West Virginia SB582: Relating to requirements for licensure as mortgage lender or broker

What the bill says

An act to amend and reenact §31-17-4 of the Code of West Virginia, 1931, as amended, relating to requirements for licensure as a mortgage lender or broker; and allowing other forms of financial statements from broker applicants to show tangible net worth. ARTICLE 17. WEST VIRGINIA RESIDENTIAL MORTGAGE LENDER, BROKER, AND SERVICER ACT. §31-17-4. Applications for licenses; requirements; bonds; fees; renewals; waivers and reductions; per loan fee. (a) In connection with an application for licensing as a mortgage lender or mortgage broker, the applicant shall, at a minimum, furnish to the Nationwi.

From the enrolled text, March 12, 2026:

AN ACT to amend and reenact §31-17-4 of the Code of West Virginia, 1931, as amended, relating to requirements for licensure as a mortgage lender or broker; and allowing other forms of financial statements from broker applicants to show tangible net worth. ARTICLE 17. WEST VIRGINIA RESIDENTIAL MORTGAGE LENDER, BROKER, AND SERVICER ACT. §31-17-4. Applications for licenses; requirements; bonds; fees; renewals; waivers and reductions; per loan fee. (a) In connection with an application for licensing as a mortgage lender or mortgage broker, the applicant shall, at a minimum, furnish to the Nationwide Multistate Licensing System and Registry information concerning the applicant's identity, and (2) Personal history and experience in a form prescribed by the Nationwide Multistate Licensing System and Registry and the commissioner, including the submission of authorization for the Nationwide Multistate Licensing System and Registry and the commissioner to and (B) Information related to any administrative, civil, or criminal findings by any governmental jurisdiction. (b) In order to reduce the points of contact which the Federal Bureau of Investigation may have to maintain for purposes of this article, the commissioner may use the Nationwide Multistate Licensing System and Registry or its designated vendor as a channeling agent for requesting information from, and distributing information to, the Department of Justice or any governmental agency. (c) In order to reduce the …

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