                                 CODE OF VIRGINIA

TEMPORARY AUTHORITY TO ACT AS A MORTGAGE LOAN ORIGINATOR (§ 6.2-1701.3)

A. An individual shall be deemed to have temporary authority to act as a
mortgage loan originator in the Commonwealth to the extent authorized by, and
subject to the terms and conditions prescribed in, &#xA7; 1518 of the Act.

B. A mortgage lender or mortgage broker that employs an individual who is deemed
to have temporary authority to act as a mortgage loan originator in the
Commonwealth pursuant to this section shall be subject to the requirements of
this chapter and Chapter 16 (&#xA7; 6.2-1600 et seq.) to the same extent that
such mortgage lender or mortgage broker would be subject to such requirements if
such individual were a licensed mortgage loan originator under this chapter.

C. An individual who is deemed to have temporary authority to act as a mortgage
loan originator in the Commonwealth pursuant to this section and acts as a
mortgage loan originator shall be subject to the requirements of this chapter to
the same extent as if such individual was a licensed mortgage loan originator
under this chapter.

HISTORY: 2019, c. 740.