§ 6.2-1712. (Effective October 1, 2010) Provisional mortgage loan originatorlicense.
A. An applicant for licensure as a mortgage loan originator who has completedand filed with the Commission and the Registry all information, documents,and requirements for licensure pursuant to this chapter shall be provided aprovisional license, registration, and unique identifier as a mortgage loanoriginator for the period preceding the date the Commission acts on hisapplication if (i) the applicant is employed by or contracted to act as amortgage loan originator for a person licensed under Chapter 16 (§ 6.2-1600et seq.) and (ii) a senior officer or principal of such person licensed underChapter 16 attests to the Commission that:
1. If the applicant is not currently, and has not within the six-month periodpreceding the date of filing his application been, acting as a mortgage loanoriginator or a state-licensed mortgage loan originator in another stateunder provisions of § 1507 of the Act:
a. The applicant has never had a mortgage loan originator license denied,revoked, or suspended in any governmental jurisdiction;
b. The Commission has not denied the application of or revoked or taken anyadverse action with respect to any license held by the applicant during thefive-year period ending on the date of filing of the application;
c. The applicant has not been convicted of a felony that would otherwiseauthorize the Commission to deny a license;
d. The applicant meets or exceeds all of the applicable requirements of thischapter for licensure; and
e. The licensed person will be responsible for the acts of the applicantduring the period that such application is pending; or
2. If the applicant is currently, or has within the six-month periodpreceding the date of filing his application been, acting as a registeredmortgage loan originator or a state-licensed mortgage loan originator inanother state under provisions of § 1507 of the Act:
a. The applicant has never had a mortgage loan originator license denied,revoked, or suspended in any governmental jurisdiction; and
b. The applicant has not been convicted of a felony that would otherwiseauthorize the Commission to deny a license.
B. Any provisional license issued pursuant to this section shall expire onthe earlier of the following:
1. The date upon which the Commission issues or denies the application forlicensure; or
2. Twelve months from the date the provisional license was issued.
C. The Commission may suspend or revoke the license of, or impose a fine notexceeding $2,500 upon, a person licensed under Chapter 16 (§ 6.2-1600 etseq.) if the Commission finds that the licensee, or a senior officer orprincipal thereof, did not act in good faith in making any attestationdescribed in subsection A.
(2009, cc. 273, 453, § 6.1-431.13; 2010, cc. 794, 831.)
§ 6.2-1712. (Effective October 1, 2010) Provisional mortgage loan originatorlicense.
A. An applicant for licensure as a mortgage loan originator who has completedand filed with the Commission and the Registry all information, documents,and requirements for licensure pursuant to this chapter shall be provided aprovisional license, registration, and unique identifier as a mortgage loanoriginator for the period preceding the date the Commission acts on hisapplication if (i) the applicant is employed by or contracted to act as amortgage loan originator for a person licensed under Chapter 16 (§ 6.2-1600et seq.) and (ii) a senior officer or principal of such person licensed underChapter 16 attests to the Commission that:
1. If the applicant is not currently, and has not within the six-month periodpreceding the date of filing his application been, acting as a mortgage loanoriginator or a state-licensed mortgage loan originator in another stateunder provisions of § 1507 of the Act:
a. The applicant has never had a mortgage loan originator license denied,revoked, or suspended in any governmental jurisdiction;
b. The Commission has not denied the application of or revoked or taken anyadverse action with respect to any license held by the applicant during thefive-year period ending on the date of filing of the application;
c. The applicant has not been convicted of a felony that would otherwiseauthorize the Commission to deny a license;
d. The applicant meets or exceeds all of the applicable requirements of thischapter for licensure; and
e. The licensed person will be responsible for the acts of the applicantduring the period that such application is pending; or
2. If the applicant is currently, or has within the six-month periodpreceding the date of filing his application been, acting as a registeredmortgage loan originator or a state-licensed mortgage loan originator inanother state under provisions of § 1507 of the Act:
a. The applicant has never had a mortgage loan originator license denied,revoked, or suspended in any governmental jurisdiction; and
b. The applicant has not been convicted of a felony that would otherwiseauthorize the Commission to deny a license.
B. Any provisional license issued pursuant to this section shall expire onthe earlier of the following:
1. The date upon which the Commission issues or denies the application forlicensure; or
2. Twelve months from the date the provisional license was issued.
C. The Commission may suspend or revoke the license of, or impose a fine notexceeding $2,500 upon, a person licensed under Chapter 16 (§ 6.2-1600 etseq.) if the Commission finds that the licensee, or a senior officer orprincipal thereof, did not act in good faith in making any attestationdescribed in subsection A.
(2009, cc. 273, 453, § 6.1-431.13; 2010, cc. 794, 831.)
§ 6.2-1712. (Effective October 1, 2010) Provisional mortgage loan originatorlicense.
A. An applicant for licensure as a mortgage loan originator who has completedand filed with the Commission and the Registry all information, documents,and requirements for licensure pursuant to this chapter shall be provided aprovisional license, registration, and unique identifier as a mortgage loanoriginator for the period preceding the date the Commission acts on hisapplication if (i) the applicant is employed by or contracted to act as amortgage loan originator for a person licensed under Chapter 16 (§ 6.2-1600et seq.) and (ii) a senior officer or principal of such person licensed underChapter 16 attests to the Commission that:
1. If the applicant is not currently, and has not within the six-month periodpreceding the date of filing his application been, acting as a mortgage loanoriginator or a state-licensed mortgage loan originator in another stateunder provisions of § 1507 of the Act:
a. The applicant has never had a mortgage loan originator license denied,revoked, or suspended in any governmental jurisdiction;
b. The Commission has not denied the application of or revoked or taken anyadverse action with respect to any license held by the applicant during thefive-year period ending on the date of filing of the application;
c. The applicant has not been convicted of a felony that would otherwiseauthorize the Commission to deny a license;
d. The applicant meets or exceeds all of the applicable requirements of thischapter for licensure; and
e. The licensed person will be responsible for the acts of the applicantduring the period that such application is pending; or
2. If the applicant is currently, or has within the six-month periodpreceding the date of filing his application been, acting as a registeredmortgage loan originator or a state-licensed mortgage loan originator inanother state under provisions of § 1507 of the Act:
a. The applicant has never had a mortgage loan originator license denied,revoked, or suspended in any governmental jurisdiction; and
b. The applicant has not been convicted of a felony that would otherwiseauthorize the Commission to deny a license.
B. Any provisional license issued pursuant to this section shall expire onthe earlier of the following:
1. The date upon which the Commission issues or denies the application forlicensure; or
2. Twelve months from the date the provisional license was issued.
C. The Commission may suspend or revoke the license of, or impose a fine notexceeding $2,500 upon, a person licensed under Chapter 16 (§ 6.2-1600 etseq.) if the Commission finds that the licensee, or a senior officer orprincipal thereof, did not act in good faith in making any attestationdescribed in subsection A.
(2009, cc. 273, 453, § 6.1-431.13; 2010, cc. 794, 831.)
