Current through Register Vol. 41, No. 3, September 23, 2024
A. Except as otherwise provided in this
subsection, an applicant shall be found to have the financial responsibility
required by § 6.2-1706 of the Code of Virginia.
1. An applicant shall not be found to have
the financial responsibility required by § 6.2-1706 if the commission
finds that the applicant has one or more of the following:
a. One or more outstanding judgments or
collection accounts that in the aggregate exceed $2,000;
b. One or more outstanding tax liens or other
governmental liens that in the aggregate exceed $1,000;
c. One or more delinquent accounts, including
any charged-off accounts but excluding any items in subdivision 1 a or b of
this subsection, that in the aggregate exceed $3,000;
d. One or more foreclosures within the past
seven years; or
e. Such other debts
as the commission deems relevant.
2. Notwithstanding subdivision 1 of this
subsection, an applicant shall be found to have the financial responsibility
required by § 6.2-1706 if the commission determines that (i) the applicant
has demonstrated good faith efforts to satisfy all of the outstanding debts
enumerated in subdivision 1 of this subsection and (ii) one or more of the
following substantially impeded the applicant's ability to satisfy his
outstanding debts:
a. Loss of
income;
b. Divorce;
c. Medical expenses;
d. Natural disaster; or
e. Such other unanticipated events or
circumstances that the commission deems relevant.
B. An applicant shall be found to
have the character and general fitness required by § 6.2-1706 of the Code
of Virginia unless one or more of the following are applicable:
1. The applicant has been convicted of, or
pled guilty or nolo contendere to, a crime involving:
(i) financial services or a financial
services-related business,
(ii)
fraud,
(iii) a false statement or
omission,
(iv) felony theft or
wrongful taking of property,
(v)
bribery,
(vi) perjury,
(vii) forgery,
(viii) counterfeiting,
(ix) extortion,
(x) breach of trust,
(xi) money laundering, or
(xii) dishonesty. However, in evaluating any
of these crimes, the commission may take into account, among other things, the
length of time elapsed since the offense was committed, the age of the
applicant at the time of the offense, and the nature of the offense.
2. The commission finds that (i)
the applicant made a material misrepresentation or omission in either his
license application or any other information furnished by the applicant in
conjunction with such license application or (ii) a third party made a material
misrepresentation or omission in support of the applicant's request for a
mortgage loan originator license and the applicant failed to promptly notify
the bureau after becoming aware of the misrepresentation or omission. However,
in evaluating a misrepresentation or omission, the commission may take into
account, among other things, any explanation given for the misrepresentation or
omission. For purposes of this subdivision, a misrepresentation or omission
shall be considered material if the commission would consider the stated or
omitted information to be important in the investigation of an applicant's
request for a mortgage loan originator license.
3. The commission possesses other information
that demonstrates that the applicant lacks the character or general fitness
required by § 6.2-1706 of the Code of Virginia.
C. Pursuant to § 6.2-1716 of the Code of
Virginia, the commission may suspend or revoke any license issued under Chapter
17 at any time following the issuance of such license if the commission finds,
based on the criteria set forth in this section, that a licensee no longer
possesses the financial responsibility, character, or general fitness to
warrant belief that such person will act as a mortgage loan originator
efficiently and fairly, in the public interest, and in accordance with
law.
§§ 6.2-1720 and 12.1-13 of the Code of
Virginia.
