                                 CODE OF VIRGINIA

LICENSE REQUIREMENT (§ 6.2-1701)

A. Except as otherwise provided in &#xA7; 6.2-1701.3, no individual shall engage
in the business of a mortgage loan originator unless such individual has first
obtained and maintains annually a license under this chapter.

B. The following shall be exempt from licensing and other provisions of this
chapter:

   1. Any individual engaged solely as a loan processor or underwriter. Except as
   otherwise provided in this subsection, an individual acting as an independent
   contractor may not engage in residential mortgage loan origination activities
   as a loan processor or underwriter unless such individual has first obtained
   and maintains annually a mortgage loan originator license;

   2. Any individual who only performs administrative or clerical tasks on behalf
   of a mortgage loan originator;

   3. Any individual who only performs real estate brokerage activities and is
   licensed or registered in accordance with applicable law, unless the
   individual is compensated directly or indirectly by the lender, a mortgage
   broker, or other mortgage loan originator or by any agent of such lender,
   mortgage broker, or other mortgage loan originator;

   4. Any individual solely involved in extensions of credit relating to
   timeshare plans, as that term is defined in 11 U.S.C. &#xA7; 101 (53D);

   5. A registered mortgage loan originator;

   6. Any individual who offers or negotiates terms of a residential mortgage
   loan with or on behalf of an immediate family member of the individual;

   7. Any individual who acts as a loan originator in providing financing for the
   sale of that individual&#8217;s own residence;

   8. A licensed attorney, provided that the attorney&#8217;s mortgage loan
   origination activities are: (i) considered by the Supreme Court of Virginia to
   be part of the authorized practice of law within the Commonwealth, (ii)
   carried out within an attorney-client relationship, and (iii) accomplished by
   the attorney in compliance with all applicable laws, rules, ethics, and
   standards;

   9. Any employee of federal, state, or local government, or a housing finance
   agency, who acts as a mortgage loan originator only pursuant to his official
   duties of employment. For the purposes of this subdivision, &#8220;local
   government&#8221; means any county, city, or town or other local or regional
   political subdivision; and

   10. Any employee of a bona fide nonprofit organization, as determined by the
   Commission in accordance with &#xA7; 6.2-1701.1, who acts as a mortgage loan
   originator only (i) pursuant to his official duties of employment and (ii)
   with respect to residential mortgage loans with terms that are favorable to a
   borrower.

HISTORY: 2009, cc. 273, 453, § 6.1-431.2; 2010, c. 794; 2012, cc. 52, 187;
2013, cc. 20, 380; 2014, cc. 295, 343; 2019, c. 740.