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WV SB501
Bill
AI Summary
- Removes the requirement that mortgage lenders document the "reasonable, tangible net benefit" to borrowers in refinancing situations on a form specifically prescribed by the commissioner
- Allows licensees to maintain documentation of borrower benefit in any written format rather than a standardized state form
- Applies to situations where loan origination fees, investigation fees, or points are charged on refinancing or additional loans made on the same property within 24 months of a previous loan
- Maintains all other existing requirements for subordinate mortgage loans, including the 18% maximum finance charge rate, prepayment rights, and consumer protections
Legislative Description
Relating to loan form
Banking and Finance
Last Action
To House Finance
3/12/2025
Committee Referrals
Finance3/12/2025
Banking and Insurance2/14/2025
Full Bill Text
No bill text available