§ 6.1-416. (Repealed effective October 1, 2010) Licenses; places of business;changes.
A. Each license shall state the address or addresses at which the business isto be conducted and shall state fully the name of the licensed broker orlender. Each license shall be prominently posted in each place of businessof the licensee. Licenses shall not be transferable or assignable, byoperation of law or otherwise. No mortgage lender or mortgage broker shalluse any name other than the name set forth on the license issued by theCommission.
B. No licensed mortgage lender or mortgage broker shall open an additionaloffice or relocate any office without prior approval of the Commission.Applications for such approval shall be made in writing on a form provided bythe Commissioner and shall be accompanied by payment of a $150 nonrefundableapplication fee. The applicants shall be approved unless the Commission findsthat the applicant has not conducted business under this chapter efficiently,fairly, in the public interest, and in accordance with law. The applicationshall be deemed approved if notice to the contrary has not been mailed by theCommission to the applicant within thirty days of the date the application isreceived by the Commission. After approval, the applicant shall give writtennotice to the Commissioner within ten days of the commencement of business atthe additional or relocated office.
C. Every licensed mortgage lender or mortgage broker shall within ten daysnotify the Commissioner, in writing, of the closing of any office and of thename, address and position of each new senior officer, member, partner, ordirector and provide such other information with respect to any such changeas the Commissioner may reasonably require.
D. Every license shall remain in force until it has been surrendered, revokedor suspended. The surrender, revocation or suspension of a license shall notaffect any preexisting legal right or obligation of such lender or broker.
(1987, c. 596; 1988, c. 303; 1990, c. 8; 1992, c. 283.)
§ 6.1-416. (Repealed effective October 1, 2010) Licenses; places of business;changes.
A. Each license shall state the address or addresses at which the business isto be conducted and shall state fully the name of the licensed broker orlender. Each license shall be prominently posted in each place of businessof the licensee. Licenses shall not be transferable or assignable, byoperation of law or otherwise. No mortgage lender or mortgage broker shalluse any name other than the name set forth on the license issued by theCommission.
B. No licensed mortgage lender or mortgage broker shall open an additionaloffice or relocate any office without prior approval of the Commission.Applications for such approval shall be made in writing on a form provided bythe Commissioner and shall be accompanied by payment of a $150 nonrefundableapplication fee. The applicants shall be approved unless the Commission findsthat the applicant has not conducted business under this chapter efficiently,fairly, in the public interest, and in accordance with law. The applicationshall be deemed approved if notice to the contrary has not been mailed by theCommission to the applicant within thirty days of the date the application isreceived by the Commission. After approval, the applicant shall give writtennotice to the Commissioner within ten days of the commencement of business atthe additional or relocated office.
C. Every licensed mortgage lender or mortgage broker shall within ten daysnotify the Commissioner, in writing, of the closing of any office and of thename, address and position of each new senior officer, member, partner, ordirector and provide such other information with respect to any such changeas the Commissioner may reasonably require.
D. Every license shall remain in force until it has been surrendered, revokedor suspended. The surrender, revocation or suspension of a license shall notaffect any preexisting legal right or obligation of such lender or broker.
(1987, c. 596; 1988, c. 303; 1990, c. 8; 1992, c. 283.)
§ 6.1-416. (Repealed effective October 1, 2010) Licenses; places of business;changes.
A. Each license shall state the address or addresses at which the business isto be conducted and shall state fully the name of the licensed broker orlender. Each license shall be prominently posted in each place of businessof the licensee. Licenses shall not be transferable or assignable, byoperation of law or otherwise. No mortgage lender or mortgage broker shalluse any name other than the name set forth on the license issued by theCommission.
B. No licensed mortgage lender or mortgage broker shall open an additionaloffice or relocate any office without prior approval of the Commission.Applications for such approval shall be made in writing on a form provided bythe Commissioner and shall be accompanied by payment of a $150 nonrefundableapplication fee. The applicants shall be approved unless the Commission findsthat the applicant has not conducted business under this chapter efficiently,fairly, in the public interest, and in accordance with law. The applicationshall be deemed approved if notice to the contrary has not been mailed by theCommission to the applicant within thirty days of the date the application isreceived by the Commission. After approval, the applicant shall give writtennotice to the Commissioner within ten days of the commencement of business atthe additional or relocated office.
C. Every licensed mortgage lender or mortgage broker shall within ten daysnotify the Commissioner, in writing, of the closing of any office and of thename, address and position of each new senior officer, member, partner, ordirector and provide such other information with respect to any such changeas the Commissioner may reasonably require.
D. Every license shall remain in force until it has been surrendered, revokedor suspended. The surrender, revocation or suspension of a license shall notaffect any preexisting legal right or obligation of such lender or broker.
(1987, c. 596; 1988, c. 303; 1990, c. 8; 1992, c. 283.)
