This bill amends the West Virginia Residential Mortgage Lender, Broker, and Servicer Act, specifically section 31-17-4, to allow mortgage broker applicants to submit alternative forms of financial statements to demonstrate their tangible net worth. Currently, applicants are required to provide an audited financial statement showing a minimum tangible net worth of $10,000. The new language permits the use of compiled or reviewed financial statements in addition to audited ones, thereby broadening the options available to applicants.

Additionally, the bill maintains existing requirements for both mortgage lenders and brokers, including the submission of fingerprints for background checks, proof of registration for foreign corporations, and the payment of application fees. It also outlines the conditions under which the commissioner may reduce or waive certain fees and requirements for nonprofit organizations that primarily serve low-income households. Overall, the bill aims to streamline the licensing process for mortgage brokers while ensuring compliance with financial standards.

Statutes affected:
Introduced Version: 31-17-4