§ 6.2-1418. (Effective October 1, 2010) Suspension or revocation of authority.
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 adopted bythe 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,misrepresentation, or 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, orprincipal stockholder shall be deemed acts of the association.
§ 6.2-1418. (Effective October 1, 2010) Suspension or revocation of authority.
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 adopted bythe 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,misrepresentation, or 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, orprincipal stockholder shall be deemed acts of the association.
§ 6.2-1418. (Effective October 1, 2010) Suspension or revocation of authority.
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 adopted bythe 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,misrepresentation, or 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, orprincipal stockholder shall be deemed acts of the association.
