SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2014 SESSION

  • | print version

SB 118 Mortgage loan originators; transitional licensing.

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

SUMMARY AS PASSED SENATE: (all summaries)

Transitional mortgage loan originators; licensing. Authorizes the State Corporation Commission (SCC) to issue transitional mortgage loan originator licenses. Such a license allows an individual to engage in business as a mortgage loan originator for a period of no more than 120 days, during which time the individual may fulfill pre-licensing education and written test requirements and apply for a mortgage loan originator license. The SCC may issue a transitional mortgage loan originator license to an individual who is licensed to originate mortgage loans under the laws of another state or, to the extent permitted under the federal Secure and Fair Enforcement for Mortgage Licensing Act, to an individual who was a registered mortgage loan originator within two months prior to the date that the individual applied for a transitional mortgage loan originator license. An individual applying for a transitional mortgage loan originator license is not required to comply with prelicensing education requirements or pass a written test requirement. In addition, the Commission shall not issue a transitional mortgage loan originator license unless it (i) finds that the applicant has never had a mortgage loan originator license revoked by any governmental authority, has not been convicted of, or pled guilty or nolo contendere to, certain felonies, and has become registered through, and obtained a unique identifier from, the Nationwide Mortgage Licensing System and Registry and (ii) finds that the applicant is employed by a person licensed by the SCC as a mortgage lender or mortgage broker. This bill is identical to HB 954.


FULL TEXT

HISTORY