West Virginia Mortgage Law Practice Test

The Commissioner is allowed to issue civil penalties of up to how much per violation for unlicensed activity?

1. $50,000

2. $15,000

3. $20,000

4. $25,000

The correct answer is: $50,000

The correct answer is that the Commissioner can issue civil penalties of up to $25,000 per violation for unlicensed activity. This aligns with the regulatory framework in West Virginia, which aims to deter individuals or entities from engaging in mortgage-related activities without the necessary licenses. The significant penalty serves as both a punitive measure and a deterrent, underscoring the importance of compliance within the industry. The other figures mentioned likely reflect misunderstanding or miscommunication regarding the applicable regulations. It’s vital for practitioners to be aware of the correct limit on penalties to ensure that they understand the consequences of unlicensed activity in mortgage law within West Virginia.