                                 CODE OF VIRGINIA

LICENSE REQUIREMENT (§ 6.2-1601)

A. No person shall engage in business as a mortgage lender or a mortgage broker,
or hold himself out to the general public to be a mortgage lender or a mortgage
broker, unless such person has first obtained a license under this chapter.
Subject to such conditions as the Commission may prescribe, an individual who is
a bona fide employee or exclusive agent of a licensee may negotiate, place or
find mortgage loans without being licensed as a mortgage broker.

B. Every mortgage lender and mortgage broker required to be licensed under this
chapter shall register with the Registry and be subject to such registration and
renewal requirements as may be established by the Registry, in addition to any
requirements of this chapter. In adopting rules and regulations pursuant to
&#xA7; 6.2-1613, the Commission shall include any terms, conditions, or
requirements applicable to such registration and renewal. Any fees required by
the Registry shall be separate and apart from any fees imposed by this chapter.
The Commission, at its discretion, may collect any registration and renewal fees
on behalf of the Registry and remit such fees to the Registry or permit the
Registry to collect any fees imposed by this chapter and remit such fees to the
Commission.

C. In connection with its implementation and administration of this chapter, the
Commission may establish agreements or contracts with the Registry or other
entities designated by the Registry to collect, distribute, and maintain
information and records, and process fees related to mortgage lenders and
mortgage brokers required to be licensed under this chapter. In establishing
such agreements or contracts, the Commission shall not be subject to the
Virginia Public Procurement Act (&#xA7; 2.2-4300 et seq.).

HISTORY: 1987, c. 596, § 6.1-410; 1990, c. 4; 2001, c. 24; 2010, cc. 146, 794,
831.