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West VirginiaSB 5822026 Regular SessionSenateWALLET

Relating to requirements for licensure as mortgage lender or broker

Sponsored By: Mike Azinger (Republican)

Signed by Governor

§31-17-4

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Bill Overview

Analyzed Economic Effects

7 provisions identified: 2 benefits, 4 costs, 1 mixed.

Lender capital, bonds, and fees

Mortgage lenders must have at least $250,000 in tangible net worth on a recent audited statement. They must post a surety bond through NMLS: $100,000 for $0–$3 million in WV originations; $150,000 for over $3 million up to $10 million; $250,000 for over $10 million. Lenders that service WV loans must post $200,000. They pay a $1,250 license fee plus fingerprint and NMLS fees, and may have to advance costs for any out‑of‑state investigation (with an itemized bill after). Out‑of‑state corporations must register with the WV Secretary of State. Applicants must disclose any government lawsuits or unresolved consumer complaints.

Fee and bond relief for nonprofits

The commissioner may reduce or waive application fees, bond amounts, and net worth rules for bona fide nonprofits, including CHDOs. To qualify, the nonprofit’s lending or brokering must mainly serve households below the HUD area median income. Waived entities must still follow all other rules.

Broker net worth, bonds, and fees

Mortgage brokers must have at least $10,000 in tangible net worth shown on a compiled, reviewed, or audited statement. They must post a surety bond through NMLS: $50,000 for $0–$3 million in WV originations; $75,000 for over $3 million up to $10 million; $100,000 for over $10 million. A $150,000 bond is required before doing any table‑funded loan. They pay a $350 license fee plus fingerprint and NMLS fees. Out‑of‑state corporations must register with the WV Secretary of State, and applicants must disclose any government lawsuits or unresolved consumer complaints.

Consumer claims get bond priority

If a consumer restitution claim is pending on a licensee’s bond, it must be resolved before civil penalties or unpaid exam invoices. Total payouts from a bond cannot be more than the bond’s face amount.

Out-of-state licensees accept WV courts

Nonresident lenders and brokers who accept a West Virginia license consent to West Virginia court jurisdiction and service of process.

Annual filings and background checks for lenders and brokers

Each year, mortgage lenders and brokers must file a sworn application through NMLS and list their business location. They must give fingerprints for FBI checks. They must allow NMLS and the state to pull credit reports and records. Applicants pay any fingerprint and NMLS processing fees.

$5 per-loan fee for licensees

Every lender and broker pays $5 for each residential mortgage loan they originate, make, or broker in a year. They pay through NMLS when invoiced. If they close, they must file the Statistical Activity Report and pay any fees due when invoiced.

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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: 129 • No: 0

House vote • 3/12/2026

Passed House (Roll No. 429)

Yes: 95 • No: 0

Senate vote • 2/3/2026

Passed Senate (Roll No. 41)

Yes: 34 • No: 0

Actions Timeline

  1. Approved by Governor 3/25/2026

    3/25/2026Senate

  2. To Governor 3/18/2026

    3/18/2026Senate

  3. To Governor 3/18/2026 - Senate Journal

    3/14/2026Senate

  4. Approved by Governor 3/25/2026 - Senate Journal

    3/14/2026Senate

  5. Approved by Governor 3/25/2026 - House Journal

    3/14/2026House

  6. House Message received

    3/13/2026Senate

  7. On 3rd reading, Special Calendar

    3/12/2026House

  8. Read 3rd time

    3/12/2026House

  9. Passed House (Roll No. 429)

    3/12/2026House

  10. Communicated to Senate

    3/12/2026House

  11. Completed legislative action

    3/12/2026House

  12. On 2nd reading, Special Calendar

    3/11/2026House

  13. Read 2nd time

    3/11/2026House

  14. Do pass

    3/10/2026House

  15. Immediate consideration

    3/10/2026House

  16. Read 1st time

    3/10/2026House

  17. House received Senate message

    2/4/2026House

  18. Introduced in House

    2/4/2026House

  19. To Finance

    2/4/2026House

  20. To House Finance

    2/4/2026House

  21. On 3rd reading

    2/3/2026Senate

  22. Read 3rd time

    2/3/2026Senate

  23. Passed Senate (Roll No. 41)

    2/3/2026Senate

  24. Ordered to House

    2/3/2026Senate

  25. On 2nd reading

    2/2/2026Senate

Bill Text

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