Bill > SB613

Introduced Session

AN ACT to amend and reenact §31-17-1, §31-17-3, §31-17-4, §31-17-6, §31-17-7, and §31-17-11 of the Code of West Virginia, 1931, as amended; to amend said code by adding thereto a new section, designated §31-17-4a; and to amend said code by adding thereto a new section, designated §31-17A-9a, all relating to the licensure and regulation of mortgage brokers, lenders, and loan originators; updating definitions; eliminating outdated provisions; authorizing emergency rulemaking; permitting the Commissioner of Financial Institutions to participate in the multistate licensing and examination process; updating net worth requirements to use generally accepted accounting principles; providing information requirements for a change in control and updating the change in control process; specifying requirements for individuals in control of a licensee or applicant; confirming confidentiality of examination and licensee information but allowing release of aggregate data; permitting loan originators to conduct work at their residence if certain requirements are met; and making technical corrections.

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Mike Azinger (R)*,  Eric Nelson (R),  Mike Oliverio (R),  Bob Plymale (D), 

Chapter 137, Acts, Regular Session, 2024 (on 04/23/2024)

Official Document