SB267 S B&I AMT
Marey Casey 7988
The Committee on Banking and Insurance moves to amend the title of the bill to read as follows:
Eng. Senate Bill No. 267--A Bill to amend and reenact §31-17-12 of the Code of West Virginia, 1931, as amended, relating to the imposition of a fine or penalty by the Commissioner of Banking on residential mortgage brokers and lenders for a violation of the West Virginia Residential Mortgage Lender, Broker and Servicer Act; increasing the maximum amount of a fine or penalty that may be imposed from $1,000 per day to $2,000 per day for each violation; providing that each day, excluding Sundays and holidays, that an unlicensed person engages in the business or holds himself or herself out to the general public as a mortgage lender or broker is a separate violation; removing the requirement for prior notification from the commissioner before a fine or penalty may be assessed for an unlicensed person engaged in the business or holding himself or herself out to the general public as a mortgage lender or broker; and clarifying that a fine or penalty may be imposed for a violation of the Act.