                                 CODE OF VIRGINIA

LICENSES; PLACES OF BUSINESS; CHANGES (§ 6.2-1711)

A. Each license shall state fully the name and address of record of the
licensee. Each licensee shall be required to display proof of licensing upon
request, and to prominently display at any location where he acts as a mortgage
loan originator the telephone numbers and Internet addresses for the Registry
and the Commission where consumers and other interested parties may confirm the
status of his license. Licenses shall not be transferable or assignable, by
operation of law or otherwise. Except as otherwise provided by the Commission,
no licensee shall use any name, in acting as a mortgage loan originator, other
than the name set forth on the license issued by the Commission.

B. Every licensee shall within 10 days notify the Commissioner, in writing, of
any change of residential or business address and provide such other information
with respect to any such change as the Commissioner may reasonably require.

C. Every license shall remain in force until it expires or has been surrendered,
revoked, or suspended. The expiration, surrender, revocation, or suspension of a
license shall not affect any preexisting legal right or obligation of the
licensee. In addition:

   1. Except as otherwise provided by the Commission, licenses shall expire at
   the end of each calendar year. A licensee may request renewal by (i) filing a
   license renewal application through the Registry, (ii) paying the annual
   license renewal fee prescribed in &#xA7; 6.2-1714, (iii) obtaining the
   continuing education prescribed in &#xA7; 6.2-1710, and (iv) furnishing such
   other information as may be required by the Commission;

   2. The Commission shall renew an individual&#8217;s license if the Commission
   finds that the individual has complied with the requirements of this chapter
   and continues to meet the conditions for initial licensure. If the Commission
   fails to make the findings required by this subdivision, the Commission shall
   not renew the individual&#8217;s license. In determining whether to renew a
   license, the Commission shall consider whether the licensee has violated state
   or federal law; and

   3. Notwithstanding any other provision of this chapter, the Commission may by
   regulation permit a former licensee to seek license reinstatement after the
   license expiration date by requesting renewal in accordance with subdivision 1
   and paying a reinstatement fee as prescribed by the Commission.

HISTORY: 2009, cc. 273, 453, § 6.1-431.12; 2010, c. 794; 2012, cc. 52, 187.