This 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. A significant change is the allowance for mortgage broker applicants to submit alternative forms of financial statements, such as compiled or reviewed financial statements, to demonstrate their tangible net worth, which must be at least $10,000. This change aims to provide more flexibility for applicants while maintaining compliance with the licensing statute.

Additionally, the bill outlines various 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. The bill also includes provisions for fee structures, potential waivers for nonprofit organizations, and stipulations regarding the resolution of consumer restitution claims before addressing civil penalties or unpaid invoices. 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