West Virginia passed a bill amending the Residential Mortgage Lender, Broker and Servicer Act (RMLBSA) and the SAFE Mortgage Licensing Act (SMLA). The bill amended requirements under the RMLBSA with respect to application for licensure, net worth, surety bonds, change in control, and the $5 fee for each residential mortgage loan originated. The bill also amended definitions under the RMLBSA. In addition, the bill amended the SAFE Mortgage Licensing Act to permit employees of a mortgage lender, broker or servicer to perform work at a location other than the mortgage lender, broker and servicer’s designated place of business if certain conditions are met. The bill becomes effective June 3, 2024.
Click to view the West Virginia Senate Bill 613: https://www.tenaco.com/wp-content/uploads/2024/03/WV-SB-613-03-27-24.pdf
