6.1-411 - (Repealed effective October 1, 2010) Persons exempt from chapter.
§ 6.1-411. (Repealed effective October 1, 2010) Persons exempt from chapter.
The following shall be exempt from the licensing and other provisions of thischapter:
1. Lenders making three or fewer mortgage loans in any period of 12consecutive months;
2. Any person subject to the general supervision of or subject to examinationby the Commissioner pursuant to Chapter 2 (§ 6.1-3 et seq.), Chapter 3.01 (§6.1-194.1 et seq.), Chapter 4.01 (§ 6.1-225.1 et seq.), Chapter 5 (§ 6.1-227et seq.) or Chapter 13 (§ 6.1-381 et seq.) of this title;
3. Any lender authorized to engage in business as a bank, savings institutionor credit union under the laws of the United States, any state or territoryof the United States, or the District of Columbia, and subsidiaries andaffiliates of such entities which lender, subsidiary or affiliate is subjectto the general supervision or regulation of or subject to audit orexamination by a regulatory body or agency of the United States, any state orterritory of the United States, or the District of Columbia;
4. Nonprofit corporations making mortgage loans to promote home ownership orimprovements for the disadvantaged;
5. Agencies of the federal government, or any state or municipal government,or any quasi-governmental agency making or brokering mortgage loans under thespecific authority of the laws of any state or the United States;
6. Persons acting as fiduciaries with respect to any employee pension benefitplan qualified under the Internal Revenue Code who make mortgage loans solelyto plan participants from plan assets;
7. Any insurance company;
8. Persons licensed by the Commonwealth as attorneys, real estate brokers, orreal estate salesmen, not actively and principally engaged in negotiating,placing or finding mortgage loans, when rendering services as an attorney,real estate broker or real estate salesman; however, a real estate broker orreal estate salesman who receives any fee, commission, kickback, rebate orother payment for directly or indirectly negotiating, placing or finding amortgage loan for others shall not be exempt from the provisions of thischapter;
9. Persons acting in a fiduciary capacity conferred by authority of any court;
10. Persons licensed as small business investment companies by the SmallBusiness Administration; and
11. The Virginia Housing Development Authority and persons who (i) areapproved by the Virginia Housing Development Authority pursuant to its rulesand regulations to act as field originators with respect to mortgage loansmade under its programs and (ii) are not engaged in any other activities forwhich a license is required to be obtained under this chapter.
(1987, c. 596; 1989, cc. 411, 667; 1992, c. 156; 1995, c. 62; 1996, c. 126;2003, c. 386.)