A. An individual shall be deemed to have temporary authority to act as a mortgage loan originator in the Commonwealth to the extent authorized by, and subject to the terms and conditions prescribed in, § 1518 of the Act.
B. A mortgage lender or mortgage broker that employs an individual who is deemed to have temporary authority to act as a mortgage loan originator in the Commonwealth pursuant to this section shall be subject to the requirements of this chapter and Chapter 16 (§ 6.2-1600 et seq.) to the same extent that such mortgage lender or mortgage broker would be subject to such requirements if such individual were a licensed mortgage loan originator under this chapter.
C. An individual who is deemed to have temporary authority to act as a mortgage loan originator in the Commonwealth pursuant to this section and acts as a mortgage loan originator shall be subject to the requirements of this chapter to the same extent as if such individual was a licensed mortgage loan originator under this chapter.
2019, c. 740.
Structure Code of Virginia
Title 6.2 - Financial Institutions and Services
Chapter 17 - Mortgage Loan Originators
§ 6.2-1701. License requirement
§ 6.2-1701.1. Bona fide nonprofit organizations
§ 6.2-1701.3. Temporary authority to act as a mortgage loan originator
§ 6.2-1702. Application for license; form; content; fee
§ 6.2-1704. Mortgage loan originator background checks
§ 6.2-1705. Coordination of licensing
§ 6.2-1707. Other conditions for mortgage loan originator licensing
§ 6.2-1708. Pre-licensing education of mortgage loan originators
§ 6.2-1709. Testing of mortgage loan originator applicants
§ 6.2-1710. Continuing education requirements
§ 6.2-1711. Licenses; places of business; changes
§ 6.2-1712.1. Inactive mortgage loan originator licenses
§ 6.2-1713. Investigations; examinations
§ 6.2-1715. Advertising; use of a unique identifier
§ 6.2-1716. Suspension or revocation of license
§ 6.2-1717. Filing of written report with Commissioner; events affecting a licensee
§ 6.2-1718. Notice of proposed suspension or revocation
§ 6.2-1720. Regulations; agreements between Commission and Registry