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Introduced Version House Bill 4295 History

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hb4295 intr
H. B. 4295


(By Delegates Moore, Walters, Reynolds and Azinger)

(Requested by the Division of Banking)

[Introduced February 2, 2010; referred to the

Committee on Banking and Insurance then the Judiciary.]





A BILL to amend and reenact §38-1-8a of the Code of West Virginia, 1931, as amended; and to amend and reenact §44-13-4a of said code, all relating to the gathering and reporting of residential mortgage foreclosure data and statistics; providing for the electronic reporting of such information directly to the Division of Banking by trustees; and providing that the county clerks shall submit a list of the reports of such foreclosures filed by trustees.

Be it enacted by the Legislature of West Virginia:
That §38-1-8a of the Code of West Virginia, 1931, as amended, be amended and reenacted; and that §44-13-4a of said code be amended and reenacted, all to read as follows:
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 report of the sale of the property sold pursuant to a deed of trust is placed of record by the trustee with the clerk of the county commission as provided in section eight of this article, the trustee shall include the following information on a disclosure form submitted with and made a part of the report of sale:
(1) Name or names of the grantor of the 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) Current holder of deed of trust, and the current holder's address;
(9) Original principal amount of the secured debt;
(10) Original interest rate;
(11) Whether the loan was adjustable and if so current rate;
(12) Total secured indebtedness at time of sale;
(13) The number of months the loan is delinquent at time of notice of sale; and
(14) The date, time and place of sale;
(15) The name of the purchaser;
(16) The appraised value at the time of loan, if available;
(17) The net amount applied to the secured loan;
(18) The date the report of sale is recorded and;
(19) Any other information the banking commissioner may require by rule.
(c) The commissioner of banking shall publish a form setting out the information required by subsection (b) and instructions as to how this information is to be filed with the report of sale.
(d) The trustee shall prepare the form and submit it electronically to the Division of Banking pursuant to the instructions provided by the
C ommissioner of B anking before filing a paper copy of the form with the clerk.
(d) (e) Notwithstanding any other provision of this code, nothing in this section shall be deemed to create a responsibility by the
C ommissioner of B anking to provide any report other than the compiled raw data submitted from each county clerk trustee or to verify the accuracy of the data submitted.
(e) (f) Failure to comply with this the provisions of this section shall not affect the validity of the sale or the title to the property sold by the trustee.
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 2010, the clerk of each county commission shall file quarterly with the Division of Banking the disclosure forms of deed of trust foreclosure sales a list of the number of reports of foreclosure sales that were recorded pursuant to section eight-a, article one, chapter thirty- eight of this
c ode in that county for the preceding calendar year quarter. The reports shall be filed within fifteen days of the last day of September, December, March and June of each year. The reports shall be filed in electronic format, where possible.
(b) Notwithstanding any other provision of this code, nothing in this section shall be deemed to create a responsibility on the Division of Banking to provide any report other than the complied raw data submitted from each county clerk or to verify the accuracy of the data submitted.



NOTE: The purpose of this bill is to streamline the reporting of information regarding residential mortgage foreclosures so that the information is reported directly from the trustees, who are the source of the information, to the Division of Banking and to require that the county clerks report only a list reflecting the number of residential mortgage foreclosure sales that were filed in a given period.
Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.
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