                                 CODE OF VIRGINIA

LICENSES; PLACE OF BUSINESS; CHANGES; RENEWAL (§ 6.2-2607)

A. Each license shall state the address at which the principal place of business
is to be conducted and shall state fully the legal name of the licensee as well
as any fictitious names by which the licensee is conducting business under this
chapter. Licenses shall not be transferable or assignable, by operation of law
or otherwise. No licensee shall use any names other than the legal name or
fictitious names set forth on the license issued by the Commission.

B. Every licensee shall notify the Commissioner, in writing, at least 30 days
prior to relocating its principal place of business and confirm the change in
writing within five days after such relocation.

C. Every licensee shall within 10 days notify the Commissioner, in writing, of
(i) any change to its legal name; (ii) any change to or additional fictitious
name by which the licensee is conducting business under this chapter; and (iii)
the name, address, and position of each new member, senior officer, director,
trustee, and principal. At the direction of the Commissioner, any such
individual shall be treated as a member, senior officer, director, trustee, or
principal of an applicant for the purpose of being investigated pursuant to
subsection B of &#xA7; 6.2-2605. The licensee shall provide such other
information with respect to the changes and persons identified in this
subsection as the Commissioner may reasonably require.

D. Every license shall remain in force until it expires or has been surrendered,
revoked, or suspended. The expiration, surrender, revocation, or suspension of a
license shall not affect any preexisting legal right or obligation of such
licensee.

E. Notwithstanding any other provision of this chapter, a qualified education
loan servicer license shall expire at the end of each calendar year unless it is
renewed by a licensee prior to the expiration date. A licensee may renew its
license by (i) requesting renewal through the Registry and (ii) complying with
any requirements associated with such renewal request that are imposed by the
Registry. If a qualified education loan servicer license has expired, the
Commission may by regulation permit the former licensee to seek license
reinstatement after the license expiration date by renewing its license in
accordance with this subsection and paying a reinstatement fee as prescribed by
the Commission.

HISTORY: 2020, cc. 1198, 1250.