Recently, West Virginia enacted SB 573, which amends §31-17-9 of the West Virginia Residential Mortgage Lender, Broker and Servicer Act to modernize closing disclosure requirements for residential mortgage loans by clarifying that appropriate federal closing disclosures satisfy state requirements when they include all mandated information. The bill updates references to federal closing disclosure forms, replacing the outdated “HUD 1 or HUD 1A settlement statement” with the TILA-RESPA Integrated Disclosure (TRID) closing disclosure or other applicable federal closing disclosure. Prior law required the closing statement to be signed only by the broker, lender, or closing representative, while the amended statute now requires signatures from both the broker, lender, or closing representative and all borrowers. The bill also adds a new disclosure requirement, mandating that closing statements include “the late payment penalty maximum” and that the federal closing disclosures include late payment penalty language as set forth in §§ 46A-3-112 and 113. Previously, the statute required only disclosure of “the charge to be imposed for past-due installments” without specifying the maximum penalty. The law is effective June 10.