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Introduced Version Senate Bill 471 History

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Key: Green = existing Code. Red = new code to be enacted
Senate Bill No. 471

(By Senators Minard and Jenkins)

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[Introduced March 5, 2009; referred to the Committee on Government Organization; and then to the Committee on Finance.]

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A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §44-13-4a, relating to the duties of county clerks to report foreclosure statistics to the Division of Banking twice a year; collecting additional fee for filing foreclosure reports; disbursing such fee; and limiting the responsibilities of the Division of Banking in publishing reports.

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 §44-13-4a, to read as follows:
ARTICLE 13. POWERS AND DUTIES OF CLERKS OF COURTS IN COUNTIES HAVING SEPARATE TRIBUNALS FOR POLICE AND FISCAL PURPOSES.

§44-13-4a. Reporting of foreclosure statistics.

(a) The clerk of each county shall report to the Division of Banking twice a year the total number of residential mortgage foreclosure sales that were recorded in that county for the preceding six months of each report. The reports shall be filed on or before July 15, and January 15, of each year. The reports shall be filed in electronic format, where possible, and shall provide information as required by the Commissioner of Banking including, at a minimum, the identity of the creditor initiating the foreclosure sale, the identity of the original creditor and the date of the sale.
(b) The clerk of each county shall collect an additional fee of $30 when a foreclosure report of sale is filed and shall retain one half of the fees collected to cover expenses related to the reporting required in subsection (a) of this section. The clerk of each county shall remit the other half of the fees collected to the Division of Banking to cover its expenses in aggregating the data.
(c) Notwithstanding any other provision of this code, nothing in this section is considered to create a responsibility on the Division of Banking to provide any report other than total raw data submitted form each county clerk or to verify the accuracy of the data submitted.




NOTE: The purpose of this bill is to require county clerks to file biannual reports of the total number of residential mortgage foreclosure sales completed in each county identifying the creditor who initiated the foreclosure sale as well as the original creditor of the underlying debt.

This section is new; therefore, strike-throughs and underscoring have been omitted.
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