Find Laws Find Lawyers Free Legal Forms USA State Laws

WEST VIRGINIA STATUTES AND CODES

§47-24-8 Regulatory authority and exemptions.

§47-24-8. Regulatory authority and exemptions.
(a) All reverse mortgage loans subject to this article shall be under the jurisdiction and supervision of the commissioner of banking, and subject to the regulatory authority and penalties set forth in chapter thirty-one-a of this code.

(b) The commissioner of banking shall have the authority to promulgate rules in order to affect compliance with the provisions of this article.

(c) Persons making reverse mortgage loans through a program authorized by and under the supervision of a federal governmental agency or through a federally sponsored mortgage enterprise are exempt from the provisions of this article, and may make reverse mortgages notwithstanding any provisions to the contrary in this code: Provided, That such loans are sold to those agencies or enterprises within forty-five days of loan closing and that the commissioner of banking certifies that the program provides consumers with protections against abusive practices. Loans under this subsection may, like other reverse mortgage loans, also be made or acquired without regard to relevant interpretations of law to the same extent as provided in section five of this article.

West Virginia Forms by Issue

West Virginia Court Forms
> DUI
> Domestic Violence
West Virginia Tax Forms

West Virginia Law

West Virginia State Laws
    > West Virginia Child Support
    > West Virginia Gun Laws
    > West Virginia State Laws
West Virginia Tax
    > West Virginia State Tax
West Virginia Agencies
    > West Virginia Department of Education

West Virginia Court Map

Tips