§ 6.1-237.8. (Repealed effective October 1, 2010) Suspension or revocation.
A. The Commission may suspend or revoke the authority of an association to dobusiness upon any of the following grounds:
1. Any violation of the provisions of this chapter or regulations promulgatedby the Commission pursuant thereto, or a violation of any other law orregulation applicable to the conduct of its business;
2. A course of conduct consisting of failure to perform written agreementswith borrowers;
3. Failure to account for funds received or disbursed to the satisfaction ofthe person supplying or receiving such funds;
4. Failure to disburse funds in accordance with any agreement connected with,and promptly upon closing of, a mortgage loan, taking into account anyapplicable right of rescission;
5. Conviction of any felony or misdemeanor involving fraud, misrepresentationor deceit;
6. Entry of judgment against such association involving fraud,misrepresentation or deceit;
7. Entry of a federal or state administrative order against such associationfor violation of any law or regulation applicable to the conduct of itsbusiness;
8. Refusal to permit an investigation or examination by the Commission;
9. Failure to pay any fee or assessment imposed by this chapter; or
10. Failure to comply with any order of the Commission.
B. For the purposes of this section, acts of any officer, director, member,partner or principal stockholder shall be deemed acts of the association.
§ 6.1-237.8. (Repealed effective October 1, 2010) Suspension or revocation.
A. The Commission may suspend or revoke the authority of an association to dobusiness upon any of the following grounds:
1. Any violation of the provisions of this chapter or regulations promulgatedby the Commission pursuant thereto, or a violation of any other law orregulation applicable to the conduct of its business;
2. A course of conduct consisting of failure to perform written agreementswith borrowers;
3. Failure to account for funds received or disbursed to the satisfaction ofthe person supplying or receiving such funds;
4. Failure to disburse funds in accordance with any agreement connected with,and promptly upon closing of, a mortgage loan, taking into account anyapplicable right of rescission;
5. Conviction of any felony or misdemeanor involving fraud, misrepresentationor deceit;
6. Entry of judgment against such association involving fraud,misrepresentation or deceit;
7. Entry of a federal or state administrative order against such associationfor violation of any law or regulation applicable to the conduct of itsbusiness;
8. Refusal to permit an investigation or examination by the Commission;
9. Failure to pay any fee or assessment imposed by this chapter; or
10. Failure to comply with any order of the Commission.
B. For the purposes of this section, acts of any officer, director, member,partner or principal stockholder shall be deemed acts of the association.
§ 6.1-237.8. (Repealed effective October 1, 2010) Suspension or revocation.
A. The Commission may suspend or revoke the authority of an association to dobusiness upon any of the following grounds:
1. Any violation of the provisions of this chapter or regulations promulgatedby the Commission pursuant thereto, or a violation of any other law orregulation applicable to the conduct of its business;
2. A course of conduct consisting of failure to perform written agreementswith borrowers;
3. Failure to account for funds received or disbursed to the satisfaction ofthe person supplying or receiving such funds;
4. Failure to disburse funds in accordance with any agreement connected with,and promptly upon closing of, a mortgage loan, taking into account anyapplicable right of rescission;
5. Conviction of any felony or misdemeanor involving fraud, misrepresentationor deceit;
6. Entry of judgment against such association involving fraud,misrepresentation or deceit;
7. Entry of a federal or state administrative order against such associationfor violation of any law or regulation applicable to the conduct of itsbusiness;
8. Refusal to permit an investigation or examination by the Commission;
9. Failure to pay any fee or assessment imposed by this chapter; or
10. Failure to comply with any order of the Commission.
B. For the purposes of this section, acts of any officer, director, member,partner or principal stockholder shall be deemed acts of the association.
