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Can you summarize WVCS 106-19?
Banking > Rules For Reverse Mortgage Loans
Short Summary
These legal documents govern the rules and regulations surrounding reverse mortgage loans in West Virginia. They apply to banks, savings institutions, credit unions, eligible licensed financial affiliates, and mortgagors. The documents outline the approval requirements for authorized lenders, including the need to maintain a bond and a minimum capital. Exceptions to the bonding and capital requirements are provided for certain types of reverse mortgage loans. The documents also cover lending procedures, records retention, security instrument requirements, disclosure requirements, maintenance of the secured property, termination of loans, permitted fees and costs, advertising and promotional materials, and disciplinary action for violations. Non-compliance with the documents may result in penalties as provided for in the West Virginia Code. Overall, these documents aim to ensure the fair and regulated provision of reverse mortgage loans in West Virginia.
Whom does it apply to?
Banks, savings institutions, credit unions, eligible licensed financial affiliates, and mortgagors
What does it govern?
Reverse mortgage loans in West Virginia
What are exemptions?
Persons making reverse mortgage loans under a program authorized by and under the supervision of a federal governmental agency or federally sponsored mortgage enterprise
What are the Penalties?
Penalties as provided for in chapter 31A of the West Virginia Code
Jurisdiction
West Virginia