CODE OF VIRGINIA

OTHER CONDITIONS FOR MORTGAGE LOAN ORIGINATOR LICENSING (§ 6.2-1707)

A. In addition to the findings required by § 6.2-1706, the Commission shall not
issue a mortgage loan originator license unless it finds that:

   1.  The applicant has never had a mortgage loan originator license revoked by
   any governmental authority;

   2.  The applicant has not been convicted of, or pled guilty or nolo contendere
   to, a felony in a domestic, foreign, or military court (i) during the
   seven-year period preceding the application for licensing and registration; or
   (ii) at any time preceding such date of application if such felony involved an
   act of fraud, dishonesty, breach of trust, or money laundering;

   3.  The applicant has completed the pre-licensing education requirement
   described in § 6.2-1708;

   4.  The applicant has passed a written test that meets the test requirement
   described in § 6.2-1709; and

   5.  The applicant has become registered through, and obtained a unique
   identifier from, the Registry.

B. In addition to the findings required by § 6.2-1706, the Commission shall not
issue a transitional mortgage loan originator license unless it (i) makes the
findings set forth in subdivisions A 1, A 2, and A 5 and (ii) finds that the
applicant is employed by a person licensed under Chapter 16 (§ 6.2-1600 et
seq.).

HISTORY: 2009, cc. 273, 453, § 6.1-431.8; 2010, c. 794; 2014, cc. 295, 343.