31-18B-1 Legislative intent
31-18B-2 Establishment of state mortgage and industrial development investment pool; investment of workers’ compensation funds and other funds in such pool; schedule of moneys invested; authority of state board of investments to invest funds from the pool in short
31-18B-3 Housing development fund to make available state mortgage and industrial development investment pool funds for mortgages on single-family residential units; limitations upon type and size of such mortgages
31-18B-4 West Virginia economic development authority to make available state mortgage and industrial development investment pool funds for investment in industrial development; amount of funds available; interest rate specified
31-18B-5 Reversion to state Board of Investments of money not used for mortgages
31-18B-6 Interest rate charged by housing development fund; other charges; points
31-18B-7 Term of mortgage loans; renegotiation after ten years; promulgation of legislative rules
31-18B-8 Persons eligible for loans from the state mortgage and industrial development investment pool; Housing Development Fund to have sole discretion in determining who is to receive loans; discrimination prohibited
31-18B-9 Housing development fund may contract with private institutions to place and service loans or may itself provide such servicing; increasing interest rate and payment of a portion of interest to cover cost of servicing
31-18B-10 Disposition of interest income and repayments of principal
31-18B-11 Procedural rules required
31-18B-12 Rules of construction and interpretation for prompt implementation of this article

Terms Used In West Virginia Code > Chapter 31 > Article 18B - Mortgage and Industrial Development Investment Pool

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Committee substitute: Short for committee amendment in the nature of a substitute.
  • Contract: A legal written agreement that becomes binding when signed.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
    • You are late making a payment or commit some other default, triggering an increase to a penalty rate
    • The bank changes the terms of your account and you do not reject the change.
    • The rate expires (if the rate was fixed for only a certain period of time).
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.