West Virginia SB573: Relating to requirements for disclosures and recordkeeping by persons making mortgage loans

What the bill says

An act to amend and reenact §31-17-9 of the Code of West Virginia, 1931, as amended, relating to requirements for disclosures and recordkeeping by any licensee or person making a mortgage loan; reinforcing state law regarding late fees; mandating disclosure of late payment penalty maximum; requiring borrower's signature on closing statement; modifying form references; and providing that a separate, state-specific closing disclosure is not required if all mandated information is contained in federal closing disclosures. ARTICLE 17. WEST VIRGINIA RESIDENTIAL MORTGAGE LENDER, BROKER AND SERVICER.

From the enrolled text, March 12, 2026:

AN ACT to amend and reenact §31-17-9 of the Code of West Virginia, 1931, as amended, relating to requirements for disclosures and recordkeeping by any licensee or person making a mortgage loan; reinforcing state law regarding late fees; mandating disclosure of late payment penalty maximum; requiring borrower's signature on closing statement; modifying form references; and providing that a separate, state-specific closing disclosure is not required if all mandated information is contained in federal closing disclosures. ARTICLE 17. WEST VIRGINIA RESIDENTIAL MORTGAGE LENDER, BROKER AND SERVICER ACT. §31-17-9. Disclosure; closing statements; other records required; record-keeping requirements. (a) Any licensee or person making on his or her own behalf, or as agent, broker, or in other representative capacity on behalf of any other person, a primary or subordinate mortgage loan shall at the time of the closing furnish to the borrower a complete and itemized closing statement which shall show in (2) The nature of the security; (3) The finance charge rate per annum and the itemized amount of finance charges and additional charges; (4) The principal and total of payments; (5) Disposition of the principal; (6) A description of the payment schedule; (7) The terms on which additional advances, if any, will be made; (8) The charge to be imposed for past-due installments, including the late payment penalty maximum; (9) A …

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