Remote location requirements for mortgage lending and brokerage entities. Defines "office" and "remote location," as those terms apply to the licensing of mortgage lenders and mortgage brokers, and permits licensees to allow employees and exclusive agents to work from a remote location. The bill allows such an employee or exclusive agent to work at a remote location only if certain requirements are met, including the establishment of written policies and procedures for remote work supervision; compliance with security plans and federal and state security requirements; the employment of appropriate risk-based monitoring and oversight processes; agreement of the employee or exclusive agent to comply with established practices; the proper maintenance of physical records; access of the licensee's secure systems via a virtual private network with password protection; the installation and maintenance of security updates; and the designation of the principal place of business as the mortgage loan originator's registered location for the purposes of the Nationwide Mortgage Licensing System and Registry record.

Statutes affected:
House: Presented and ordered printed 23104203D: 6.2-1600, 6.2-1607
House: Committee substitute printed 23106058D-H1: 6.2-1600, 6.2-1607
Senate: Committee substitute printed 23107216D-S1: 6.2-1600, 6.2-1607
House: Bill text as passed House and Senate (HB2389ER): 6.2-1600, 6.2-1607
Governor: Acts of Assembly Chapter text (CHAP0573): 6.2-1600, 6.2-1607