Bill
Bill > SB573
WV SB573
WV SB573Relating to requirements for disclosures and recordkeeping by persons making mortgage loans
summary
Introduced
01/22/2026
01/22/2026
In Committee
02/04/2026
02/04/2026
Crossed Over
02/03/2026
02/03/2026
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
A BILL to amend and reenact §31-17-9 of the Code of West Virginia, 1931, as amended, relating to requirements for disclosures and recordkeeping by any licensee or person making a mortgage loan; reinforcing state law regarding late fees; mandating disclosure of late payment penalty maximum; requiring borrower’s signature on closing statement; modifying form references; and providing that a separate, state-specific closing disclosure is not required if all mandated information is contained in federal closing disclosures.
AI Summary
This bill modifies West Virginia law concerning disclosures and recordkeeping for mortgage loans. It mandates that the maximum penalty for late mortgage payments must be clearly stated on the closing statement provided to borrowers. Furthermore, it requires both the lender or broker and all borrowers to sign the closing statement, ensuring greater accountability and clarity. The bill also updates references to federal disclosure forms, specifically mentioning the Truth-In-Lending Act (TILA)-Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) Rules, and clarifies that a separate state-specific closing disclosure is not necessary if the federal closing disclosure already contains all the required information, including specific late payment penalty details. This aims to streamline the process while ensuring borrowers receive comprehensive information about their mortgage terms.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (1)
Last Action
To House Finance (on 02/04/2026)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...