On March 22, 2018, the Governor of West Virginia signed into law HB 4285, which amends select provisions of the West Virginia Safe Mortgage Licensing Act (“WVSMLA”). The Bill makes three changes to the WVSMLA, which regulates the licensing requirements for mortgage loan originators.
First, the Bill increases the state license application fee, which appears in section 31-17A-4, from $50 to $200. Second, the Bill increases the number of training hours required to meet the prelicensing education requirements, which is contained in section 31-17A-6(a), from 22 hours to 24 hours. In particular, the Bill requires two additional hours of “training related to West Virginia mortgage and consumer laws or issues.” W. Va. Code § 31-17A-6(a)(4). Finally, the Bill increases the number of annual continuing education hours, which appears in section 31-17A-9(a), from eight hours to nine hours, requiring one additional hour of education in “West Virginia law or regulations.” W. Va. Code § 31-17A-9(a)(4).
The effective date of these amendments is May 31, 2019.