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2012 SESSION

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SB 124 Mortgage lenders and mortgage brokers; criminal background checks.

Introduced by: John C. Watkins | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Mortgage Lender and Mortgage Broker Act; criminal background checks.  Conforms provisions of Virginia's laws regarding licensure of mortgage lenders and mortgage brokers to the practice of conducting criminal background checks through the Nationwide Mortgage Licensing System and Registry. The measure eliminates an existing provision that allows a mortgage lender's or mortgage broker's members, senior officers, directors, and principals to avoid a criminal background check during the licensing phase by acquiring a licensee after the license has been issued, and permits the Central Criminal Records Exchange to disclose criminal background information to the State Corporation Commission.


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