The last bill in our West Virginia legislative session update is HB 4285, which amends three sections of the West Virginia Safe Mortgage Licensing Act.
First, the bill amends section 31-17A-4(a) of the Act to increase the state license application fee from $50 to $200.
Second, it amends section 31-17A-6 of the Act by increasing the number of training hours to meet the prelicensing education requirement for loan originators. The bill increases the requirement for training on West Virginia mortgage and consumer laws or issues from two hours to four hours, which increases the total number of training hours from 22 hours to 24 hours.
Third, the bill amends section 31-17A-9 of the Act by increasing the number of annual continuing education requirements for licensed mortgage originators from eight hours to nine hours, requiring an additional hour of training in West Virginia law or regulations.
HB 4285 is effective May 31, 2018.