A Virginia licensee runs a title agency alongside the mortgage business in 2026 and keeps one set of books. Must the mortgage business records be kept separate from the title business records?
Correct Answer
C) Deficient: the mortgage books are kept apart from any other business
Every licensee must maintain in its offices the books, accounts and records the Commission may reasonably require to determine compliance, and those must be maintained apart and separate from any other business the lender or broker is involved in. Other choices: completeness is not the standard; a code within one ledger is not apart and separate; and the statute speaks to records rather than to corporate structure. Source: Va. Code § 6.2-1609(A)
Why This Is the Correct Answer
Every licensee must maintain in its offices the books, accounts and records the Commission may reasonably require to determine compliance, and those must be maintained apart and separate from any other business the lender or broker is involved in. Other choices: completeness is not the standard; a code within one ledger is not apart and separate; and the statute speaks to records rather than to corporate structure. Source: Va. Code § 6.2-1609(A)
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