SENATE
HOUSE
JOINT
BILL STATUS
STATE LAW
REPORTS
EDUCATIONAL
CONTACT
home
home
Introduced Version House Bill 4271 History

OTHER VERSIONS  -  Enrolled Version - Final Version  |    pdf  |  Email
Key: Green = existing Code. Red = new code to be enacted

H. B. 4271

 

         (By Delegates Moore, Reynolds and Azinger)

         [Introduced January 24, 2012; referred to the

         Committee on Banking and Insurance then the Judiciary.]

 

 

 

 

A BILL to amend and reenact §31-17-11 of the Code of West Virginia, 1931, as amended, relating to the reporting requirements for residential mortgage lenders and broker licensees; providing that such reporting shall be done through the Nationwide Mortgage Licensing System and Registry for the periods established by the Nationwide Mortgage Licensing System and Registry; preserving the confidentiality of such reports; giving the Commissioner of Banking the discretion to direct that the reports shall be filed directly with the Division of Banking; and replacing the duty of the Commissioner of Banking to provide an aggregate analysis of the information contained in reports with a requirement that the commissioner shall publish annually a list of the licenses issued under this chapter and direct consumers to the public information available through the Nationwide Mortgage Licensing System and Registry.

Be it enacted by the Legislature of West Virginia:

    That §31-17-11 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:

ARTICLE 17. WEST VIRGINIA RESIDENTIAL MORTGAGE LENDER, BROKER AND SERVICER ACT.

§31-17-11. Records and reports; examination of records; analysis.

    (a) Every lender and broker licensee shall maintain at his or her place of business in this state, if any, or if he or she has no place of business in this state, at his or her principal place of business outside this state, such books, accounts and records relating to all transactions within this article as are necessary to enable the commissioner to enforce the provisions of this article. All the books, accounts and records shall be preserved, exhibited to the commissioner and kept available as provided herein for the reasonable period of time as the commissioner may by rules require. The commissioner is hereby authorized to prescribe by rules the minimum information to be shown in the books, accounts and records.

    (b) Each licensee shall file with the commissioner a report through the Nationwide Mortgage Licensing System and Registry under oath or affirmation concerning his or her business and operations in this state for the preceding license year upon participation in defined reporting period established by the Nationwide Mortgage Licensing System and Registry and on a date established by the Nationwide Mortgage Licensing System and Registry. For license years 2008 and 2009, all licensees shall submit an annual report to the Division of Banking on or before March 15, 2009, and March 15, 2010, respectively, on a form prescribed by the commissioner. These reports are not public records and may not be open to public inspection. The commissioner may direct that the reports required by this subsection be filed directly with the Division of Banking.

    (C) The commissioner may, at his or her discretion, make or cause to be made an examination of the books, accounts and records of every lender or broker licensee pertaining to primary and subordinate mortgage loans made in this state under the provisions of this article, for the purpose of determining whether each lender and broker licensee is complying with the provisions hereof and for the purpose of verifying each lender or broker licensee's annual report. If the examination is made outside this state, the licensee shall pay the cost thereof in like manner as applicants are required to pay the cost of investigations outside this state.

    (d) The commissioner shall publish annually a list of the licenses issued under this chapter and shall direct consumers to public information available through the Nationwide Mortgage Licensing System and Registry. an aggregate analysis of the information furnished in accordance with the provisions of subsection (b) or © of this section, but the individual reports are not public records and may not be open to public inspection.

    (e) The commissioner may enter into cooperative and information-sharing agreements with regulators in other states or with federal authorities to discharge his or her responsibilities under this article.



    NOTE: The purpose of this bill is to require the electronic submission of reports relating to the business and operations of licensed mortgage lenders, brokers and servicers as established through the Nationwide Mortgage Licensing System and to release the Commissioner of Banking from the duty to publish an aggregate analysis of the information contained in said reports annually.


    Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.

This Web site is maintained by the West Virginia Legislature's Office of Reference & Information.  |  Terms of Use  |   Email WebmasterWebmaster   |   © 2024 West Virginia Legislature **


X

Print On Demand

Name:
Email:
Phone:

Print