reglab/statecodes huggingface dataset:
West Virginia Code of State Rules › Agency 105 - Administrative Hearings, Office of › Title 105 - LEGISLATIVE RULE OFFICE OF ADMINISTRATIVE HEARINGS › Series 105-01 - Appeal Procedures › Section 105-1-14 - Failure to Appear

Current through Register Vol. XLI, No. 28, July 12, 2024
14.1. The OAH may enter an
												order affirming the Commissioner's Order of Revocation and striking the appeal from the
												docket if a petitioner fails to appear either in person or by his or her attorney at a
												hearing in a DUI case without previously obtaining an order of continuance pursuant to
												section 9 of this rule.
14.2. The OAH may
												enter an order affirming the Commissioner's Order of Revocation and striking the appeal
												from the docket if a petitioner fails to appear either in person or by his or her
												attorney at a hearing in any other contested case without previously obtaining an order
												of continuance pursuant to section 9 of this rule.
14.3. The OAH may enter an order reversing the
												Commissioner's Order of Revocation if the Commissioner, his counsel, or his designee does
												not abide by the requirements set forth in subdivision 9.5.c. of these rules.
West Virginia Code of State Rules › Agency 105 - Administrative Hearings, Office of › Title 105 - LEGISLATIVE RULE OFFICE OF ADMINISTRATIVE HEARINGS › Series 105-01 - Appeal Procedures › Section 105-1-16 - Official Record; Fees

Current through Register Vol. XLI, No. 28, July 12, 2024
16.1. Upon written request
												of a party, the OAH will facilitate having the recording of the hearing transcribed and a
												copy furnished to the party requesting the hearing transcript at the expense of the
												requesting party. The filing of an appeal from a final order that necessitates the
												transcription shall constitute such a written request from the party filing the appeal.
												The OAH or the transcription service provider may demand pre-payment of the transcription
												and transcript costs, including the original and copy of the transcript, from a
												requesting party. Upon completion of the hearing transcript, the original transcript
												shall be filed with the OAH and made part of the official OAH record.
16.2. The official OAH record consists of written
												objections, motions and responses thereto, orders, hearing notices, subpoenas, hearing
												exhibits, any other evidence that was considered or reviewed by the OAH when drafting the
												final order, the final order, and the hearing transcript, if any. The parties may file a
												joint designation of record that limits the record for appeal purposes. The expense of
												preparing such record for appeal shall be taxed as a part of the costs of the
												appeal.
16.3. The OAH may charge the
												following fees, which shall be paid in advance by the party for whom services are to be
												rendered. All such fees shall accompany requests for copies, transcripts, and audio
												files.
a. Fifty dollars ($50) filing fee for each
												written objection form filed.
b. Twenty-five
												dollars ($25) transcript request processing fee due at the time of the submission of the
												transcript request.
c. Four dollars and
												twenty-five cents ($4.25) per page for each transcribed page from an administrative
												hearing.
d. Six dollars and twenty-five cents
												($6.25) per page for each expedited transcribed page from an administrative
												hearing.
e. Thirty dollars ($30) for each
												audio file of an administrative hearing.
f.
												One dollar and twenty-five cents ($1.25) per page for each page copied from the OAH
												file.
West Virginia Code of State Rules › Agency 105 - Administrative Hearings, Office of › Title 105 - LEGISLATIVE RULE OFFICE OF ADMINISTRATIVE HEARINGS › Series 105-01 - Appeal Procedures › Section 105-1-17 - Final Order

Current through Register Vol. XLI, No. 28, July 12, 2024
17.1. The parties may
												submit a joint proposed final order, agreed settlement, consent order, or default order
												that is agreed to and signed by both parties to the OAH for consideration prior to the
												entry of a final order.
17.2. If the case has
												not been otherwise resolved, following the hearing upon consideration of the designated
												record and based on the determination of the facts of the case and applicable law, the
												OAH shall issue a final order that includes findings of fact and conclusions of law and
												affirms, reverses, or modifies the appealable order.
17.3. The final order shall include the final decision
												of the hearing examiner with his or her findings of fact and conclusions of law after
												review by the Chief Hearing Examiner as to legal accuracy and clarity and other
												requirements. The hearing examiner will sign his or her final findings of fact and
												conclusions of law to signal approval of these findings and conclusions. If the Chief
												Hearing Examiner disagrees with some or all of the hearing examiner's findings or
												conclusions, the final order will include separate findings of fact and conclusions of
												law by the Chief Hearing Examiner. The Chief Hearing Examiner will sign the final order
												to signal his or her approval of the final order. In case of conflict between the final
												decision of the hearing examiner and the final order of the Chief Hearing Examiner, the
												final order of the Chief Hearing Examiner shall control.
17.4. The final order shall be served on the petitioner
												or on the petitioner's attorney, if any, by registered or certified mail, return receipt
												requested, or by electronic mail if available. The final order shall be served on the
												Commissioner by electronic mail.
17.5. If a
												party petitions a court for judicial review of a final order, the petitioning party shall
												make the OAH a party to such appeal and shall forward a copy of the appeal petition to
												the OAH.
West Virginia Code of State Rules › Agency 105 - Administrative Hearings, Office of › Title 105 - LEGISLATIVE RULE OFFICE OF ADMINISTRATIVE HEARINGS › Series 105-01 - Appeal Procedures › Section 105-1-18 - Motion to Reconsider

Current through Register Vol. XLI, No. 28, July 12, 2024
18.1. A party may file a
												motion to reconsider a final order when clerical or administrative error, such as
												typographical errors, failure to discuss relevant evidence, failure to rule on a pending
												motion, or other legal deficiency has occurred. Such a motion must be filed within ten
												(10) days of receipt of the final order and does not toll the jurisdictional time limits
												for judicial review of such final order. The OAH may, within its discretion, rescind the
												final order being reconsidered as provided in subsection 3 of this section.
18.2. The parties may file a joint motion for
												reconsideration of a final order provided that the final order has not been affected by
												appeal outcome.
18.3. The OAH may, without
												motion from a party, modify or rescind a final order in order to correct clerical or
												administrative errors or omissions, such as typographical errors, failure to discuss
												relevant evidence, the existence of perceived erroneous legal conclusion, failure to rule
												on a pending motion in a final order, a perceived legal deficiency or upon a party's
												assertion of a legal deficiency pursuant to a motion to reconsider or otherwise. The OAH
												may also modify or rescind a final order in the event of a perceived legal deficiency
												such as, but not limited to, concerns that the final decision resulted from legal error
												or errors or an incorrect finding of fact, provided that the final order of the OAH has
												not been reversed or modified by a court of record. The Office of Administrative Hearings
												may issue orders nunc pro tunc in order to correct clerical mistakes or
												omissions.
18.4. When filing a motion to
												reconsider, the party filing the motion shall be required to serve both the hearing
												examiner who issued the final order and the Chief Hearing Examiner.
18.5. The OAH may reinstate a final order previously
												rescinded due to the filing of a motion to reconsider or after
sua
												sponte
rescinding same for other cause, as authorized in subsection 3 of this
												section.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-01 - Regulations Pertaining To WV Consumer Credit And Protection Act › Section 106-1-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This
				rule establishes general provisions implementing and supplementing the West
				Virginia Consumer Credit and Protection Act and the Money and Interest Article,
				W. Va. Code '' 46A-1-101 et seq. and 47-6-1 et seq.
1.2. Authority. -- W. Va. Code '31A-2-4(c)(12).
1.3. Filing Date. -- May 8, 1997.
1.4. Effective Date. -- June 2,
				1997.
1.5. Repeal and Replace. --
				This rule repeals and replaces West Virginia Division of Banking rule entitled,
				Regulations Pertaining to the West Virginia Consumer Credit and Protection Act,
				106 CSR 8 effective April 23, 1982.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-01 - Regulations Pertaining To WV Consumer Credit And Protection Act › Section 106-1-2 - Rules of General Application

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. Actuarial method.
"Actuarial method: means the method of allocating payments
				  made on a debt between principal or amount financed and loan finance charge or
				  sales finance charge pursuant to which a payment is applied first to the
				  accumulated loan finance charge or sales finance charge and the balance is
				  applied to the unpaid principal or unpaid amount financed.
The actuarial method under West Virginia law is a basic
				  computation of principal multiplied by rate, multiplied by time (principal X
				  rate X time). Because West Virginia law prohibits the capitalization of accrued
				  and unpaid finance charges, the United States Rule method is incorporated in
				  this rule. The United States Rule method means that at the end of each payment
				  period the unpaid balance of the amount financed is increased by the finance
				  charge earned during the payment period and is decreased by the payment made at
				  the end of the payment period. If the payment is less than the finance charge
				  earned, the adjustment of the unpaid balance of the amount financed is
				  postponed until the end of the next payment period. Then if the sum of the two
				  (2) payments is still less than the total earned finance charge for the two (2)
				  payment periods, the adjustment of the unpaid balance of the amount financed is
				  postponed still another payment period, and so forth.
2.2. Computation of time.
2.2.a. Actuarial method computation
2.2.a.1. Three hundred sixty five (365) day
				year, actual day basis; or
2.2.a.2.
				Three hundred sixty (360) day year, thirty (30) day month, so long as interest
				computations by this method do not result in the interest charge exceeding
				three hundred sixty five (365) days of interest in one (1) year. (A month is
				considered to be one twelfth (1/12) of a year and a day to be one three hundred
				and sixty fifth (1/365) of a year.
2.2.a.2.A.
				Prorate actual over thirty (30) day base
2.2.a.2.B. Payoffs on last day of month,
				whether the twenty eighth, twenty-ninth, or thirty-first are same as the
				thirtieth, if the installment due date is the last day of the month.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-01 - Regulations Pertaining To WV Consumer Credit And Protection Act › Section 106-1-3 - Loan Investigation Fee, Loan Origination Fee, Loan Assumption Fee

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. The terms
				"Loan Finance Charge," as defined in W. Va. Code '
				46A-1-102(26),
				and "Sales Finance Charge", as defined in W. Va. Code '
				46A-1-102(39),
				shall include a loan investigation fee, a loan origination fee, a loan
				assumption fee or any other similar fee for purposes of determining the
				allowable usury limits on all consumer loans as that term is defined in W. Va.
				Code '
				46A-1-102(15)
				and all consumer credit sales as that term is defined in W. Va. Code '
				46A-1-102(13),
				regardless of the rate alternative utilized in W. Va. Code '
				46A-3-104.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-02 - The Sale Of Insurance Products By State-Chartered Banks › Section 106-2-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This
				rule relates to notification, policies and procedures in connection with the
				sale of insurance products by state-chartered banks pursuant to W. Va. Code
				''31A-4-13(f) and (g).
1.2.
				Authority. -- W. Va. Code ''31A-4-13(i) and 31A-2-4(c)(11).
1.3. Filing Date. -- April 15,
				1999.
1.4. Effective Date. -- May
				1, 1999.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-02 - The Sale Of Insurance Products By State-Chartered Banks › Section 106-2-2 - Notice and Conduct of Insurance Activities

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. Notice-- State-chartered banks shall
				first give the Commissioner of Banking thirty day written notice of their
				intent to engage in the sale of insurance products. Before the expiration of
				the thirty-day period, the Commissioner may object to the proposed sale of
				insurance products if he or she finds, based upon existing information known to
				the Commissioner or following an investigation conducted under subsection 3.1
				of this rule, that the proposed activity would be contrary to the safety and
				soundness of the bank. If the Commissioner takes no action to prevent the bank
				from proceeding with the activity within the thirty-day period, the bank may
				sell the insurance products. The Commissioner, in his or her discretion, at any
				time prior to the end of the thirty-day period, may signify his or her
				non-objection to the sales, and the bank may proceed upon that assent. The
				notice and assent may apply to all products considered insurance under the laws
				of this state, unless otherwise limited by the Commissioner.
2.2. Federal Guidelines on Noninsured
				Products-- State-chartered banks shall adhere to all federal rules, regulations
				and general policies and guidelines regarding the sale of non-federally insured
				insurance products by or at their banks, including those relating to the clear
				disclosure that those insurance products are not insured by the Federal Deposit
				Insurance Corporation.
2.3.
				Insurance Commissioner Jurisdiction-- State- chartered banks shall adhere to
				any and all requirements imposed by the West Virginia Commissioner of Insurance
				as to the sale of insurance products, the distribution of fees associated with
				insurance and annuity sales, and as to the licensing of agents for insurance
				sales, to the same extent those requirements are applied to other corporations
				and national banks.
2.4. Sharing of
				Customer Information-- State- chartered banks shall establish and adhere to
				written policies governing the use and sharing of their bank customer
				information in conformity with applicable state law. Unless contrary to
				applicable state laws, these policies shall conform to federal rules and
				guidelines involving the sale of non-deposit investment or insurance
				products.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-02 - The Sale Of Insurance Products By State-Chartered Banks › Section 106-2-3 - Safety and Soundness

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1.
				Investigation-- The Commissioner of Banking, in his or her discretion, may
				undertake an investigation if he or she believes that any sale or proposed sale
				of an insurance product might impair the safety and soundness of the bank. The
				Commissioner may deny, modify or prohibit the sale of an insurance product, if
				he or she finds the activity contrary to the safety and soundness of the
				bank.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-02 - The Sale Of Insurance Products By State-Chartered Banks › Section 106-2-4 - Enforcement and Penalties

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1.
				Enforcement-- Nothing in this rule limits or prevents the Commissioner of
				Banking from exercising his or her lawful authority to regulate the conduct of
				banks and bank holding companies under the provisions of W. Va. Code
				'31A-1-1
				et seq.
4.2. Penalties-- The
				Commissioner or the West Virginia Board of Banking and Financial Institutions
				may revoke or suspend a state-chartered banking institution's authority to sell
				insurance products or a particular insurance product if it is found that a
				violation of this rule has occurred and that the nature of the violation
				warrants the revocation or suspension. Violation of this rule or any order to
				enforce this rule may also result in any other penalties provided by W. Va.
				Code '31A-1-1et seq.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-03 - Regulations Governing The Operations Of State Chartered Financial Institutions Of WV › Section 106-3-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This
				rule pertains to the operation of financial institutions under the primary
				jurisdiction of the Commissioner of Banking for the State of West
				Virginia.
1.2. Authority. -- W. Va.
				Code '31A-2-4(c)(11).
1.3. Filing Date. -- May 8, 1997.
1.4. Effective Date. -- June 2,
				1997.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-03 - Regulations Governing The Operations Of State Chartered Financial Institutions Of WV › Section 106-3-2 - Maintenance of Records and Accounts

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. Off-premise bookkeeping services.
Prior to contracting off-premise data processing bookkeeping
				  services, a financial institution shall notify the Commissioner of Banking of
				  the contracted services. Both the financial institution and the off-premise
				  processing servicer shall in writing assure the Commissioner that the party
				  performing those services shall be subject to regulation and examination by the
				  commissioner and any appropriate federal supervisory agency to the same extent
				  as if the services were being performed by the financial institution on its own
				  premises. Submission of a copy of the written contract for off-premises data
				  processing bookkeeping services between the state financial institution and the
				  service provider, signed by both parties, which contains a contractual
				  obligation for the service provider to be subject to regulation and examination
				  by the Commissioner and any appropriate federal agency, shall satisfy the
				  written assurance requirement.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-04 - Rules Pertaining To The WV Regulated Consumer Lenders › Section 106-4-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This
				rule establishes general provisions implementing and supplementing the West
				Virginia Consumer Credit and Protection Act as it relates to regulated consumer
				lenders.
1.2. Authority. -- W. Va.
				Code '31A-2-4(c)(12).
1.3. Filing Date. -- May 8, 1997.
1.4. Effective Date. -- June 2,
				1997.
1.5. Repeal and Replace. B
				This rule repeals and replaces West Virginia Division of Banking rules
				entitled, Rules Pertaining to the West Virginia Consumer Credit and Protection
				Act and the Industrial Loan Company Act, 106 CSR 2 effective May 1, 1996, and
				Rules Pertaining to the West Virginia Industrial Loan Company Act, 106 CSR 5
				effective May 1, 1996.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-04 - Rules Pertaining To The WV Regulated Consumer Lenders › Section 106-4-2 - Regulated Consumer Lender Restrictions

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. Balloon payments - Regulated consumer
				loans shall not contain balloon payments, except where provided by an
				applicable federal preemption of state law.
2.2. Financial statements.
The regulated consumer lender shall keep financial statements
				  on file at its main office or the authorized place of examination for the last
				  day of the month for the previous month's business.
2.3. Advertising.
2.3.a. A regulated consumer lender shall not
				advertise, in any manner, that a loan of a prospective borrower with another
				licensee will be paid or increased if the loan is transferred to the
				advertising regulated consumer lender.
2.3.b. A regulated consumer lender shall not
				refer to supervision or control by the state, the Attorney General, the
				Commissioner of Banking, the Division of Banking, or any other state agency, in
				any advertising. If desired, a regulated consumer lender may advertise that it
				is licensed under the provisions of W. Va. Code ' 46A-4-1 et seq.
2.3.c. A regulated consumer lender shall not
				advertise in any manner that may tend to confuse the identity of the regulated
				consumer lender with any other unrelated licensee or financial
				organization.
2.3.d. Each regulated
				consumer lender shall retain a copy of all advertising for a period of two (2)
				years from the date of its use. However, when two (2) or more offices are under
				the same ownership or control, the copy may be kept at one (1) central office
				within the State.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-05 - Rule Pertaining To Residential Mortgage Lenders, Brokers And Loan Originators › Section 106-5-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This
				rule establishes the general method for implementing W. Va. Code §
									31-17-1,
et seq.
and W. Va. Code §
									31-17A-1,
et seq.
; it applies to all licensees under those
				statutes.
1.2. Authority. -- W. Va.
				Code §
									31A-2-4(c)(11).
1.3. Filing Date. -- April 23,
				2012.
1.4. Effective Date. -- May
				1, 2012.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-05 - Rule Pertaining To Residential Mortgage Lenders, Brokers And Loan Originators › Section 106-5-2 - Time Frames for Record Keeping by Licensees

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. A residential mortgage lender who acts
				as the original lender providing the initial funding for a mortgage loan to a
				borrower must maintain records related to that loan for a period of thirty-six
				months from the date the loan closes. In cases where the loan does not close,
				for any reason, that residential mortgage lender must maintain records related
				to the proposed loan for a period of thirty-six months from the date of the
				borrower's loan application.
2.2. A
				residential mortgage lender that does not provide the initial funds for a loan
				but only purchases, takes assignment of, or services the loan, must maintain
				records related to that loan for a period of thirty-six months from the date of
				last entry on the books of that lender.
2.3. A residential mortgage broker must
				retain records related to mortgage loans for a period of thirty-six months from
				the date the loan closes. In cases where the loan does not close, for any
				reason, the residential mortgage broker must maintain records related to the
				loan proposed for a period of thirty-six months from the date of the latest
				application, credit document, required disclosure or request by consumer to
				terminate the transaction.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-05 - Rule Pertaining To Residential Mortgage Lenders, Brokers And Loan Originators › Section 106-5-4 - Records That Must be Maintained by Licensed Residential Mortgage Lenders That Purchase or Take Assignment of a Residential Mortgage Loan

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. A lender that, after closing,
				subsequently purchases or takes assignment of a loan subject to the provisions
				of W. Va. Code §
									31-17-1,
et seq.
must maintain the following records:
4.1.a. The Final Truth in Lending Act
				Disclosure;
4.1.b. All written
				correspondence, including, but not limited to, e-mails and fax transmissions,
				between that lender and the previous lender that held or serviced the
				loan;
4.1.c. HUD-1 or HUD-1A
				Settlement Statement, signed by borrower(s) and initial lender or settlement
				agent, if applicable;
4.1.d. Notice
				of Servicing Transfer provided by transferee, if applicable;
4.1.e. The Note or other instrument of
				indebtedness;
4.1.f. All written
				and electronic correspondence between that purchaser or assignee and the
				borrower including, but not limited to, e-mails and facsimile
				transmissions;
4.1.g. A telephone
				log reflecting the date and substance of telephone conversations with
				borrowers;
4.1.h. A record of all
				cash, checks, or other monetary instruments received in connection with a
				residential mortgage loan showing the identity of the payor, the date received,
				the amount, and purpose and a description of how funds were applied;
4.1.i. A record of all monies disbursed
				relating to the licensee's business as a mortgage lender including, but not
				limited to, refunds to borrowers and all disbursements of funds on behalf of
				borrowers, showing at least the payee, amount, date, and purpose of payment,
				including identification of the loan to which the payment relates, if
				any;
4.1.j. Copies of all written
				complaints received from customers and written records of the disposition of
				those complaints;
4.1.k. A general
				ledger and subsidiary records sufficient to produce an accurate statement of
				assets and liabilities and profit and loss statement on a monthly basis;
				and
4.1.l. A record of all charges
				or fees assessed to the borrower's account reflecting the amount of the charge
				or fee, the purpose, and the date imposed.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-05 - Rule Pertaining To Residential Mortgage Lenders, Brokers And Loan Originators › Section 106-5-5 - Records That Must be Maintained by Licensed Residential Mortgage Servicers

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1. A lender that,
				after closing, subsequently services a loan subject to the provisions of W. Va.
				Code §
									31-17-1,
et seq.
must maintain the following records:
5.1.a. The Final Truth in Lending Act
				Disclosure;
5.1.b. All written
				correspondence, including fax transmissions, between that lender and the
				previous lender that held or serviced the loan;
5.1.c. HUD-1 or HUD-1A Settlement Statement,
				signed by borrower(s) and initial lender or settlement agent, if
				applicable;
5.1.d. A signed
				Servicing Transfer Disclosure statement;
5.1.e. The Deed of Trust;
5.1.f. Note or other instrument of
				indebtedness;
5.1.g. Legal
				instrument(s) assigning the note and deed of trust to purchaser or
				assignee;
5.1.h. Any appraisals of
				the property, if applicable;
5.1.i.
				All written and electronic correspondence between the servicer and the borrower
				including e-mails and facsimile transmissions;
5.1.j. A telephone log reflecting the date
				and substance of telephone conversations with borrowers;
5.1.k. A record of all cash, checks, or other
				monetary instruments received in connection with a residential mortgage loan
				showing the identity of the payor, the date received, the amount, and purpose
				and description of how funds were applied;
5.1.l. A record of all monies disbursed
				relating to the licensee's business as a mortgage lender or servicer including,
				but not limited to, refunds to borrowers and all disbursements of funds on
				behalf of borrowers or others, showing at least the payee, amount, date, and
				purpose of payment, including identification of the loan to which the payment
				relates, if any;
5.1.m. Copies of
				all written complaints received from customers and written records of the
				disposition of those complaints;
5.1.n. A general ledger and subsidiary
				records sufficient to produce an accurate statement of assets and liabilities
				and profit and loss statement on a monthly basis; and
5.1.o. A record of all charges or fees
				assessed to the borrower's account reflecting the amount of the charge or fee,
				the purpose, and the date imposed.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-05 - Rule Pertaining To Residential Mortgage Lenders, Brokers And Loan Originators › Section 106-5-7 - Form and Location of Records

Current through Register Vol. XLI, No. 28, July 12, 2024
7.1. All records that licensees must maintain
				under this rule or W. Va. Code §
									31-17-1,
et seq.
may be maintained in the form of magnetic tape,
				magnetic disk or other form of computer, electronic or microfilm media
				available for examination on the basis of computer printed reproduction, video
				display or other medium that is readily convertible by the licensee into
				legible, tangible documents as required by the Commissioner of Financial
				Institutions. All records maintained under this subsection must be available to
				the Commissioner of Financial Institutions, or his or her delegates, in a
				manner that is organized by entire individual loan files.
7.2. All records that licensees must maintain
				under this rule or W. Va. Code §
									31-17-1,
et seq.
shall be secured against unauthorized access or damage
				in a licensed location. However, if a licensee maintains a centralized
				out-of-state storage facility for such records from multiple states, it shall
				request the Commissioner to approve its storage of such records in that
				out-of-state location. The Commissioner shall grant approval provided that:
7.2.a. The Commissioner determines that the
				proposed storage will ensure that the records are secured against unauthorized
				access or damage; and
7.2.b. The
				licensee agrees, in writing, to make available at its expense for inspection
				and copying upon request of the Commissioner or his or her designees copies of
				all requested records in a form which satisfies the requirements of subsection
				1 of this section.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-05 - Rule Pertaining To Residential Mortgage Lenders, Brokers And Loan Originators › Section 106-5-8 - Advertising

Current through Register Vol. XLI, No. 28, July 12, 2024
8.1. Every licensed
				lender and broker shall maintain and keep available for inspection by
				representatives of the West Virginia Division of Financial Institutions one
				copy of all advertising material used during the prior three years.
8.2. If the advertising media is a radio or
				television broadcast, then a licensee may comply with this requirement by
				maintaining a copy of the transcript of the advertising.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-05 - Rule Pertaining To Residential Mortgage Lenders, Brokers And Loan Originators › Section 106-5-9 - Use of Non-local Appraisers

Current through Register Vol. XLI, No. 28, July 12, 2024
9.1. If a licensed broker or lender employs
				an appraiser whose main office is more than seventy-five miles from the
				property to be appraised, that lender or broker must document, in writing and
				maintain in accordance with the provisions of subsections 3.1.w. or 6.1.q. of
				this rule, the reason(s) why such an appraiser was used instead of an appraiser
				with a main office closer to the property being appraised.
9.2. The seventy-five mile distance used in
				subsection 9.1 of this rule refers to the driving distance between the main
				office of the appraiser and the property that is being appraised.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-05 - Rule Pertaining To Residential Mortgage Lenders, Brokers And Loan Originators › Section 106-5-10 - Improper Influence of Appraisers

Current through Register Vol. XLI, No. 28, July 12, 2024
10.1. Any threat, oral or written, direct or
				implied, by a lender or broker to withhold payment of an appraiser's fee
				constitutes an attempt to coerce or intimidate an appraiser for the purpose of
				influencing his or her independent judgment in violation of W. Va. Code §
									31-17-8(m)(2).
10.2. Any threat, oral or written, direct or
				implied, by a lender or broker to cease using the services of an appraiser in
				the future if that appraiser does not provide an appraisal amount in accordance
				with the expectations of that lender or broker constitutes an attempt to coerce
				or intimidate an appraiser for the purpose of influencing his or her
				independent judgment in violation of W. Va. Code §
									31-17-8(m)(2).
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-05 - Rule Pertaining To Residential Mortgage Lenders, Brokers And Loan Originators › Section 106-5-11 - Documentation of Ability to Repay

Current through Register Vol. XLI, No. 28, July 12, 2024
11.1. No lender should make a loan unless the
				lender reasonably believes at the time the loan is closed that the borrower(s)
				will be able to make the scheduled payments to repay the loan. This reasonable
				belief must be based upon a consideration of the income of the borrower(s),
				current debt, employment status and history, and other financial resources
				other than equity in the dwelling that will secure the loan.
11.2. If a borrower's household
				debt-to-income ratio will exceed fifty percent upon the extension of new
				residential mortgage loan as determined from a credit report, credit
				application, financial statement, then the broker and initial lender must
				document, in writing and maintain in accordance with the provisions of
				subsections 3.1.ff. or 6.1.z. of this rule, an assessment of the borrower's
				ability to repay the loan according to its terms. Such assessment must be
				signed by the lender or the lender's representative and the borrower(s) and
				must consider the household's current debt obligations, the term of the loan,
				and the borrower(s) circumstances along with their current and projected income
				and assets, other than a security interest in the real estate taken to secure
				the loan.
11.3. The requirement of
				subsection (2) of this section shall not apply if the loan obtained qualifies
				under guidelines established by the West Virginia Housing Development Fund, the
				Veterans Administration or a non-profit housing provider licensed under W. Va.
				Code §
									31-17-1,
et seq.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-05 - Rule Pertaining To Residential Mortgage Lenders, Brokers And Loan Originators › Section 106-5-12 - Notice of Changes in Loans That are in Process

Current through Register Vol. XLI, No. 28, July 12, 2024
12.1. If a lender or broker determines that a
				borrower does not qualify for the loan amount, terms, or program for which he
				or she applied and that another loan product is available that would materially
				differ from the terms requested by the borrower(s) in the initial application,
				the lender or broker shall decline the loan initially requested, providing the
				proper notice and disclosure, and then offer new terms and disclosures related
				to the alternative loan product.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-05 - Rule Pertaining To Residential Mortgage Lenders, Brokers And Loan Originators › Section 106-5-13 - Criminal Background Checks

Current through Register Vol. XLI, No. 28, July 12, 2024
13.1. When evaluating a lender or broker
				license applicant for financial responsibility, character, reputation or
				general fitness, the Commissioner may elect to ignore criminal convictions that
				occurred more than twenty years prior to the filing date of the license
				application.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-05 - Rule Pertaining To Residential Mortgage Lenders, Brokers And Loan Originators › Section 106-5-14 - Payments to Unrelated Third Parties

Current through Register Vol. XLI, No. 28, July 12, 2024
14.1. Pursuant to W. Va. Code §
									31-17-8(m)(4),
				only payments of closing costs to unrelated third parties may not be included
				in the overall cap on fees, compensation, yield spread premium or points that a
				borrower is required to pay a licensee.
14.2. In order to qualify as an "unrelated
				third party" the individual or entity providing services may not be an
				"affiliated business arrangement" as that term is defined by the Real Estate
				Settlement Procedures Act, 12 U.S.C. §2602, and attendant
				regulations.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-05 - Rule Pertaining To Residential Mortgage Lenders, Brokers And Loan Originators › Section 106-5-15 - Tangible Net Benefit Determinations

Current through Register Vol. XLI, No. 28, July 12, 2024
15.1. A broker and lender licensee must
				document tangible net benefit to the borrower before arranging or making any
				residential mortgage loan that refinances an existing residential mortgage loan
				that closed within 24 months of the proposed refinancing. This duty exists even
				if the broker or lender did not arrange or make the existing loan that will be
				refinanced.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-05 - Rule Pertaining To Residential Mortgage Lenders, Brokers And Loan Originators › Section 106-5-16 - Determining Financial Responsibility for Mortgage Loan Originators

Current through Register Vol. XLI, No. 28, July 12, 2024
16.1. The Division
				of Financial Institutions will initially review the credit report of an
				applicant for a mortgage loan originator license to determine whether the
				applicant meets the standards of financial responsibility set forth at W. Va.
				Code §
									31-17A-5(c).
				If the initial review of the credit report reveals information that prevents a
				determination of sufficient financial responsibility, before making a final
				decision, the Division will contact the applicant and seek an explanation for
				his or her financial condition, any supporting documentation, and a plan to
				improve.
16.2. Additional factors
				that the Division may consider from the applicant include, but are not limited
				to:
16.2.a. The existence of a repayment
				agreement for unpaid debts;
16.2.b.
				Faithful performance of the applicant's obligations under the repayment
				agreement;
16.2.c. Active
				participation in a consumer credit counseling service;
16.2.d. A pending appeal of a negative item
				on the credit report supported by documentation of the basis of the
				appeal;
16.2.e. Proof of
				satisfaction of judgment(s);
16.2.f. Proof of payment of charged off
				accounts; and
16.2.g. Sudden,
				significant medical expenses for the applicant or the applicant's spouse or
				dependent.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-06 - Subsidiary Bank Holding The Stock Of Its Parent Holding Company as Collateral › Section 106-6-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This
				rule permits a state chartered bank to hold the stock of its parent bank
				holding company, within certain limits, as collateral for an extension of
				credit.
1.2. Authority. -- W. Va.
				Code '31A-2-4(c)(11).
1.3. Filing date. -- May 2, 1989.
1.4. Effective date. -- May 2,
				1989.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-06 - Subsidiary Bank Holding The Stock Of Its Parent Holding Company as Collateral › Section 106-6-2 - Holding Company Stock As Collateral

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. In the case of a state-chartered bank,
				such bank may accept the stock of its parent bank holding company as collateral
				for loans or extensions of credit as long as the aggregate amount of the fair
				market value of all such parent bank holding company stock held as collateral
				will not exceed ten percent (10%) of the capital stock and surplus of the
				state-chartered bank.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-07 - Legislative Rule Pertaining To The Installation, Operation And Sharing Of Customer Bank Communication Terminals And The Utilization Of Non-Exclusive › Section 106-7-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. --
				These regulations establish general rules implementing W. Va. Code
				'31A-8-12b,
				which permits the installation, operation and sharing of customer bank
				communication terminals and the utilization of nonexclusive access interchange
				systems.
1.2. Authority. -- W. Va.
				Code '31A-8-12b(f).
1.3. Filing Date. -- April 11,
				1983.
1.4. Effective Date. -- May
				11, 1983.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-07 - Legislative Rule Pertaining To The Installation, Operation And Sharing Of Customer Bank Communication Terminals And The Utilization Of Non-Exclusive › Section 106-7-3 - Nonexclusive access interchange system

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. Access interchange system.
Any banking institution, which individually or jointly with
				  one or more other banking institutions or other federally insured financial
				  institutions, installs, operates and engages in banking business from a
				  customer bank communication terminal, whether that customer bank communication
				  terminal, is located on the premises of its principal office, branch bank or
				  authorized off-premise facility or in a location other than on the premises of
				  its principal office, branch bank or authorized off-premise facility, and makes
				  that customer bank communication terminal available for use by another banking
				  institution or other federally insured financial institution, has established
				  an access interchange system for purposes of W. Va. Code '
				  31A-8-12b(a).
3.2. Access interchange systems
				must be nonexclusive.
Any access interchange system established according to
				  section 3.1 of these rules shall be nonexclusive. Any customer bank
				  communication terminal that communicates with and permits financial
				  transactions to be carried out through an exclusive access interchange system
				  shall be considered to be an illegal branch bank of the banking institution
				  that installs and operates that customer bank communication terminal.
3.3. Written agreement or contract
				required to be filed with the Commissioner of Banking.
The terms and conditions for establishing any access
				  interchange system shall be governed by a written agreement or contract. The
				  written agreement or contract shall specify all terms and conditions, and shall
				  include the interchange fees or charges and the transaction fees or charges. A
				  copy of the written agreement or contract shall be filed with the Commissioner
				  of Banking by the access interchange system.
3.4. Hearing before the Commissioner of
				Banking.
Upon the written complaint by a banking institution that it
				  is unreasonably being denied utilization of an access interchange system, the
				  Commissioner of Banking shall hold a hearing in the manner prescribed in W. Va.
				  Code '31A-8-1.
				  After any such hearing and consideration of all the testimony and evidence on
				  the record, the Commissioner of Banking shall determine whether or not the
				  banking institution has been denied the right to utilize an access interchange
				  system pursuant to Section 3.2 of these rules. The Commissioner of Banking may
				  issue an order directing the access interchange system to comply with the
				  provisions of this regulation and W. Va. Code '31A-8-12b(a)
				  and prescribe the manner and means of so complying.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-07 - Legislative Rule Pertaining To The Installation, Operation And Sharing Of Customer Bank Communication Terminals And The Utilization Of Non-Exclusive › Section 106-7-4 - Night Depository Box Attached to a Customer Bank Communication Terminal

Current through Register Vol. XLI, No. 28, July 12, 2024
For purposes of W. Va. Code '31A-8-12b(c),
				  any night depository box that is attached to a customer bank communication
				  terminal in such a way that a customer electronically communicates with a
				  banking institution is considered to be associated equipment of that customer
				  bank communication terminal, and as such, subject to subsections 2 and 3 of
				  this regulation and W. Va. Code '31A-8-12b(a).