Bureau of Financial Institutions

Commissioner: E. Joseph Face, Jr

Richmond, Virginia 23218-0640

      Telephone: (804) 371-9657

Fax: (804) 371-9416

http://www.state.va.us/scc/division/banking/

Effective August 10, 2008, the Virginia State Corporation Commission adopted the following regulations to implement certain amendments in HB 1487 to the Mortgage Lender and Broker Act (the “Act”). All employees involved in originating, marketing, underwriting, closing or performing compliance or quality control functions in connection with mortgage loan transactions will require initial or continuing education about federal and Virginia laws and regulations (collectively, “laws”) applicable to the mortgage loan business.

Which includes, without limitation, RESPA, the Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, federal and Virginia privacy protection laws, federal and Virginia laws relating to mortgage fraud, the Virginia Mortgage Lender and Broker Act, and all other Virginia laws applicable to a licensee’s business.

Intial Education:- means at least twelve hours relating to federal laws, at least four hours relating to Virginia laws, and at least two hours relating to mortgage fraud prevention, including penalties for participating in mortgage fraud.

Continuing Education:- means annual training of at least four hours related to federal laws, at least two hours related to Virginia laws, and at least one hour relating to mortgage fraud prevention.

See Virginia Education for more infromation or http://www.scc.virginia.gov/bfi/index.aspx