Bill > HB5419

This bill updates the law related to mortgage lender and broker regulation in West Virginia. It aligns control of a licensee and key individuals with other regulatory programs, allows West Virginia to participate in and accept multistate examinations to reduce regulatory burden on licensees, and permits remote work for mortgage loan originators. Specifically, the bill: - Defines new terms like "control," "key individual," and "tangible net worth" related to licensees. - Allows the Commissioner of Financial Institutions to participate in the Nationwide Multistate Licensing System and Registry to process applications and maintain records. - Revises requirements for license applications, including fingerprinting, credit checks, and financial standards for lenders and brokers. - Establishes a process for the Commissioner to approve changes in control of a licensee. - Permits employees of mortgage brokers, lenders, and servicers to work remotely, subject to certain security and oversight requirements. - Enhances the Commissioner's authority to examine records, share information with other regulators, and maintain the confidentiality of certain examination and investigation information.

Business and Industry, Justice

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=5419&year=2024&sessiontype=RS&btype=bill