Virginia passed a bill amending office requirements under the Lender and Broker Act. Under the bill, a mortgage lender and broker is no longer required to post a copy of the mortgage lender or broker’s license in each place of business. Rather, a mortgage lender and broker must display at each location where the mortgage lender or broker conducts business in person with a borrower the telephone number and website address provided by the Commissioner that the borrower may use to confirm the status of the mortgage lender or broker’s license. In addition, the bill requires a mortgage lender and broker to display proof of licensing upon request. The bill becomes effective July 1, 2016.
See Virginia General Assembly website for the full text of the Statutes:
http://lis.virginia.gov/cgi-bin/legp604.exe?161+ful+HB968ER+pdf
