A. The Commission may suspend or revoke the authority of an association to do business upon any of the following grounds:
1. Any violation of the provisions of this chapter or regulations adopted by the Commission pursuant thereto, or a violation of any other law or regulation applicable to the conduct of its business;
2. A course of conduct consisting of failure to perform written agreements with borrowers;
3. Failure to account for funds received or disbursed to the satisfaction of the 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 any applicable 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 association for violation of any law or regulation applicable to the conduct of its business;
8. Refusal to permit an investigation or examination by the Commission;
9. Failure to pay any fee or assessment imposed by this chapter; or
B. For the purposes of this section, acts of any officer, director, or principal stockholder shall be deemed acts of the association.
History
1993, c. 419, § 6.1-237.8; 2010, c. 794.