                                 CODE OF VIRGINIA

SUSPENSION OR REVOCATION OF AUTHORITY (§ 6.2-1418)

A. The Commission may suspend or revoke the authority of an association to do
business upon any of the following grounds:

   1. 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 its business;

   2. A course of conduct consisting of failure to perform written agreements
   with borrowers;

   3. Failure to account for funds received or disbursed to the satisfaction of
   the person supplying or receiving such funds;

   4. 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;

   5. Conviction of any felony or misdemeanor involving fraud, misrepresentation,
   or deceit;

   6. Entry of judgment against such association involving fraud,
   misrepresentation, or deceit;

   7. Entry of a federal or state administrative order against such association
   for violation of any law or regulation applicable to the conduct of its
   business;

   8. Refusal to permit an investigation or examination by the Commission;

   9. Failure to pay any fee or assessment imposed by this chapter; or

   10. Failure to comply with any order of the Commission.

B. For the purposes of this section, acts of any officer, director, or principal
stockholder shall be deemed acts of the association.

HISTORY: 1993, c. 419, § 6.1-237.8; 2010, c. 794.