FISCAL NOTE
Date Requested: January 15, 2026
Time Requested: 05:10 PM |
| Agency: |
Financial Institutions, West Virginia Division of |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2245 |
Introduced |
SB427 |
|
|---|
| CBD Subject: |
Banking and Finance |
|---|
|
FUND(S):
None
Sources of Revenue:
Special Fund None
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This bill will have no effect on the expenses and revenues of state government.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2026
Increase/Decrease
(use"-") |
2027
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
0 |
0 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
This bill eliminates a requirement that the Commissioner of Financial Institutions create a form for licensees to use in demonstrating compliance with the law. The underlying requirement remains, but licensees would be free to demonstrate compliance without use of an agency prescribed form. Elimination of the form will not impact revenues or expenses of the agency.
Memorandum
Senate Bill 427 eliminates a form that has historically been completed by mortgage licensees upon refinancing a consumer's mortgage loan. The underlying requirement to ensure that a tangible net benefit to the consumer, in the consumer's judgment, exists does not change. The bill addresses a relationship between lender or broker and consumer, so the State is not a party. Therefore, the bill does not impact revenues or expenses of government.
Person submitting Fiscal Note: Kathy Lawson
Email Address: klawson@wvdob.org