What is the legal consequence for each violation of the Residential Mortgage Lender, Broker and Servicer Act in West Virginia?

The appropriate consequence for a violation of the Residential Mortgage Lender, Broker, and Servicer Act in West Virginia is classified as a misdemeanor. This classification indicates that while violations are taken seriously and are subject to legal penalties, they are not classified as felonies, which are more severe offenses.

A misdemeanor typically carries less severe penalties than a felony and can include fines, community service, or a short term of imprisonment (generally less than one year). This framework is intended to ensure that mortgage professionals maintain ethical standards and compliance with regulations within the industry, while also providing a structure for addressing misconduct that does not warrant more severe criminal consequences.

Classifying violations as misdemeanors allows regulatory authorities to penalize licensees for improper conduct effectively while still encouraging adherence to industry standards, ultimately aiming to protect consumers and maintain the integrity of the mortgage lending process.