Senate Bill No. 471
(By Senators Minard and Jenkins)
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[Introduced March 5, 2009; referred to the Committee on
Government Organization; and then to the Committee on Finance.]
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A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §44-13-4a, relating
to the duties of county clerks to report foreclosure
statistics to the Division of Banking twice a year; collecting
additional fee for filing foreclosure reports; disbursing such
fee; and limiting the responsibilities of the Division of
Banking in publishing reports.
Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended
by adding thereto a new section, designated §44-13-4a, to read as
follows:
ARTICLE 13. POWERS AND DUTIES OF CLERKS OF COURTS IN COUNTIES
HAVING SEPARATE TRIBUNALS FOR POLICE AND FISCAL
PURPOSES.
§44-13-4a. Reporting of foreclosure statistics.
(a) The clerk of each county shall report to the Division of
Banking twice a year the total number of residential mortgage
foreclosure sales that were recorded in that county for the
preceding six months of each report. The reports shall be filed on
or before July 15, and January 15, of each year. The reports shall
be filed in electronic format, where possible, and shall provide
information as required by the Commissioner of Banking including,
at a minimum, the identity of the creditor initiating the
foreclosure sale, the identity of the original creditor and the
date of the sale.
(b) The clerk of each county shall collect an additional fee
of $30 when a foreclosure report of sale is filed and shall retain
one half of the fees collected to cover expenses related to the
reporting required in subsection (a) of this section. The clerk of
each county shall remit the other half of the fees collected to the
Division of Banking to cover its expenses in aggregating the data.
(c) Notwithstanding any other provision of this code, nothing
in this section is considered to create a responsibility on the
Division of Banking to provide any report other than total raw data
submitted form each county clerk or to verify the accuracy of the
data submitted.
NOTE: The purpose of this bill is to require county clerks to
file biannual reports of the total number of residential mortgage foreclosure sales completed in each county identifying the creditor
who initiated the foreclosure sale as well as the original creditor
of the underlying debt.
This section is new; therefore, strike-throughs and
underscoring have been omitted.