accordance with any agreement connected with, and promptly upon closing of, a mortgage loan<\/span>, taking into account any applicable right of rescission; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Conviction<\/span> of a felony<\/span> or misdemeanor<\/span> involving fraud<\/span>, misrepresentation or deceit; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Entry of a judgment<\/span> against the licensee<\/span> involving fraud<\/span>, misrepresentation or deceit; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Entry of a federal or state administrative order<\/span> against the licensee<\/span> for violation of any law<\/span> or any regulation applicable to the conduct of his business; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> Refusal to permit an investigation or examination by the Commission<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> Failure to pay any fee or assessment imposed by this chapter; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> Failure to comply with any order<\/span> of the Commission<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> For the purposes of this section, acts of any officer, director, member, partner, or principal<\/span> shall be deemed acts of the licensee<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSUSPENSION OR REVOCATION OF LICENSE (\u00a7 6.2-1619)\n\nA. The Commission may suspend or revoke any license issued under this chapter to\na mortgage lender or mortgage broker upon any of the following grounds:\n\n 1. Any ground for denial of a license under this chapter;\n\n 2. Any violation of the provisions of this chapter or regulations adopted by\n the Commission pursuant thereto, or a violation of any other law or regulation\n applicable to the conduct of the mortgage lender’s or mortgage\n broker’s business;\n\n 3. A course of conduct consisting of the failure to perform written agreements\n with borrowers;\n\n 4. Failure to account for funds received or disbursed to the satisfaction of\n the person supplying or receiving such funds;\n\n 5. Failure to pay when due reasonable fees to a licensed appraiser for\n appraisal services that are (i) requested from the appraiser in writing by the\n mortgage broker or mortgage lender or an employee of the mortgage broker or\n mortgage lender and (ii) performed, in accordance with the terms of the\n contract with the appraiser and all regulatory requirements related to such\n appraiser and appraisal, by the appraiser in connection with the origination\n or closing of a mortgage loan for a customer of the mortgage broker or\n mortgage lender;\n\n 6. Failure to disburse funds in accordance with any agreement connected with,\n and promptly upon closing of, a mortgage loan, taking into account any\n applicable right of rescission;\n\n 7. Conviction of a felony or misdemeanor involving fraud, misrepresentation or\n deceit;\n\n 8. Entry of a judgment against the licensee involving fraud, misrepresentation\n or deceit;\n\n 9. Entry of a federal or state administrative order against the licensee for\n violation of any law or any regulation applicable to the conduct of his\n business;\n\n 10. Refusal to permit an investigation or examination by the Commission;\n\n 11. Failure to pay any fee or assessment imposed by this chapter; or\n\n 12. Failure to comply with any order of the Commission.\n\nB. For the purposes of this section, acts of any officer, director, member,\npartner, or principal shall be deemed acts of the licensee.\n\nHISTORY: 1987, c. 596, \u00a7 6.1-425; 1993, c. 183; 2008, c. 863; 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}}