Senate
House
Joint
Bill Status
WV Code
Audits/ Reports
Educational
Contact
home
home

Introduced Version House Bill 3082 History

DOWNLOAD  wpd  |  Email


hb3082 intr
H. B. 3082


(By Delegates Moore, Webster, Shook, Caputo,

Barker, Fleischauer, Fragale, Miley,

Marshall and Perry)

[Introduced March 12, 2009; referred to the

Committee on Political Subdivisions then the Judiciary.]



A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §31A-2-4c; to amend said code by adding thereto a new section, designated §38-1-8a; to amend said code by adding thereto a new section, designated §44-13-4a; and to amend and reenact §59-1-10 of said code, all relating to the gathering and reporting of foreclosure data and statistics; providing for the gathering and reporting of information pertaining to sales of residential real estate pursuant to deeds of trust; providing for the compilation and filing of data by trustees with the report of sales filed with the county clerks; providing for the periodic forwarding of gathered information to the Commissioner of Banking; identifying the minimum information to be provided; providing for fees to be paid for receipt and processing of the filed information; providing for the reporting of foreclosure statistics by the Commissioner of Banking; authorizing the Commissioner of Banking to establish appropriate forms and filing requirements and procedures by rule.

Be it enacted by the Legislature of West Virginia:

That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §31A-2-4c; that said code be amended by adding thereto a new section, designated §38-1-8a; that said code be amended by adding thereto a new section, designated §44-13-4a; and that §59-1-10 of said code be amended and reenacted, all to read as follows:

CHAPTER 31A. BANKS AND BANKING.

ARTICLE 2. DIVISION OF BANKING.

§31A-2-4c. Commissioner to receive and compile data.
(a) In addition to the jurisdiction, powers and duties set forth in section four of this article, the commissioner has the authority to receive, compile and make available the data that is required to be reported by trustees to county clerks pursuant to section eight-a, article one, chapter thirty-eight of this code. The commissioner may promulgate rules, in accordance with article three, chapter twenty-nine-a of this code, to carry out the requirements of this section. The commissioner is authorized to expend funds for this purpose.
CHAPTER 38. LIENS.

ARTICLE 1. VENDOR'S AND TRUST DEED LIENS.
§38-1-8a. Reports by trustee to county clerk; additional information to be filed with report of sale.

(a) This section applies to deeds of trust if the property conveyed therein includes real property that is occupied, or is intended to be occupied as a residence by the grantor at time the deed of trust is executed and delivered.
(b) Beginning July 1, 2009, when a trustee returns a report of sale of property sold to be placed of record with the clerk of the county, as provided in section eight of this article, the trustee shall include, at a minimum, the following information on a disclosure form that is to be submitted with and made a part of the report of sale:
(1) Name of the grantor of real property subject to deed of trust;
(2) Street address, city, state and zip code of real property subject to the trust;
(3) Original trustee name;
(4) Substitute trustee name, if any, and date of appointment;
(5) The address, telephone number and electronic contact information for the trustee making the sale;
(6) Date, time and place advertised for sale;
(7) Name of original secured lender;
(8) Name and address of the current holder of deed of trust;
(9) Original principal amount of the secured debt;
(10) Original interest rate;
(11) Whether the loan was adjustable and, if so, the current rate;
(12) Estimated current value of property;
(13) Unpaid balance of loan at time of sale;
(14) The number of months the loan has been delinquent at time of notice of sale;
(15) The date and time of sale;
(16) The name of the purchaser;
(17) The amount received from the sale;
(18) The balance applied to the loan;
(19) The date the report of sale is recorded; and
(20) Any other information the Commissioner of Banking may require by rule.
(c) The report required by this section may be made electronically. The Commissioner of Banking shall publish a disclosure form for setting out the information required by subsection (b) and instructions as to how the required information is to be filed with the report of sale.

(d) Failure to comply with this the provisions of this section does not affect the validity of the sale or the title to the property.
CHAPTER 44. ADMINISTRATION OF ESTATES AND TRUSTS.

ARTICLE 13. POWERS AND DUTIES OF CLERKS OF COUNTY COURTS IN COUNTIES HAVING SEPARATE TRIBUNAL FOR POLICE AND FISCAL PURPOSES.

§44-13-4a. Reporting of foreclosure statistics.
(a) Beginning with the third quarter of 2009, the clerk of each county shall file quarterly reports with the Division of Banking regarding the total number of residential mortgage foreclosure sales that were recorded in that county for the preceding calendar year quarter of each report. The reports shall be filed on or before October 15, January 15, April 15 and July 15 of each year. The reports shall be filed in electronic form, where possible, and shall provide information as may be required by the Commissioner of Banking including, at a minimum:
(1) Name or names of the grantor of real property subject to deed of trust;
(2) Street address, city, state and zip code of real property subject to the trust;
(3) Original trustee name;
(4) Substitute trustee name, if any, and date of appointment;
(5) The address, telephone number and electronic contact information for the trustee making the sale;
(6) Date, time and place advertised for sale;
(7) Name of original secured lender;
(8) Name and address of the current holder of deed of trust;
(9) Original principal amount of the secured debt;
(10) Original interest rate;
(11) Whether the loan was adjustable and if so current rate;
(12) Estimated current value of property;
(13) Unpaid balance of loan at time of sale;
(14) The number of months the loan has been delinquent at time of notice of sale;
(15) The date and time of sale;
(16) The name of the purchaser;
(17) The amount received from the sale;
(18) The balance applied to the loan;
(19) The date the report of sale is recorded; and
(20) Any other information the Banking Commissioner may require by rule.
(b) The county clerk shall collect from a foreclosure trustee an additional fee of $30 when a foreclosure report of sale is filed, as provided in section ten, article one, chapter fifty-nine of this code, and shall retain $10 of that fee to cover expenses related to the reporting required in subsection (a) of this section. The clerk shall remit the remaining $20 to the Division of Banking to cover its expenses in aggregating, collecting and publishing the data.
(c) Notwithstanding any other provision of this code, nothing in this section shall be deemed to create a responsibility by the Commissioner of Banking to provide any report other than data submitted from each county clerk or to verify the accuracy of the data submitted.
CHAPTER 59. FEES, ALLOWANCES AND COSTS;

NEWSPAPERS; LEGAL ADVERTISEMENTS.

ARTICLE 1. FEES AND ALLOWANCES.
§59-1-10. Fees to be charged by clerk of county commission.
For the purpose of this section, the word "page" is defined as being a paper or electronic writing of not more than legal size, 8 ½" x 14".
The clerk of the county commission shall charge and collect the following fees:
(a) When a writing is admitted to record, for receiving proof of acknowledgment thereof, entering an order in connection therewith, endorsing clerk's certificate of recordation thereon and indexing in a proper index, where the writing is a:
(1) Deed of conveyance (with or without a plat), trust deed, fixture filing or security agreement concerning real estate lease, $15.
(2) A recording fee of $30 shall be assessed for a trustee's report of sale, with $10 to be retained by the county clerk for its operations and $20 being transferred to the State Treasurer, on a quarterly basis, and deposited in the Banking Commissioner's fund.
(2) (3) Financing, continuation, termination or other statement or writing permitted to be filed under chapter forty-six of this code, $10.
(3) (4) Plat or map (with no deed of conveyance), $10.
(4) (5) Service discharge record, no charge.
(5) (6) Any document or writing other than those referenced in subdivisions (1), (2), (3), and (4) and (5) of this subsection, $10.
(6) (7) If any document or writing contains more than five pages, for each additional page, $1.
For any of the documents admitted to record pursuant to this subsection, if the clerk of the county commission has the technology available to receive these documents in electronic form or other media, the clerk shall set a reasonable fee to record these writings not to exceed the cost for filing paper documents.
(7) (8) Eleven dollars of each recording fee received pursuant to subdivision (1) of this subsection shall be retained by the county clerk for the operation of that office and $4 of each of the aforesaid recording fees together with $5 of the recording fee collected pursuant to subdivision (5) (6) of this section, shall be paid by the county clerk into the State Treasurer and deposited in equal amounts for deposit into the Farmland Protection Fund created in article twelve, chapter eight-a of this code for the benefit of the West Virginia Agricultural Land Protection Authority and into the Outdoor Heritage Conservation Fund created in article two-g, chapter five-b of this code: Provided, That the funds deposited pursuant to this subdivision may only be used for costs, excluding personnel costs, associated with purpose of land conservation, as defined in subsection (f), section seven, article two-g, chapter five-b of this code.
(b) For administering any oath other than oaths by officers and employees of the state, political subdivisions of the state or a public or quasi-public entity of the state or a political subdivision of the state, taken in his or her official capacity, $5.
(c) For issuance of marriage license and other duties pertaining to the marriage license (including preparation of the application, administrating the oath, registering and recording the license, mailing acknowledgment of minister's return to one of the licensees and notification to a licensee after sixty days of the nonreceipt of the minister's return), $35.
(1) One dollar of the marriage license fee received pursuant to this subsection shall be paid by the county clerk into the State Treasury as a state registration fee in the same manner that license taxes are paid into the Treasury under article twelve, chapter eleven of this code;
(2) Fifteen dollars of the marriage license fee received pursuant to this subsection shall be paid by the county clerk into the State Treasury for the Family Protection Shelter Support Act in the same manner that license taxes are paid into the Treasury under article twelve, chapter eleven of this code;
(3) Ten dollars of the marriage license fee received pursuant to this subsection shall be deposited in the Courthouse Facilities Improvement Fund created by section six, article twenty-six, chapter twenty-nine of this code.
(d) (1) For a copy of any writing or document, if it is not otherwise provided for, $1.50.
(2) If the copy of the writing or document contains more than two pages, for each additional page, $1.
(3) For annexing the seal of the commission or clerk to any paper, $1.
(4) For a certified copy of a birth certificate, death certificate or marriage license, $5.
(e) For copies of any record in electronic form or a medium other than paper, a reasonable fee set by the clerk of the county commission not to exceed the costs associated with document search and duplication.

NOTE: The purpose of this bill is to require trustees foreclosing upon owner occupied, residential property to report foreclosure data to clerks of the county courts as a part of the information to be submitted with the trustee's report of sale, and to require the clerks of the county commission to file quarterly reports regarding foreclosed properties with the Banking Commissioner. The fee for recording a trustee's report of sale is $30, with $10 retained by the county clerk and $20 going to the Banking Commissioner to finance the program.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.
This Web site is maintained by the West Virginia Legislature's Office of Reference & Information.  |  Terms of Use  |   Web Administrator   |   © 2014 West Virginia Legislature ***