HB 4237
Relating to authorizing the Division of Financial Institutions to promulgate a legislative rule relating to residential mortgage lenders, brokers, and loan originators.
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill authorizes the West Virginia Division of Financial Institutions to create a detailed rulebook governing residential mortgage lenders, brokers, and loan originators. The rulebook will address practices and procedures within this sector. This legislation aims to provide clearer guidelines and regulations for these financial professionals operating in West Virginia. The rule will be based on a previous draft modified by the Legislative Rule-Making Review Committee.
Key provisions
- Authorizes the Division of Financial Institutions to create a new rule.
- The rule will specifically address residential mortgage lenders, brokers, and loan originators.
- The rule is subject to review and modification by the Legislative Rule-Making Review Committee.
- The rule is based on a previous draft that was modified.
Who is affected
- Residential Mortgage Lenders
- Mortgage Brokers
- Loan Originators
- Division of Financial Institutions
Notable changes
- Establishes a formal process for the Division of Financial Institutions to create and maintain rules for mortgage professionals.
Sponsors
Official sponsors from legislative records.
Primary sponsor
D. Smith
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