                                 CODE OF VIRGINIA

QUALIFICATIONS (§ 6.2-1706)

Upon the filing and investigation of an application for a license and compliance
by the applicant with all applicable provisions of this chapter, the Commission
shall issue and deliver to the applicant the license applied for to engage in
business under this chapter if it finds that the financial responsibility,
character, and general fitness of the applicant are such as to warrant belief
that the licensee will act as a mortgage loan originator efficiently and fairly,
in the public interest, and in accordance with law. If the Commission fails to
make such findings, no license shall be issued and the Commissioner shall notify
the applicant of the denial and the reasons for such denial. The Commission
shall not base a license denial, in whole or in part, on an applicant&#8217;s
credit score, nor shall it use a credit report as the sole basis for license
denial.

HISTORY: 2009, cc. 273, 453, § 6.1-431.7; 2010, c. 794; 2014, cc. 295, 343;
2019, c. 740.