SB 336
Division of Financial Institutions rule relating to residential mortgage lenders, brokers, and loan originators
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill authorizes the West Virginia Division of Financial Institutions to create and enforce rules specifically for residential mortgage lenders, brokers, and loan originators. These rules will likely cover aspects of how these professionals operate within the state, ensuring compliance with regulations. The goal is to provide clearer guidelines and oversight for the mortgage industry. The rule itself, 106 CSR 05, was previously modified and authorized by the Division of Financial Institutions.
Key provisions
- Authorizes the Division of Financial Institutions to create a legislative rule.
- The rule will pertain to 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 existing regulations within the Division of Financial Institutions.
Who is affected
- Residential mortgage lenders
- Mortgage brokers
- Loan originators
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