6.1-431.21 - (Repealed effective October 1, 2010) Rules and regulations.
§ 6.1-431.21. (Repealed effective October 1, 2010) Rules and regulations.
A. The Commission shall promulgate such rules and regulations as it deemsappropriate to effect the purposes of this chapter. Before promulgating anysuch rules and regulations, the Commission shall give reasonable notice oftheir content and shall afford interested parties an opportunity to presentevidence and be heard, in accordance with the Rules of Practice and Procedureof the Commission.
B. The Commission shall, to the extent practicable, include in any writtenmemorandum of understanding or other written agreement between the Commissionand the Registry provisions substantially similar to the following:
1. Any organization serving as the administrator of the Registry or anyofficer or employee of any such entity shall implement and maintain aninformation security program that meets or exceeds federal and statestandards pursuant to § 18.2-186.6 and that complies with theGramm-Leach-Bliley Act, (15 U.S.C. § 6801 et seq.), regulation guidelines forsafeguarding personal information of mortgage loan originators and applicants.
2. The Registry shall not under any circumstances disclose to any third partyany information pertaining to any pending or incompletely adjudicatedregulatory matters.
3. The Registry shall develop, as requested by the Commission, a mortgageloan originator licensing test that may be limited to specific products andservices.
4. The Registry shall provide to the Commission summary statisticalinformation by March 31 of each year relating to loan originator examinationstaken by applicants for a mortgage loan originator license in Virginia duringthe preceding calendar year.
5. Except as otherwise provided in § 1512 of the federal Secure and FairEnforcement for Mortgage Licensing Act of 2008 (P.L. 110-289), therequirements under any federal or state law regarding the privacy orconfidentiality of any information or material provided to the Registry, andany privilege arising under federal or state law, including the rules of anyfederal or state court, with respect to such information or material, shallcontinue to apply to such information or material after the information ormaterial has been disclosed to the Registry. Such information and materialmay be shared with all state and federal regulatory officials with mortgageindustry oversight authority without the loss of privilege or the loss ofconfidentiality protections provided by federal or state law.
6. Information or material that is subject to a privilege or confidentialityunder § 6.1-1.1 shall not be subject to (i) disclosure under any federal orstate law governing the disclosure to the public of information held by anofficer or an agency of the federal government or the Commonwealth; or (ii)subpoena or discovery, or admission into evidence, in any private civilaction or administrative process, unless with respect to any privilege heldby the Registry with respect to such information or material, the individualto whom such information or material pertains waives, in whole or in part, inthe discretion of such individual, that privilege.
C. Any provision of the laws of the Commonwealth relating to the disclosureof confidential supervisory information or any information or materialdescribed in § 6.1-1.1 that is inconsistent with such provision shall besuperseded by the requirements of this chapter.
D. This chapter shall not apply with respect to the information or materialrelating to the employment history of, and publicly adjudicated disciplinaryand enforcement actions against, mortgage loan originators that is includedin the Registry for access by the public.
E. The Commission shall:
1. Annually review the proposed budget, fees, and audited financialstatements of the Registry.
2. Annually, to the extent practicable, report to the House and SenateCommittees on Commerce and Labor on the operations of the Registry, includingcompliance with its established protocols for securing and safeguardingpersonal information in the Registry.
3. To the extent practicable, prepare, publicly announce, and publish areport, by no later than May 1 of each year, that summarizes statistical testresults and demographic information to be prepared by the Registry or itstest administrator.
(2009, cc. 273, 453.)