SB 124 Mortgage lenders and mortgage brokers

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Bill ID:2012 Senate Bill 124
Introduced:Tuesday, January 10, 2012
Sponsors: ---
Status:Became Law
Complete Text: Read Now

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 backgrounds 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.

Related Issues: Housing

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