The bill amends the West Virginia Residential Mortgage Lender, Broker, and Servicer Act, specifically focusing on the requirements for licensure as a mortgage lender or broker. It introduces provisions that allow applicants to submit alternative forms of financial statements to demonstrate their tangible net worth, rather than being limited to only the most recent audited financial statement. This change aims to provide more flexibility for broker applicants in proving their financial stability.

Additionally, the bill maintains existing requirements for both lenders and brokers, including the submission of fingerprints for background checks, proof of registration with the Secretary of State for foreign corporations, and the filing of electronic surety bonds with specified amounts based on annual loan originations. It also includes provisions for fee structures, the potential for fee waivers for nonprofit entities, and stipulations regarding the resolution of consumer restitution claims before addressing civil administrative penalties. Overall, the bill seeks to streamline the licensing process while ensuring consumer protection and compliance with regulatory standards.

Statutes affected:
Introduced Version: 31-17-4
Enrolled Version: 31-17-4