summary
Introduced
01/15/2026
01/15/2026
In Committee
02/03/2026
02/03/2026
Crossed Over
02/02/2026
02/02/2026
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
The purpose of this bill is to modify the type of writing required to be maintained by a licensed residential mortgage lender, broker, or servicer regarding loan fees or points
AI Summary
This bill modifies existing West Virginia law concerning mortgage loans by removing a requirement for licensed residential mortgage lenders, brokers, or servicers to document the tangible net benefit to a borrower when refinancing a loan within 24 months, which was previously required to be on a form prescribed by the commissioner. Instead, the licensee must now simply document this benefit in writing and keep it in the loan file. This change aims to streamline the documentation process for refinancing loans while still ensuring that such refinances offer a clear advantage to the borrower.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (2)
Last Action
To House Finance (on 02/03/2026)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=427&year=2026&sessiontype=RS&btype=bill |
| Fiscal Note - Financial Institutions, West Virginia Division of | http://www.wvlegislature.gov/Fiscalnotes/FN(2)/fnsubmit_recordview1.cfm?RecordID=954341301 |
| BillText | http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=sb427%20intr.htm&yr=2026&sesstype=RS&i=427 |
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