This bill aims to amend and reenact section 31-17-8 of the Code of West Virginia, 1931, specifically focusing on the documentation requirements for licensees regarding fees or points associated with subordinate mortgage loans. One significant change is the removal of the requirement for the licensee to document the tangible net benefit of a new loan or refinancing on a form prescribed by the commissioner. Instead, the bill mandates that the licensee must maintain this documentation in the loan file, thereby simplifying the process while still ensuring that the necessary records are kept.

Additionally, the bill clarifies various provisions related to fees and charges that can be imposed on borrowers, including stipulations on late charges, insurance requirements, and prohibitions against certain practices in mortgage lending. The overall intent is to enhance consumer protection while streamlining the regulatory framework for mortgage lenders and brokers in West Virginia. The modifications aim to ensure that borrowers are treated fairly and that the terms of their loans are transparent and compliant with both state and federal regulations.

Statutes affected:
Introduced Version: 31-17-8