Allows mortgage brokers in West Virginia to use alternative financial statements to demonstrate net worth.

West Virginia HB4790 amends the licensing requirements for mortgage lenders and brokers, allowing applicants to use different types of financial statements to demonstrate their net worth. The bill specifies that brokers must have a tangible net worth of at least $250,000, while lenders must have at least $10,000. It also outlines other requirements such as submitting proof of registration with the Secretary of State, filing a surety bond, and paying a license fee. The bill aims to provide flexibility in the financial documentation required for licensing.

Allows mortgage brokers in West Virginia to use alternative financial statements to demonstrate net worth.

West Virginia HB4790 amends the licensing requirements for mortgage lenders and brokers, allowing applicants to use different types of financial statements to demonstrate their net worth. The bill specifies that brokers must have a tangible net worth of at least $250,000, while lenders must have at least $10,000. It also outlines other requirements such as submitting proof of registration with the Secretary of State, filing a surety bond, and paying a license fee. The bill aims to provide flexibility in the financial documentation required for licensing.