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SB 573

Relating to requirements for disclosures and recordkeeping by persons making mortgage loans

2026 Regular Session Introduced by Mike Azinger

SB 573 requires West Virginia mortgage lenders to enhance borrower disclosures and maintain detailed lending records to increase transparency and regulatory oversight.

Chapter 149, Acts, Regular Session, 2026
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Bill Summary · SB 573

Legislative bill overview

SB 573 establishes new disclosure and recordkeeping requirements for mortgage lenders in West Virginia. The bill mandates that persons making mortgage loans maintain specific documentation and provide detailed disclosures to borrowers throughout the lending process. These requirements appear designed to increase transparency and create an auditable record of mortgage transactions.

Why is this important

Mortgage lending practices directly affect homebuyers' ability to understand loan terms, compare offers, and protect themselves from predatory lending. Enhanced disclosure and recordkeeping requirements can help borrowers make informed decisions and provide regulators with documentation to investigate potential violations. However, these requirements also increase compliance costs for lenders, which may be passed along to borrowers or affect lending availability in smaller markets.

Potential points of contention

  • Compliance burden and costs: Lenders may argue that extensive new recordkeeping requirements increase operational costs, potentially raising mortgage fees or reducing lending in less profitable markets like rural West Virginia
  • Specificity of requirements: The bill's details on what exactly must be disclosed and how records must be maintained could create disputes about whether lenders are in compliance
  • Consumer protection vs. market access: Consumer advocates may argue requirements don't go far enough, while lenders may contend they duplicate federal requirements already imposed under TRID (Loan Estimate and Closing Disclosure rules)

Compiled from official sources — confirm details with the bill’s official record.

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