This bill amends and reenacts section 64-7-1 of the Code of West Virginia, 1931, to authorize the Division of Financial Institutions to promulgate a legislative rule concerning residential mortgage lenders, brokers, and loan originators. The legislative rule in question was initially filed in the State Register on July 24, 2025, and subsequently modified to address the concerns of the Legislative Rule-Making Review Committee before being refiled on September 10, 2025.

The bill aims to formalize the authority of the Division of Financial Institutions to implement regulations that govern the activities of residential mortgage lenders, brokers, and loan originators, thereby enhancing oversight and compliance within the financial sector. This legislative action is intended to ensure that the rules are in place to protect consumers and maintain the integrity of the mortgage lending process in West Virginia.

Statutes affected:
Introduced Version: 64-7-1