Virginia Code 6.2-1625: Criminal penalties
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Any person not exempt from the licensure requirements of this chapter who acts as a mortgage lender or mortgage broker in the Commonwealth without having obtained a license is guilty of a Class 6 felony. For the purposes of this section, each violation shall constitute a separate offense.
Attorney's Note
Under the Virginia Code, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class 6 felony | up to 5 years | up to $2,500 |
Terms Used In Virginia Code 6.2-1625
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage broker: means any person who directly or indirectly negotiates, places or finds mortgage loans for others, or offers to negotiate, place or find mortgage loans for others. See Virginia Code 6.2-1600
- Person: means any individual or entity. See Virginia Code 6.2-1600
1987, c. 596, § 6.1-429; 2010, c. 794.