Licensed Lenders

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Licensed Lenders

Statutes

"A. Except as otherwise permitted by law, no contract shall be made for the payment of interest on a loan at a rate that exceeds 12 percent per year. (Va. Code Ann § 6.2-303)

A. No person shall engage in business as a mortgage lender or a mortgage broker, or hold himself out to the general public to be a mortgage lender or a mortgage broker, unless such person has first obtained a license under this chapter. Subject to such conditions as the Commission may prescribe, an individual who is a bona fide employee or exclusive agent of a licensee may negotiate, place or find mortgage loans without being licensed as a mortgage broker. (Va. Code Ann § 6.2-1601)"

Cases

Comments

None.

Contributors

Steven L. Higgs, P.C.
Steven L. Higgs, P.C.

The statutory information was edited and reviewed with the support of MultiState

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