§ 6.2-1619. (Effective October 1, 2010) Suspension or revocation of license.
A. The Commission may suspend or revoke any license issued under this chapterto a mortgage lender or mortgage broker upon any of the following grounds:
1. Any ground for denial of a license under this chapter;
2. 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 the mortgage lender's or mortgagebroker's business;
3. A course of conduct consisting of the failure to perform writtenagreements with borrowers;
4. Failure to account for funds received or disbursed to the satisfaction ofthe person supplying or receiving such funds;
5. Failure to pay when due reasonable fees to a licensed appraiser forappraisal services that are (i) requested from the appraiser in writing bythe mortgage broker or mortgage lender or an employee of the mortgage brokeror mortgage lender and (ii) performed, in accordance with the terms of thecontract with the appraiser and all regulatory requirements related to suchappraiser and appraisal, by the appraiser in connection with the originationor closing of a mortgage loan for a customer of the mortgage broker ormortgage lender;
6. 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;
7. Conviction of a felony or misdemeanor involving fraud, misrepresentationor deceit;
8. Entry of a judgment against the licensee involving fraud,misrepresentation or deceit;
9. Entry of a federal or state administrative order against the licensee forviolation of any law or any regulation applicable to the conduct of hisbusiness;
10. Refusal to permit an investigation or examination by the Commission;
11. Failure to pay any fee or assessment imposed by this chapter; or
12. 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 shall be deemed acts of the licensee.
(1987, c. 596, § 6.1-425; 1993, c. 183; 2008, c. 863; 2010, c. 794.)
§ 6.2-1619. (Effective October 1, 2010) Suspension or revocation of license.
A. The Commission may suspend or revoke any license issued under this chapterto a mortgage lender or mortgage broker upon any of the following grounds:
1. Any ground for denial of a license under this chapter;
2. 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 the mortgage lender's or mortgagebroker's business;
3. A course of conduct consisting of the failure to perform writtenagreements with borrowers;
4. Failure to account for funds received or disbursed to the satisfaction ofthe person supplying or receiving such funds;
5. Failure to pay when due reasonable fees to a licensed appraiser forappraisal services that are (i) requested from the appraiser in writing bythe mortgage broker or mortgage lender or an employee of the mortgage brokeror mortgage lender and (ii) performed, in accordance with the terms of thecontract with the appraiser and all regulatory requirements related to suchappraiser and appraisal, by the appraiser in connection with the originationor closing of a mortgage loan for a customer of the mortgage broker ormortgage lender;
6. 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;
7. Conviction of a felony or misdemeanor involving fraud, misrepresentationor deceit;
8. Entry of a judgment against the licensee involving fraud,misrepresentation or deceit;
9. Entry of a federal or state administrative order against the licensee forviolation of any law or any regulation applicable to the conduct of hisbusiness;
10. Refusal to permit an investigation or examination by the Commission;
11. Failure to pay any fee or assessment imposed by this chapter; or
12. 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 shall be deemed acts of the licensee.
(1987, c. 596, § 6.1-425; 1993, c. 183; 2008, c. 863; 2010, c. 794.)
§ 6.2-1619. (Effective October 1, 2010) Suspension or revocation of license.
A. The Commission may suspend or revoke any license issued under this chapterto a mortgage lender or mortgage broker upon any of the following grounds:
1. Any ground for denial of a license under this chapter;
2. 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 the mortgage lender's or mortgagebroker's business;
3. A course of conduct consisting of the failure to perform writtenagreements with borrowers;
4. Failure to account for funds received or disbursed to the satisfaction ofthe person supplying or receiving such funds;
5. Failure to pay when due reasonable fees to a licensed appraiser forappraisal services that are (i) requested from the appraiser in writing bythe mortgage broker or mortgage lender or an employee of the mortgage brokeror mortgage lender and (ii) performed, in accordance with the terms of thecontract with the appraiser and all regulatory requirements related to suchappraiser and appraisal, by the appraiser in connection with the originationor closing of a mortgage loan for a customer of the mortgage broker ormortgage lender;
6. 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;
7. Conviction of a felony or misdemeanor involving fraud, misrepresentationor deceit;
8. Entry of a judgment against the licensee involving fraud,misrepresentation or deceit;
9. Entry of a federal or state administrative order against the licensee forviolation of any law or any regulation applicable to the conduct of hisbusiness;
10. Refusal to permit an investigation or examination by the Commission;
11. Failure to pay any fee or assessment imposed by this chapter; or
12. 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 shall be deemed acts of the licensee.
(1987, c. 596, § 6.1-425; 1993, c. 183; 2008, c. 863; 2010, c. 794.)
