WV SB431 | 2010 | Regular Session
Status
Spectrum: Partisan Bill (Democrat 4-0)
Status: Introduced on February 1 2010 - 25% progression, died in committee
Action: 2010-02-01 - To Banking and Insurance
Pending: Senate Banking and Insurance Committee
Status: Introduced on February 1 2010 - 25% progression, died in committee
Action: 2010-02-01 - To Banking and Insurance
Pending: Senate Banking and Insurance Committee
Summary
The purpose of this bill is to improve the licensing and regulation of mortgage lenders, brokers and loan originators by: allowing the Commissioner of Banking to reduce or waive application fees, bond amounts, or net worth requirements for nonprofit business entities, including community housing development agencies and their employees, prevent the assignment or transfer of a mortgage loan originator license without notice to the commissioner, increase the amount of prelicensing education by two hours to ensure that all loan originators have received training in West Virginia law and regulations; providing an enforcement procedure for the commissioner to follow with mortgage loan originators; allowing persons who are not required to obtain a license as a mortgage lender or broker or regulated consumer lender who employ mortgage loan originators to register with the Nationwide Mortgage Licensing System and Registry and provide a bond for their loan originators.
Title
Relating to residential mortgage brokers' licensing
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2010-02-01 | To Banking and Insurance | |
| 2010-02-01 | To Banking and Insurance then Finance | |
| 2010-02-01 | Introduced in Senate | |
| 2010-02-01 | To Banking and Insurance then Finance | |
| 2010-02-01 | Filed for introduction |
Same As/Similar To
HB4285 (Same As) 2010-06-10 - Effective Date
Subjects
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 31 | 17 | 4 | Amended Code | Citation Text |
| 31 | 17A | 12 | Amended Code | Citation Text |
| 31 | 17A | 13 | Amended Code | Citation Text |
| 31 | 17A | 3 | Amended Code | Citation Text |
| 31 | 17A | 4 | Amended Code | Citation Text |
| 31 | 17A | 6 | Amended Code | Citation Text |
West Virginia State Sources
| Type | Source |
|---|---|
| Summary | http://www.legis.state.wv.us/Bill_Status/Bills_history.cfm?input=431&year=2010&sessiontype=RS&btype=bill |
