West Virginia Mortgage Law Practice Test

Each violation of the West Virginia SAFE Act may result in a maximum civil administrative penalty of:

1. $10,000

2. $12,500

3. $15,000

4. $20,000

The correct answer is: $10,000

The maximum civil administrative penalty for each violation of the West Virginia SAFE (Secure and Fair Enforcement for Mortgage Licensing Act) Act is established at $10,000. This figure is significant as it reflects the regulatory framework designed to maintain compliance within the mortgage industry and ensure appropriate penalties for violations. The amount is structured to enforce compliance without imposing excessive penalties that could hinder the ability of mortgage professionals to operate. Understanding the specific penalty amount is crucial for mortgage professionals, as it emphasizes the importance of adhering to the regulations outlined in the SAFE Act to avoid costly sanctions.