Loading chat...
WV SB582
Bill
AI Summary
- Expands acceptable financial statement types for mortgage broker license applicants to include compiled or reviewed statements, in addition to the currently required audited financial statements
- Mortgage brokers must demonstrate a minimum tangible net worth of $10,000 computed according to U.S. generally accepted accounting principles
- Mortgage lenders still must provide audited financial statements showing at least $250,000 in tangible net worth
- The change applies only to broker applicants, not lender applicants, who face stricter documentation requirements
Legislative Description
Relating to requirements for licensure as mortgage lender or broker
Banking and Finance
Last Action
House Message received
3/13/2026
Committee Referrals
Finance2/4/2026
Banking and Insurance1/22/2026
Full Bill Text
No bill text available