Virginia Code 6.2-2615: Suspension or revocation of license
A. The Commission may suspend or revoke any license issued under this chapter upon any of the following grounds:
Terms Used In Virginia Code 6.2-2615
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- Conviction: A judgement of guilt against a criminal defendant.
- Fraud: Intentional deception resulting in injury to another.
- Licensee: means a person to whom a license has been issued under this chapter. See Virginia Code 6.2-2600
- Person: means any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
- Principal: means any person who, directly or indirectly, owns or controls (i) 10 percent or more of the outstanding stock of a stock corporation or (ii) a 10 percent or greater interest in any other type of entity. See Virginia Code 6.2-2600
- Qualified education loan: includes a loan made to refinance a qualified education loan. See Virginia Code 6.2-2600
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
- Trustee: A person or institution holding and administering property in trust.
1. Any ground for denial of a license under this chapter;
2. Any violation of the provisions of this chapter or regulations adopted by the Commission pursuant thereto, or a violation of any other law or regulation applicable to the conduct of the licensee‘s business;
3. A course of conduct consisting of the failure to perform written agreements with qualified education loan borrowers;
4. Failure to account for funds received or disbursed to the satisfaction of the person supplying or receiving qualified education loan funds;
5. Conviction of any felony or of a misdemeanor involving fraud, misrepresentation, or deceit;
6. Entry of a judgment against the licensee involving fraud, misrepresentation, or deceit;
7. Entry of a federal or state administrative order against the licensee for violation of any law or regulation applicable to the conduct of the licensee’s business;
8. Refusal to permit an investigation or examination by the Commission;
9. Failure to pay any fee or assessment imposed by this chapter; or
10. Failure to comply with any order of the Commission.
B. For the purposes of this section, acts of any senior officer, director, member, partner, trustee, or principal shall be deemed acts of the licensee.