On Mar. 5, WV LEG passed bill re mortgage lender, broker, servicer act
WV LEG issued Bill SB 613 on WV residential mortgage lender, broker and servicer act.
Amended and added new provisions in WV LEG 31-17 and WV LEG 31-17A re licensure and regulation of mortgage brokers, lenders, loan originators and related definitions.
Residential Mortgage Act
Bill authorized emergency rulemaking, and permitted the Commissioner of Financial Institutions to participate in the multistate licensing and examination process.
Updated generally accepted accounting principles (GAAP) net worth requirements.
Provided data requirements for change in control and the change in control process.
Specified requirements for individuals in control of a licensee or an applicant.
Confidentiality of examination and licensee information and release of aggregate data.
Allows options for loan originators to conduct work at home under certain conditions.
Legislative History
On Jan. 31, 2024, bill introduced in Senate; on Feb. 15, 2024, bill passed in Senate.
On Feb. 16, 2024, bill introduced in House; on Mar. 5, 2024, bill was passed in House.
Effectiveness
If enacted, Bill SB 613 will be effective 90 days from passage, i.e., Jun. 3, 2024.
Mar. 26, 2024 WV LEG Governor Approval
On Mar. 26, 2024, WV LEG reported governor approved SB 613 effective Jun. 3, 2024.
