6.1-410 - (Repealed effective October 1, 2010) License requirement.
§ 6.1-410. (Repealed effective October 1, 2010) License requirement.
A. No person shall engage in business as a mortgage lender or a mortgagebroker, or hold himself out to the general public to be a mortgage lender ora mortgage broker unless such person has first obtained a license under thischapter. However, subject to such conditions as the Commission may prescribe,an individual who is a bona fide employee or exclusive agent of a personlicensed under this chapter may negotiate, place or find mortgage loanswithout being licensed as a mortgage broker.
B. Every mortgage lender and mortgage broker required to be licensed underthis chapter shall register with the Registry and be subject to suchregistration and renewal requirements as may be established by the Registry,in addition to any requirements of this chapter. In adopting rules andregulations pursuant to § 6.1-421, the Commission shall include any terms,conditions, or requirements applicable to such registration and renewal. Anyfees required by the Registry shall be separate and apart from any feesimposed by this chapter. The Commission, at its discretion, may collect anyregistration and renewal fees on behalf of the Registry and remit such feesto the Registry or permit the Registry to collect any fees imposed by thischapter and remit such fees to the Commission.
C. In connection with its implementation and administration of this chapter,the Commission may establish agreements or contracts with the Registry orother entities designated by the Registry to collect, distribute, andmaintain information and records, and process fees related to mortgagelenders and mortgage brokers required to be licensed under this chapter. Inestablishing such agreements or contracts, the Commission shall not besubject to the Virginia Public Procurement Act (§ 2.2-4300 et seq.).
(1987, c. 596; 1990, c. 4; 2001, c. 24; 2010, cc. 146, 831.)