Virginia Modifies Licensing Provisions Regarding MLOs
The Commonwealth of Virginia modified its provisions relating to licensing requirements for mortgage loan originators. These provisions are effective on July 1, 2019. The amendment adds a new section that provides temporary authority to an individual to act as a mortgage loan originator in the Commonwealth.
The amendment provides that “a mortgage lender or mortgage broker that employs an individual who is deemed to have temporary authority to act as a mortgage loan originator 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.”
Similarly, “an individual who is deemed to have temporary authority to act as a mortgage loan originator and acts as a mortgage loan originator is subject to the requirements of this chapter to the same extent as if such individual was a licensed mortgage loan originator.”
The amendment also added a new subsection under § 6.2-1708 that provides that pre-licensing education courses are subject to such expiration rules as may be established by the Registry except as otherwise provided by the Commission and that “expired courses shall not count toward the minimum number of hours of pre-licensing education required by subsection A” of § 6.2-1708.
Rhona Kyeyune, LLM, is a regulatory compliance consultant with CLA. She is a graduate of Makerere University and earned her master of laws at Boston University School of Law.
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