6.1-431.13 - (Repealed effective October 1, 2010) Provisional mortgage loan originator license.
§ 6.1-431.13. (Repealed effective October 1, 2010) Provisional mortgage loanoriginator license.
A. A mortgage loan originator applicant who has completed and filed with theCommission and the Registry all information, documents, and requirements forlicensure pursuant to this chapter shall be provided a provisional license,registration, and unique identifier as a mortgage loan originator for theperiod prior to action being taken on his application by the Commission if(i) the applicant is employed by or contracted to act as a mortgage loanoriginator for a person licensed under Chapter 16 (§ 6.1-408 et seq.), and(ii) a senior officer or principal of such person attests to the Commissionthat:
1. If the applicant is not currently or has not within the six-month periodprior to the date of application been acting as a mortgage loan originator ora state-licensed mortgage loan originator in another state under provisionsof § 1507 of the federal Secure and Fair Enforcement for Mortgage LicensingAct of 2008 (P.L. 110-289):
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 application meets or exceeds all of the applicable requirements ofthis chapter 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 period prior tothe date of the application been acting as a registered mortgage loanoriginator or a state-licensed mortgage loan originator in another stateunder provisions of § 1507 of the federal Secure and Fair Enforcement forMortgage Licensing Act of 2008 (P.L. 110-289):
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 license appliedfor; or
2. Twelve months from the date the provisional license was issued.
C. The Commission may (i) suspend or revoke the license of, or (ii) impose afine not exceeding $2,500 upon, a person licensed under Chapter 16 (§ 6.1-408et seq.) if the Commission finds that the licensee, or a senior officer orprincipal thereof, did not make the certification or undertaking set forth insubsection A in good faith.
(2009, cc. 273, 453; 2010, c. 831.)