The bill amends and reenacts section 31-17-9 of the Code of West Virginia, 1931, focusing on the requirements for disclosures and recordkeeping by mortgage lenders. Key provisions include the reinforcement of state law regarding late fees, the mandate for disclosing the maximum late payment penalty, and the requirement for the borrower's signature on the closing statement. Additionally, the bill clarifies that a separate state-specific closing disclosure is not necessary if all required information is included in the federal closing disclosures, thereby streamlining the process for both lenders and borrowers.

The legislation also outlines the responsibilities of mortgage lenders in terms of recordkeeping and providing account statements to borrowers. It specifies that lenders must deliver a statement of the borrower's account within ten business days upon request and must comply with lien release requirements upon full satisfaction of the mortgage loan. Furthermore, lenders are required to maintain business records related to residential mortgage loans for 36 months after the final entry, ensuring transparency and accountability in the mortgage lending process.

Statutes affected:
Introduced Version: 31-17-9
Committee Substitute: 31-17-9
Enrolled Committee Substitute: 31-17-9