{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1703.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1703.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1703.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1703.html"}],"law_id":60886,"edition_id":1,"section_id":60886,"structure_id":14519,"section_number":"6.2-1703","catch_line":"Bond required","history":"2009, cc. 273, 453, \u00a7 6.1-431.4; 2010, c. 794.","full_text":"A\n\nThe application for a license shall be accompanied by a bond to be filed with the Commission with corporate surety authorized to execute such bond in the Commonwealth, the form of which shall be approved by the Commission.1\n\nIf the applicant is not an employee or exclusive agent of a person licensed or exempt from licensing under Chapter 16 (§ 6.2-1600 et seq.), the bond shall be an individual surety bond for the applicant; or2\n\nIf the applicant is an employee or exclusive agent of a person licensed or exempt from licensing under Chapter 16 (§ 6.2-1600 et seq.), the bond shall be a surety bond filed by such person covering all such employees and exclusive agents holding or applying for a license as a mortgage loan originator.B\n\nThe amount of the bond shall be $25,000, or such greater sum as the Commission may require based on the total dollar amount of residential mortgage loans originated in the preceding calendar year by (i) the applicant, in the case of the bond referred to in subdivision A 1 or (ii) the person licensed or exempt from licensing under Chapter 16 (§ 6.2-1600 et seq.), in the case of the bond referred to in subdivision A 2. A bond already filed with the Commission pursuant to § 6.2-1604 may be applied toward the minimum bond required by this section, subject to approval by the Commission. In the case of the bond referred to in subdivision A 2, it shall be the responsibility of the person licensed or exempt from licensing under Chapter 16 (§ 6.2-1600 et seq.) to provide information, in a form satisfactory to the Commission, sufficient for determining and verifying the total dollar amount of residential mortgage loans originated in the preceding calendar year.C\n\nSuch bond shall be continuously maintained thereafter in full force.D\n\nSuch bond shall be conditioned upon the licensee: (i) performing all written agreements with borrowers or prospective borrowers; (ii) correctly and accurately accounting for all funds received by him in the course of his business activities as a licensee; and (iii) conducting himself in conformity with this chapter and all applicable laws and regulations.E\n\nAny person who may be damaged by noncompliance of a licensee with any condition of such bond may proceed on such bond against the principal or surety thereon, or both, to recover damages. The aggregate liability under the bond shall not exceed the penal sum of the bond.","order_by":null,"text":{"0":{"id":222691,"text":"The application for a license shall be accompanied by a bond to be filed with the Commission with corporate surety authorized to execute such bond in the Commonwealth, the form of which shall be approved by the Commission.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":222692,"text":"If the applicant is not an employee or exclusive agent of a person licensed or exempt from licensing under Chapter 16 (§ 6.2-1600 et seq.), the bond shall be an individual surety bond for the applicant; or","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":222693,"text":"If the applicant is an employee or exclusive agent of a person licensed or exempt from licensing under Chapter 16 (§ 6.2-1600 et seq.), the bond shall be a surety bond filed by such person covering all such employees and exclusive agents holding or applying for a license as a mortgage loan originator.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":222694,"text":"The amount of the bond shall be $25,000, or such greater sum as the Commission may require based on the total dollar amount of residential mortgage loans originated in the preceding calendar year by (i) the applicant, in the case of the bond referred to in subdivision A 1 or (ii) the person licensed or exempt from licensing under Chapter 16 (§ 6.2-1600 et seq.), in the case of the bond referred to in subdivision A 2. A bond already filed with the Commission pursuant to § 6.2-1604 may be applied toward the minimum bond required by this section, subject to approval by the Commission. In the case of the bond referred to in subdivision A 2, it shall be the responsibility of the person licensed or exempt from licensing under Chapter 16 (§ 6.2-1600 et seq.) to provide information, in a form satisfactory to the Commission, sufficient for determining and verifying the total dollar amount of residential mortgage loans originated in the preceding calendar year.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2","next_prefix":"C"},"4":{"id":222695,"text":"Such bond shall be continuously maintained thereafter in full force.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"5":{"id":222696,"text":"Such bond shall be conditioned upon the licensee: (i) performing all written agreements with borrowers or prospective borrowers; (ii) correctly and accurately accounting for all funds received by him in the course of his business activities as a licensee; and (iii) conducting himself in conformity with this chapter and all applicable laws and regulations.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"6":{"id":222697,"text":"Any person who may be damaged by noncompliance of a licensee with any condition of such bond may proceed on such bond against the principal or surety thereon, or both, to recover damages. The aggregate liability under the bond shall not exceed the penal sum of the bond.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":14519,"edition_id":1,"name":"Mortgage Loan Originators","identifier":"17","label":"chapter","depth":3,"order_by":1,"parent_id":13060,"metadata":{},"date_created":"2026-06-26 03:48:29","date_modified":"2026-06-26 03:48:29","permalink":{"id":266129,"object_type":"structure","relational_id":14519,"identifier":"17","token":"6.2\/III\/17","url":"\/6.2\/III\/17\/","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":70948,"structure_id":14519,"section_number":"6.2-1700","catch_line":"Definitions","url":"\/6.2-1700\/","token":"6.2\/III\/17\/6.2-1700","metadata":false},{"id":68765,"structure_id":14519,"section_number":"6.2-1701","catch_line":"License requirement","url":"\/6.2-1701\/","token":"6.2\/III\/17\/6.2-1701","metadata":false},{"id":85304,"structure_id":14519,"section_number":"6.2-1701.1","catch_line":"Bona fide nonprofit organizations","url":"\/6.2-1701.1\/","token":"6.2\/III\/17\/6.2-1701.1","metadata":false},{"id":55948,"structure_id":14519,"section_number":"6.2-1701.2","catch_line":"Repealed","url":"\/6.2-1701.2\/","token":"6.2\/III\/17\/6.2-1701.2","metadata":false},{"id":74984,"structure_id":14519,"section_number":"6.2-1701.3","catch_line":"Temporary authority to act as a mortgage loan originator","url":"\/6.2-1701.3\/","token":"6.2\/III\/17\/6.2-1701.3","metadata":false},{"id":74815,"structure_id":14519,"section_number":"6.2-1702","catch_line":"Application for license; form; content; fee","url":"\/6.2-1702\/","token":"6.2\/III\/17\/6.2-1702","metadata":false},{"id":60886,"structure_id":14519,"section_number":"6.2-1703","catch_line":"Bond required","url":"\/6.2-1703\/","token":"6.2\/III\/17\/6.2-1703","metadata":false},{"id":63021,"structure_id":14519,"section_number":"6.2-1704","catch_line":"Mortgage loan originator background checks","url":"\/6.2-1704\/","token":"6.2\/III\/17\/6.2-1704","metadata":false},{"id":80126,"structure_id":14519,"section_number":"6.2-1705","catch_line":"Coordination of licensing","url":"\/6.2-1705\/","token":"6.2\/III\/17\/6.2-1705","metadata":false},{"id":76977,"structure_id":14519,"section_number":"6.2-1706","catch_line":"Qualifications","url":"\/6.2-1706\/","token":"6.2\/III\/17\/6.2-1706","metadata":false},{"id":57179,"structure_id":14519,"section_number":"6.2-1707","catch_line":"Other conditions for mortgage loan originator licensing","url":"\/6.2-1707\/","token":"6.2\/III\/17\/6.2-1707","metadata":false},{"id":74630,"structure_id":14519,"section_number":"6.2-1708","catch_line":"Pre-licensing education of mortgage loan originators","url":"\/6.2-1708\/","token":"6.2\/III\/17\/6.2-1708","metadata":false},{"id":86756,"structure_id":14519,"section_number":"6.2-1709","catch_line":"Testing of mortgage loan originator applicants","url":"\/6.2-1709\/","token":"6.2\/III\/17\/6.2-1709","metadata":false},{"id":73180,"structure_id":14519,"section_number":"6.2-1710","catch_line":"Continuing education requirements","url":"\/6.2-1710\/","token":"6.2\/III\/17\/6.2-1710","metadata":false},{"id":62238,"structure_id":14519,"section_number":"6.2-1711","catch_line":"Licenses; places of business; changes","url":"\/6.2-1711\/","token":"6.2\/III\/17\/6.2-1711","metadata":false},{"id":75970,"structure_id":14519,"section_number":"6.2-1712","catch_line":"Repealed","url":"\/6.2-1712\/","token":"6.2\/III\/17\/6.2-1712","metadata":false},{"id":74171,"structure_id":14519,"section_number":"6.2-1712.1","catch_line":"Inactive mortgage loan originator licenses","url":"\/6.2-1712.1\/","token":"6.2\/III\/17\/6.2-1712.1","metadata":false},{"id":61396,"structure_id":14519,"section_number":"6.2-1713","catch_line":"Investigations; examinations","url":"\/6.2-1713\/","token":"6.2\/III\/17\/6.2-1713","metadata":false},{"id":76664,"structure_id":14519,"section_number":"6.2-1714","catch_line":"Annual fees","url":"\/6.2-1714\/","token":"6.2\/III\/17\/6.2-1714","metadata":false},{"id":68427,"structure_id":14519,"section_number":"6.2-1715","catch_line":"Advertising; use of a unique identifier","url":"\/6.2-1715\/","token":"6.2\/III\/17\/6.2-1715","metadata":false},{"id":59032,"structure_id":14519,"section_number":"6.2-1716","catch_line":"Suspension or revocation of license","url":"\/6.2-1716\/","token":"6.2\/III\/17\/6.2-1716","metadata":false},{"id":86396,"structure_id":14519,"section_number":"6.2-1717","catch_line":"Filing of written report with Commissioner; events affecting a licensee","url":"\/6.2-1717\/","token":"6.2\/III\/17\/6.2-1717","metadata":false},{"id":64231,"structure_id":14519,"section_number":"6.2-1718","catch_line":"Notice of proposed suspension or revocation","url":"\/6.2-1718\/","token":"6.2\/III\/17\/6.2-1718","metadata":false},{"id":60139,"structure_id":14519,"section_number":"6.2-1719","catch_line":"Civil penalties","url":"\/6.2-1719\/","token":"6.2\/III\/17\/6.2-1719","metadata":false},{"id":76095,"structure_id":14519,"section_number":"6.2-1720","catch_line":"Regulations; agreements between Commission and Registry","url":"\/6.2-1720\/","token":"6.2\/III\/17\/6.2-1720","metadata":false},{"id":85681,"structure_id":14519,"section_number":"6.2-1721","catch_line":"Cease and desist orders","url":"\/6.2-1721\/","token":"6.2\/III\/17\/6.2-1721","metadata":false}],"previous_section":{"id":74815,"structure_id":14519,"section_number":"6.2-1702","catch_line":"Application for license; form; content; fee","url":"\/6.2-1702\/","token":"6.2\/III\/17\/6.2-1702","metadata":false},"next_section":{"id":63021,"structure_id":14519,"section_number":"6.2-1704","catch_line":"Mortgage loan originator background checks","url":"\/6.2-1704\/","token":"6.2\/III\/17\/6.2-1704","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1703\/","history_text":"

This law was first created in 2009. The record of its establishment is cataloged in chapters 273<\/a> and 453<\/a> 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. It has been modified 1 time. 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. That modification is as follows: in 2010, chapter 794<\/a>.<\/p>","references":[{"id":74171,"section_number":"6.2-1712.1","catch_line":"Inactive mortgage loan originator licenses","order_by":null,"url":"\/6.2-1712.1\/"}],"refers_to":[{"id":71155,"section_number":"6.2-1600","catch_line":"Definitions","order_by":null,"url":"\/6.2-1600\/"},{"id":59504,"section_number":"6.2-1604","catch_line":"Bond required","order_by":null,"url":"\/6.2-1604\/"}],"permalink":{"id":266155,"object_type":"law","relational_id":60886,"identifier":"6.2-1703","token":"6.2\/III\/17\/6.2-1703","url":"\/6.2-1703\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1703\/","token":"6.2\/III\/17\/6.2-1703","dublin_core":{"Title":"Bond required","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1703","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The application for a license shall be accompanied by a bond<\/span> to be filed with the Commission<\/span> with corporate surety<\/span> authorized to execute such bond<\/span> in the Commonwealth, the form of which shall be approved by the Commission<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> If the applicant is not an employee<\/span> or exclusive agent of a person<\/span> licensed or exempt from licensing under Chapter 16 (§ 6.2-1600<\/a> et seq.), the bond<\/span> shall be an individual surety<\/span> bond<\/span> for the applicant; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> If the applicant is an employee<\/span> or exclusive agent of a person<\/span> licensed or exempt from licensing under Chapter 16 (§ 6.2-1600<\/a> et seq.), the bond<\/span> shall be a surety<\/span> bond<\/span> filed by such person<\/span> covering all such employees<\/span> and exclusive agents holding or applying for a license as a mortgage loan originator<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The amount of the bond<\/span> shall be $25,000, or such greater sum as the Commission<\/span> may require based on the total dollar amount of residential mortgage loans<\/span> originated in the preceding calendar year by (i) the applicant, in the case of the bond<\/span> referred to in subdivision A 1 or (ii) the person<\/span> licensed or exempt from licensing under Chapter 16 (§ 6.2-1600<\/a> et seq.), in the case of the bond<\/span> referred to in subdivision A 2. A bond<\/span> already filed with the Commission<\/span> pursuant to § 6.2-1604<\/a> may be applied toward the minimum bond<\/span> required by this section, subject to approval by the Commission<\/span>. In the case of the bond<\/span> referred to in subdivision A 2, it shall be the responsibility of the person<\/span> licensed or exempt from licensing under Chapter 16 (§ 6.2-1600<\/a> et seq.) to provide information, in a form satisfactory to the Commission<\/span>, sufficient for determining and verifying the total dollar amount of residential mortgage loans<\/span> originated in the preceding calendar year. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Such bond<\/span> shall be continuously maintained thereafter in full force. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Such bond<\/span> shall be conditioned upon the licensee<\/span>: (i) performing all written agreements with borrowers or prospective borrowers; (ii) correctly and accurately accounting for all funds received by him in the course of his business activities as a licensee<\/span>; and (iii) conducting himself in conformity with this chapter and all applicable laws<\/span> and regulations. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Any person<\/span> who may be damaged by noncompliance of a licensee<\/span> with any condition of such bond<\/span> may proceed on such bond<\/span> against the principal or surety<\/span> thereon, or both, to recover damages<\/span>. The aggregate liability under the bond<\/span> shall not exceed the penal sum of the bond<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBOND REQUIRED (\u00a7 6.2-1703)\n\nA. The application for a license shall be accompanied by a bond to be filed with\nthe Commission with corporate surety authorized to execute such bond in the\nCommonwealth, the form of which shall be approved by the Commission.\n\n 1. If the applicant is not an employee or exclusive agent of a person licensed\n or exempt from licensing under Chapter 16 (§ 6.2-1600 et seq.), the bond\n shall be an individual surety bond for the applicant; or\n\n 2. If the applicant is an employee or exclusive agent of a person licensed or\n exempt from licensing under Chapter 16 (§ 6.2-1600 et seq.), the bond\n shall be a surety bond filed by such person covering all such employees and\n exclusive agents holding or applying for a license as a mortgage loan\n originator.\n\nB. The amount of the bond shall be $25,000, or such greater sum as the\nCommission may require based on the total dollar amount of residential mortgage\nloans originated in the preceding calendar year by (i) the applicant, in the\ncase of the bond referred to in subdivision A 1 or (ii) the person licensed or\nexempt from licensing under Chapter 16 (§ 6.2-1600 et seq.), in the case of\nthe bond referred to in subdivision A 2. A bond already filed with the\nCommission pursuant to § 6.2-1604 may be applied toward the minimum bond\nrequired by this section, subject to approval by the Commission. In the case of\nthe bond referred to in subdivision A 2, it shall be the responsibility of the\nperson licensed or exempt from licensing under Chapter 16 (§ 6.2-1600 et\nseq.) to provide information, in a form satisfactory to the Commission,\nsufficient for determining and verifying the total dollar amount of residential\nmortgage loans originated in the preceding calendar year.\n\nC. Such bond shall be continuously maintained thereafter in full force.\n\nD. Such bond shall be conditioned upon the licensee: (i) performing all written\nagreements with borrowers or prospective borrowers; (ii) correctly and\naccurately accounting for all funds received by him in the course of his\nbusiness activities as a licensee; and (iii) conducting himself in conformity\nwith this chapter and all applicable laws and regulations.\n\nE. Any person who may be damaged by noncompliance of a licensee with any\ncondition of such bond may proceed on such bond against the principal or surety\nthereon, or both, to recover damages. The aggregate liability under the bond\nshall not exceed the penal sum of the bond.\n\nHISTORY: 2009, cc. 273, 453, \u00a7 6.1-431.4; 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}}