6.2-1612 - (Effective October 1, 2010) Annual fees.
§ 6.2-1612. (Effective October 1, 2010) Annual fees.
A. To defray the costs of examination, supervision, and regulation, every:
1. Mortgage lender required to be licensed under this chapter shall pay anannual fee calculated in accordance with a schedule set by the Commission.The schedule shall bear a reasonable relationship to the business volume ofan individual mortgage lender, the actual cost of the examination, and toother factors relating to the supervision and regulation; and
2. Mortgage broker required to be licensed under this chapter shall pay anannual fee calculated in accordance with a schedule set by the Commission.The schedule shall bear a reasonable relationship to the volume of businesstransacted by such mortgage broker, to the actual cost of examination and toother factors relating to the supervision and regulation.
B. The annual fee prescribed in subsection A shall be assessed on or beforeApril 25 for every calendar year. All such fees shall be paid by thelicensees to the State Treasurer on or before May 25 following eachassessment.
C. In addition to the annual fee prescribed in subsection A, when it becomesnecessary to examine or investigate the books and records of a mortgagelender or mortgage broker required to be licensed under this chapter at alocation outside the Commonwealth, the mortgage lender or mortgage brokershall be liable for and shall pay to the Commission within 30 days of thepresentation of an itemized statement, the actual travel and reasonableliving expenses incurred on account of its examination, supervision andregulation, or shall pay at a reasonable per diem rate approved by theCommission.
(1987, c. 596, § 6.1-420; 1988, c. 303; 1990, c. 32; 1996, c. 524; 2010, c.794.)