                                 CODE OF VIRGINIA

SUSPENSION OR REVOCATION OF LICENSE (§ 6.2-1619)

A. 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:

   1. Any ground for denial of a license under this chapter;

   2. 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&#8217;s or mortgage
   broker&#8217;s business;

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

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

   5. 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;

   6. 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;

   7. Conviction of a felony or misdemeanor involving fraud, misrepresentation or
   deceit;

   8. Entry of a judgment against the licensee involving fraud, misrepresentation
   or deceit;

   9. 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;

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

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

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

B. For the purposes of this section, acts of any officer, director, member,
partner, or principal shall be deemed acts of the licensee.

HISTORY: 1987, c. 596, § 6.1-425; 1993, c. 183; 2008, c. 863; 2010, c. 794.