Virginia Code 6.2-2612: Reporting requirements
A. Within 15 days following the occurrence of any of the following events, a licensee shall file a written report with the Commission describing such event and its expected impact upon the business of the licensee:
Terms Used In Virginia Code 6.2-2612
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- Commissioner: means the Commissioner of Financial Institutions. See Virginia Code 6.2-100
- Conviction: A judgement of guilt against a criminal defendant.
- Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
- Licensee: means a person to whom a license has been issued under this chapter. See Virginia Code 6.2-2600
- Registry: means the nationwide multistate licensing system and registry created by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators. See Virginia Code 6.2-2600
1. The filing of bankruptcy, reorganization, or receivership proceedings by or against the licensee;
2. The institution of administrative or regulatory proceedings against the licensee by any governmental authority;
3. Any felony indictment of the licensee or any of its members, directors, senior officers, trustees, or principals;
4. Any felony conviction of the licensee or any of its members, directors, senior officers, trustees, or principals; and
5. Such other events as the Commission may prescribe by regulation.
B. Each licensee shall file periodic written reports with the Commissioner or the Registry containing such information as the Commissioner may require concerning the licensee’s business and operations. Reports shall be in the form and be submitted with such frequency and by such dates as may be prescribed by the Commissioner.