West VirginiaSB 5732026 Regular SessionSenateWALLET

Relating to requirements for disclosures and recordkeeping by persons making mortgage loans

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 2 benefits, 0 costs, 0 mixed.

Faster clearer mortgage loan statements

Beginning June 10, 2026, you get a full, itemized closing statement at your mortgage closing. It shows the loan amount and dates, the security, finance charge rate and fees, principal and total payments, payment schedule, late-fee terms, insurance type and cost, names and addresses, and your right to prepay with a rebate of any unearned finance charge. The lender, broker, or closer and all borrowers sign it; a signed copy is kept and made available to you, your successor, or your authorized agent until the loan is paid off. A federal TRID/RESPA closing disclosure that includes all required items counts, so no extra state form is needed. On written request, you get an account statement within 10 business days and a payoff statement to you or your designee within three business days; payoff statements are free unless you request and agree to pay actual courier or expedited mail costs.

Prompt lien release and recordkeeping

Beginning June 10, 2026, when you pay off your mortgage, the holder must promptly release the lien so your title is clear. Mortgage licensees must keep your loan records for 36 months after the final entry. This helps prove payments and resolve disputes if questions come up later.

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Sponsors & Cosponsors

Sponsor

Mike Azinger
Republican • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 128 • No: 0

House vote • 3/12/2026

Passed House (Roll No. 426)

Yes: 94 • No: 0

Senate vote • 2/3/2026

Passed Senate (Roll No. 38)

Yes: 34 • No: 0

Actions Timeline

Approved by Governor 3/25/2026
3/25/2026Senate
To Governor 3/18/2026
3/18/2026Senate
To Governor 3/18/2026 - Senate Journal
3/14/2026Senate
Approved by Governor 3/25/2026 - Senate Journal
3/14/2026Senate
Approved by Governor 3/25/2026 - House Journal
3/14/2026House
House Message received
3/13/2026Senate
On 3rd reading, Special Calendar
3/12/2026House
Read 3rd time
3/12/2026House
Passed House (Roll No. 426)
3/12/2026House
Communicated to Senate
3/12/2026House
Completed legislative action
3/12/2026House
On 2nd reading, Special Calendar
3/11/2026House
Read 2nd time
3/11/2026House
Do pass
3/10/2026House
Immediate consideration
3/10/2026House
Read 1st time
3/10/2026House
House received Senate message
2/4/2026House
Introduced in House
2/4/2026House
To Finance
2/4/2026House
To House Finance
2/4/2026House
On 3rd reading
2/3/2026Senate
Read 3rd time
2/3/2026Senate
Passed Senate (Roll No. 38)
2/3/2026Senate
Ordered to House
2/3/2026Senate
On 2nd reading
2/2/2026Senate

Bill Text

Committee Substitute
HTML PDF
Enrolled
HTML PDF
Introduced Version
HTML PDF

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