Bill > HB4792

This bill clarifies that a separate state-specific closing disclosure is not required for mortgage loans if the federal Closing Disclosure, mandated by the Truth-In-Lending Act (TILA)-Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) Rules, accurately provides all the necessary loan details, including information about late payment penalties as outlined in state law. The bill also requires that these federal disclosures, when used to satisfy state requirements, must include specific language regarding late payment penalties and that borrowers must sign the closing statement, with a copy retained by the lender or broker. Additionally, it reinforces state law regarding late fees by explicitly mentioning the late payment penalty maximum on the closing statement and mandates that licensees maintain business records for residential mortgage loans for 36 months.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=4792&year=2026&sessiontype=RS&btype=bill