Chapter 31, Chapter 31

At all times, a lender and broker licensee shall: (1) Have available the tangible net worth required by the provisions of §31-17-4 of this code; (2) keep the bond required by said section in full force and effect; and (3) if the licensee be a foreign corporation, remain qualified…

(a) To meet the written test requirement, an individual must pass, in accordance with the standards established under this subsection, a qualified written test developed by the Nationwide Mortgage Licensing System and Registry and administered by a test provider approved by the N…

(a) A license may not be transferable or assignable. A licensee may not offer a franchise under that license to another person. The commissioner may allow licensees to have branch offices without requiring additional licenses provided the location of all branch offices is registe…

(a) The minimum standards for license renewal for mortgage loan originators shall include the following: (1) The mortgage loan originator continues to meet the minimum standards for license issuance under section five of this article; (2) The mortgage loan originator has satisfie…

(a) The maximum rate of finance charges on or in connection with any subordinate mortgage loan may not exceed 18 percent per year on the unpaid balance of the amount financed. (b) A borrower has the right to prepay his or her debt, in whole or in part, at any time and shall recei…

(a) To meet the annual continuing education requirements, a licensed mortgage loan originator must complete at least nine hours of education approved in accordance with subsection (b) of this section, which shall include at least: (1) Three hours of federal law and regulations; (…

(a) Any licensee or person making on his or her own behalf, or as agent, broker, or in other representative capacity on behalf of any other person, a primary or subordinate mortgage loan shall at the time of the closing furnish to the borrower a complete and itemized closing stat…

(a) Notwithstanding any provision of this article to the contrary, but subject to the requirements of this section, employees of a West Virginia mortgage broker, lender, or servicer licensee may perform work for the licensee at their residence: Provided, That nothing in this subs…

This article shall be known and may be cited as the "West Virginia Energy Conservation Revolving Loan Fund."

This article shall be known as the West Virginia Veterans' Home Loan Mortgage Program Act of 2024.

This article shall be known and may be cited as the "West Virginia Veterans' Mortgage Fund Act."

This article may be known and cited as the West Virginia Land Reuse Agency Authorization Act.

This article shall be known and may be cited as the "West Virginia Housing Development Fund Act."

The Legislature finds and declares that: (1) The vast majority of West Virginians have pursued a goal of owning a home, a center of family life and family independence deeply cherished and highly valued. (2) In many parts of the state there is a large number of single-family resi…

(a) The interest received from mortgage payments made pursuant to the provisions of this article shall be transmitted to the state Board of Investments monthly. (b) Such interest shall be treated by the state Board of Investments as an investment return, and shall be credited to …

Any notes or bonds issued by the West Virginia Housing Development Fund may be sold in such manner, either at public or private sale, and for such price, upon such terms and at such interest rates per annum, as the fund shall determine to be for the best interests of the fund and…

The Housing Development Fund shall cause an annual audit to be made of the energy conservation revolving loan fund by a resident independent certified public accountant of its books, accounts, and records, with respect to its receipts, disbursements, contracts, mortgages or deeds…

(a) There shall be paid into the general account in the veterans' mortgage fund all money from any and all loan payments made by veterans under the terms of the loans for the purpose of paying the interest on and principal of such bonds and from any other source whatsoever which …

(a) Public access to inventory. -- A land reuse agency shall maintain and make available for public review and inspection an inventory of real property held by the land reuse agency. (b) Power. -- A land reuse agency may convey, exchange, sell, transfer, lease, grant or mortgage …

The Governor shall sell the bonds herein authorized at such time or times as he may determine necessary to provide funds for the making or purchase of loans, as herein provided, and after consultation with the Housing Development Fund regarding the status and requirements of the …

If any provision of this article or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of the article which can be given effect without the invalid provision or application, and to this end the …

Any resolution or resolutions authorizing any notes or bonds, or any issue thereof, may contain provisions, which shall be a part of the contract with the holders thereof, as to: (1) Pledging all or part of the mortgage or deed of trust payments, charges and other fees made or re…

(a) General rule. -- A land reuse agency may receive funding through grants and loans from: (1) The federal government; (2) The state; (3) A municipality or county; (4) The land reuse jurisdiction which created the land reuse agency; and (5) Private or other public sources. (b) F…

The Housing Development Fund may promulgate procedural rules pursuant to chapter twenty-nine-a which describe procedures used to procure a loan pursuant to the provisions of this article and to introduce such forms as may be required.

The State Auditor shall be the custodian of all unsold bonds issued pursuant to the provisions of this article.

(a) Authority. -- (1) A land reuse agency may issue a bond for any of its corporate purposes. (2) The principal and interest of a bond is payable from the land reuse agency's general revenue. (3) The bond may be secured by any of the following: (A) A pledge of revenue. This parag…

It is the intent of the Legislature that the Housing Development Fund shall proceed with the implementation of this article promptly upon the effective date of this article under the provisions of this section and of Enrolled Committee Substitute for Senate Bill No. 409, enacted …

It is the intention hereof that any pledge, mortgage, deed of trust or security instrument made by or for the benefit of the Housing Development Fund, including, but not limited to amounts in the mortgage finance bond insurance fund, shall be valid and binding between the parties…

The Housing Development Fund, subject to such agreements with noteholders or bondholders as may then exist, shall have power, out of any funds available therefor, to purchase notes or bonds of the Housing Development Fund. If the notes or bonds are then redeemable, the price of s…

(a) Public records. -- A board shall keep minutes and a record of its proceedings. (b) Public access. -- A land reuse agency is subject to article nine-a, chapter six of this code, relating to open meetings, and chapter twenty-nine-b of this code, relating to public records.

The Governor shall designate the bond counsel responsible for the issuance of a final approving opinion regarding the legality of the sale of such bonds and may at his discretion designate a financial advisor to the Governor for the issuance and sale of such bonds.

The state of West Virginia shall not be liable on notes, bonds or other evidences of indebtedness of the Housing Development Fund and such notes, bonds or other evidences of indebtedness shall not be a debt of the State of West Virginia, and such notes, bonds or other evidences o…

(a) General rule. -- A land reuse agency may be dissolved as a public body corporate and politic upon compliance with all of the following: (1) Sixty calendar days advance written notice of consideration of a resolution to request dissolution must be: (A) Given to the land reuse …

All necessary expenses, including legal expenses incurred in the execution of this article, to the extent such expenses are not otherwise paid out of the veterans' mortgage fund, shall be paid out of the General Fund of the state on warrants of the Auditor of the state drawn on t…

The program shall be administered by the West Virginia Housing Development Fund.

The state of West Virginia does hereby pledge to and agree with the holders of any notes or bonds issued under this article, that the state will not limit or alter the rights hereby vested in the Housing Development Fund to fulfill the terms of any agreements made with the holder…

(a) Ethics Act. -- The acts and decisions of members of a board and of employees of a land reuse agency are subject to chapter six-b of this code. (b) Supplemental rules and guidelines. -- The board may adopt: (1) Supplemental rules addressing potential conflicts of interest; and…

(a) Authorization. -- (1) A land reuse agency may file an action in circuit court to quiet title to real property in which the land reuse agency has an interest. (2) A land reuse agency may join in a single complaint to quiet title to one or more parcels of real property. (3) For…

(a) In the event the Housing Development Fund shall default in the payment of principal of or interest on any issue of notes or bonds after the same shall become due, whether at maturity or upon call for redemption, and such default shall continue for a period of thirty days, or …

The West Virginia Housing Development Fund is hereby authorized and empowered: (a) To make available the moneys from the veterans' mortgage fund for the making or purchase of loans in the name of and on behalf of the state; (b) To make and execute contracts, including contracts f…

The notes and bonds of the Housing Development Fund are hereby made securities in which all insurance companies and associations, and other persons carrying on an insurance business, all banks, bankers, trust companies, building and loan associations, savings and loan association…

This article shall be construed liberally to effectuate the legislative intent and the purposes as complete and independent authorization for the implementation of this article, and all powers granted shall be broadly interpreted to effectuate the intent and purposes and not as a…

No loans shall be made or acquired by the Housing Development Fund except loans to veterans who meet reasonable criteria of creditworthiness as defined by the Housing Development Fund and in accordance with the following terms and conditions, among other terms and conditions whic…

The Housing Development Fund shall not be required to pay any taxes and assessments to the State of West Virginia, or any county, municipality or other governmental subdivision of the State of West Virginia, upon any of its property or upon its obligations or other evidences of i…

(a) The land reuse agency shall annually, within one hundred twenty days after the end of the fiscal year, submit an audit of income and expenditures, together with a report of its activities for the preceding year, to the West Virginia Housing Development Fund. (b) A duplicate o…

No part of the funds of the veterans' mortgage fund shall inure to the benefit of or be distributable to the directors or officers of the Housing Development Fund or other private persons except that the Housing Development Fund shall be authorized and empowered to pay reasonable…

The Housing Development Fund shall cause an annual audit to be made by an independent certified public accountant of the books, accounts and records of the program, and with respect to the receipts, disbursements, contracts, mortgages or deeds of trust, assignments, loans and all…

(a) The board of directors of the Housing Development Fund may create and establish a special revolving loan fund of moneys made available by contribution or loan, to be known as the operating loan fund and to be governed, administered and accounted for by the directors, officers…

(a) There is hereby created and established a "state mortgage and industrial development investment pool" into which moneys shall be paid as provided in this section. The state mortgage and industrial development investment pool shall consist of a portion of the moneys and funds …

The Legislature finds and declares that: (1) Strong communities are important to the social and economic vitality of this state. Whether urban, suburban or rural, many communities are struggling to cope with vacant, abandoned and tax-delinquent properties. (2) Citizens of this st…