{"data":{"id":"us-va/10vac5-161-40","jurisdiction":"us-va","citation":"10VAC5-161-40","heading":"Conditions of licensure and renewals","body":"A. A mortgage loan originator license will be granted only if  an individual meets the following conditions:\n\n1.  The individual has submitted a license application in accordance with 10VAC5-161-30;\n\n2. The individual has obtained a unique identifier from the registry;\n\n3. The individual has never had a mortgage loan originator license revoked by any governmental authority;\n\n4. The individual's criminal history record contains no disqualifying convictions under §  6.2-1707 of the Code of Virginia;\n\n5. The individual has completed the prelicensing education prescribed by §  6.2-1708 of the Code of Virginia;\n\n6. The individual has achieved an acceptable score on the qualified written test prescribed by §  6.2-1709 of the Code of Virginia; and\n\n7. The commission finds that the individual possesses the financial responsibility, character, and general fitness required for licensure by §  6.2-1706 of the Code of Virginia and 10VAC5-161-45.\n\nB. Licenses shall  expire at the end of each calendar year unless  renewed by the commission on or after November 1 of the  same calendar year.  To request license renewal, a licensee  shall (i) submit a license renewal application through the registry on or before the end of the current license year in accordance with instructions from the registry and the bureau; (ii) furnish the registry and the bureau with all required information and documentation; (iii) pay or cause to be paid through the registry all required registry fees and a license renewal fee of $100; (iv) obtain the continuing education prescribed in § 6.2-1710 of the Code of Virginia; and (v) comply with any other renewal requirements imposed by the registry.\n\nC. A mortgage loan originator license will be renewed only if the  commission finds that the following conditions have been met:\n\n1.  The licensee has satisfied the requirements of subsection B of this section; and\n\n2. The licensee has complied with Chapter 17 and this chapter, and continues to meet the conditions for initial licensure.\n\nD. If (i) a licensee fails to timely meet the  requirements specified in subsection  B of this section, but meets such  requirements and pays a reinstatement fee of $30 before March 1 of  the following calendar year, and (ii) the commission makes the findings specified in subsection C of this section, his license  shall be reinstated and renewed.","path":["Title 10. Finance And Financial Institutions","Agency 5. State Corporation Commission","Chapter 161. Mortgage Loan Originators"],"source_url":"https://law.lis.virginia.gov/admincode/title10/agency5/chapter161/section40/","current_through":"2026 Regular Session (effective July 1, 2026)","vintage":"","retrieved_at":"2026-09-14T04:49:34Z","sha256":"05c26446b39f9dafb2c62a177e4a49dcb7c255f73bbefe4928597f0b933909ca","source_id":"us-va-vac","stale":false,"prev":"us-va/10vac5-161-30","next":"us-va/10vac5-161-45"},"notice":"GroundRules: Original legal text. Not legal advice."}