Recently, the language in WV Code § 31-17-9 was updated to include that late payment penalty language is required in a detailed closing statement. Docutech’s communications with the West Virginia Division of Financial Institutions (WV DFI) confirmed that the Closing Disclosure is sufficient to meet this requirement.
The WV DFI also confirmed that the requirements outlined in WV Code § 31-17-9 apply to HELOCs. Since most HELOC transactions lack a Closing Disclosure, Docutech has added late payment penalty language to Cx19709 “WV Supplemental Closing Statement” which mirrors the language and document logic from Cx21652 “HELOC Agreement.”
These changes are available for testing on Stage & Stage 2 servers and will take effect on September 29, 2026. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
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