SB285 SJUD AMT 2-18

Lovell 7908

            The Committee on the Judiciary moved to amend the bill by striking out the title and substituting therefor a new title, to read as follows:

            Eng. Senate Bill No. 285--A Bill to amend and reenact §31-17-1 and §31-17-8 of the Code of West Virginia, 1931, as amended, all relating to mortgage loans subject to the West Virginia Residential Mortgage Lender, Broker and Servicer Act; including consumer credit sales that are secured by a mortgage, deed of trust or other equivalent consensual security interest on a dwelling or residential real estate in the definitions of "primary mortgage loan" and "subordinate mortgage loan"; defining “consumer credit sale”; providing an exception to the prohibition of balloon payments; providing an exception to the prohibition on requiring terms of repayment which do not result in continuous monthly reduction of the original principal amount of the loan; and further extending the exception to the ban on loans greater than one hundred percent LTV for loan modifications or refinancing loans done through and in compliance with government programs or litigation settlements.

Adopted

Rejected