HB2223 H B&I AM 1-29

            The Committee on Banking and Insurance moves to amend the bill on page 3, section 1, after line 17, by inserting a new subdivision, designated subdivision “(h)” to read as follows:

            “(h) ‘Consumer credit sale’ means a consumer credit sale as defined in subdivision thirteen, section one hundred-two, article one, chapter forty-six-a of this code;”

And

            Renumbering the remaining subdivisions in the section accordingly.

And

            On page 11, section 8, line 2, by striking all of subdivision (8) and inserting in lieu thereof the following:

            “(8) Secure a primary or subordinate mortgage loan in a principal amount that, when added to the aggregate total of the outstanding principal balances of all other primary or subordinate mortgage loans secured by the same property, exceeds the fair market value of the property on the date that the latest mortgage loan is made. For purposes of this paragraph, a broker or lender may rely upon a bona fide written appraisal of the property made by an independent third-party appraiser, duly licensed or certified by the West Virginia Real Estate Appraiser Licensing and Certification Board and prepared in compliance with the uniform standards of professional appraisal practice: Provided, That commencing January 1, 2012, and continuing until January 1, 2015, this prohibition does not apply to any mortgage modification or refinancing loan made during the effective dates and in participation with and in compliance with the federal Homes Affordable Modification Program, a part of the federal Making Home Affordable program, or any other mortgage modification or refinancing loan funded through any other federal or state program or litigation settlement;”

Adopted

Rejected