Section 6.2-1607 - Licenses; places of business; changesA. Each license shall state the address of each office at which the business is to be conducted and shall state fully the name of the licensee. Each licensee shall (i) display proof of licensing upon request and (ii) prominently display at any office where the licensee conducts business in person with a borrower or prospective borrower the telephone number and website address for the Commission where borrowers and prospective borrowers may confirm the status of the license. Licenses shall not be transferable or assignable, by operation of law or otherwise. No licensee shall use any name other than the name set forth on the license issued by the Commission.B. No licensee shall open an additional office without prior approval of the Commission. Applications for such approval shall be made in writing on a form provided by the Commissioner and shall be accompanied by payment of a $150 nonrefundable application fee. The application shall be approved unless the Commission finds that the applicant has not conducted business under this chapter efficiently, fairly, in the public interest, and in accordance with law. The application shall be deemed approved if notice to the contrary has not been mailed by the Commission to the applicant within 30 days of the date the application is received by the Commission.C. Every licensee shall within 10 days notify the Commissioner, in writing, of the closing of any approved office and of the name, address and position of each new senior officer, member, partner, or director and provide such other information with respect to any such change as the Commissioner may reasonably require.D. Every license shall remain in force until it expires or has been surrendered, revoked, or suspended. The expiration, surrender, revocation, or suspension of a license shall not affect any preexisting legal right or obligation of such lender or broker.E. Notwithstanding any other provision of this chapter, a mortgage lender or mortgage broker license shall expire at the end of each calendar year unless it is renewed by a licensee prior to the expiration date. A licensee may renew its license by (i) requesting renewal through the Registry and (ii) complying with any requirements associated with such renewal request that are imposed by the Registry. If a mortgage lender or mortgage broker license has expired, the Commission may by regulation permit the former licensee to seek license reinstatement after the license expiration date by renewing its license in accordance with this subsection and paying a reinstatement fee as prescribed by the Commission.F. Licensees may allow employees or exclusive agents to work from a remote location if: 1. The licensee has written policies and procedures for the supervision of employees or exclusive agents working from a remote location. Such written policies and procedures shall include all the requirements of this subsection;2. Access to the licensee's platforms and customer information is in accordance with the licensee's comprehensive written information security plan;3. The licensee employs appropriate risk-based monitoring and oversight processes, and any employee or exclusive agent who will work from a remote location agrees to comply with the licensee's established practices;4. No in-person customer interaction occurs at an employee's or exclusive agent's residence, unless such residence is an approved office;5. Physical records are not maintained at a remote location;6. Customer interactions and conversations about consumers comply with federal and state information security requirements, including applicable provisions under the Gramm-Leach-Bliley Act and the Safeguards Rule established by the Federal Trade Commission, set forth at 16 C.F.R. Part 314 , as such requirements may be amended from time to time;7. Employees or exclusive agents working at a remote location access the licensee's secure systems directly from an out-of-office device, including a laptop, phone, desktop computer, or tablet, via a virtual private network (VPN) or comparable system that ensures secure connectivity and requires a password or other forms of authentication to access;8. The licensee ensures that appropriate security updates, patches, or other alterations to the security of all devices used at remote locations are installed and maintained;9. The licensee has the ability to remotely lock or erase company-related contents of any device or otherwise remotely limit access to a licensee's secure systems; and10. The Nationwide Mortgage Licensing System and Registry record of a mortgage loan originator working from a remote location designates the principal place of business as the mortgage loan originator's registered location, unless such mortgage loan originator elects an office as a registered location.1987, c. 596, § 6.1-416; 1988, c. 303; 1990, c. 8; 1992, c. 283; 2010, c. 794; 2011, c. 435; 2016, cc. 329, 360; 2023, c. 573.Amended by Acts 2023 c. 573,§ 1, eff. 7/1/2023.Amended by Acts 2016 c. 360, § 1, eff. 7/1/2016.Amended by Acts 2016 c. 329, § 1, eff. 7/1/2016.