Relating to requirements for disclosures and recordkeeping, reinforcing state law regarding late fees, and clarifying that a state-specific closing disclosure is not required as long as federal closing disclosures are given accurately

HB 4792 clarifies that West Virginia mortgage lenders and brokers do not need to provide a separate state-specific closing disclosure if they accurately provide the required federal closing disclosure (such as the HUD-1A or TRID-compliant form). The bill updates state law to align with federal requirements under the Truth-in-Lending Act and Real Estate Settlement Procedures Act, ensuring borrowers receive standardized closing information. It specifically removes the need for a duplicate state form as long as all federal disclosure requirements - including late fee details and other loan terms - are fully met in the federal document. This change simplifies compliance for lenders while maintaining borrower protections.