A. In anticipation of fulfilling the pre-licensing education and written test requirements described in §§ 6.2-1708 and 6.2-1709, an individual may apply for and obtain a transitional mortgage loan originator license pursuant to this section provided that the Commission makes the findings specified in § 6.2-1706 and subsection B of § 6.2-1707. A transitional mortgage loan originator license may be issued by the Commission to:
1. An individual who maintains a license to originate mortgage loans under the laws of another state; or
2. To the extent permitted under the Act, or any rule, regulation, interpretation, or guideline thereunder, an individual who was a registered mortgage loan originator within two months prior to the date that the individual applied for a transitional mortgage loan originator license.
B. An individual shall apply for a transitional mortgage loan originator license by complying with the same requirements as those applicable to individuals who are applying for a mortgage loan originator license, including §§ 6.2-1702, 6.2-1703, and 6.2-1704. However, an individual applying for a transitional mortgage loan originator license shall not be required to comply with the prelicensing education requirements described in § 6.2-1708 or pass the written test described in § 6.2-1709.
C. Notwithstanding any other provision of this chapter, a transitional mortgage loan originator license shall expire on the earlier of the following:
1. The date upon which the Commission issues or denies a mortgage loan originator license; or
2. One hundred twenty days from the date the transitional mortgage loan originator license was issued.A transitional mortgage loan originator license shall not be renewed, extended, or reinstated, and an individual who has been issued a transitional mortgage loan originator license shall not subsequently be eligible for any additional transitional mortgage loan originator licenses.
History
2014, cc. 295, 343.
