H0780B0862A00623 MSP:JMT 03/30/17 #90 A00623
AMENDMENTS TO HOUSE BILL NO. 780
Sponsor: REPRESENTATIVE MACKENZIE
Printer's No. 862
Amend Bill, page 1, line 8, by inserting after "requirements"
and providing for the promulgation of regulations to
effectively incorporate Federal regulations
Amend Bill, page 9, lines 2 through 26, by striking out "all
of the following:" in line 2, all of lines 3 through 25 and
"(viii) If" in line 26 and inserting
if
Amend Bill, page 10, line 1, by striking out all of said line
and inserting
(i) Request the mortgage holder release the lien
Amend Bill, page 10, line 9, by striking out all of said line
and inserting
(ii) Request the mortgage holder cancel any
Amend Bill, page 10, line 15, by striking out all of said
line and inserting
(iii) If a mortgage holder has delegated the
Amend Bill, page 10, lines 19 and 20, by striking out "clause
(A) or (B) " and inserting
subparagraph (i) or (ii)
Amend Bill, page 11, lines 19 through 30; page 12, lines 1
through 21; by striking out the colon in line 19, all of lines
20 through 30 on page 11, all of lines 1 through 20 and "(6)
Fail" in line 21 on page 12 and inserting
fail
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Amend Bill, page 12, lines 26 through 30; page 13, lines 1
through 19; by striking out all of said lines on said pages
Amend Bill, page 17, line 15, by striking out all of said
line and inserting
Section 8. Title 7 is amended by adding a section to read:
§ 6141. Mortgage servicers.
(a) Regulatory coordination.--In order to implement this
chapter as applicable to mortgage servicers, the following
apply:
(1) Subject to paragraph (2), the department shall
promulgate regulations which effectively incorporate the
Consumer Financial Protection Bureau's mortgage servicer
regulations at 12 CFR Pt. 1024, Subpt. C (relating to
mortgage servicing), other than 12 CFR § 1024.30 (relating to
scope).
(2) When the Federal regulations under paragraph (1) are
altered, the department shall promulgate regulations making
the appropriate incorporation.
(3) Regulations under this subsection shall not be
subject to any of the following:
(i) Sections 201, 202, 203, 204 and 205 of the act
of July 31, 1968 (P.L.769, No.240), referred to as the
Commonwealth Documents Law.
(ii) Sections 204(b) and 301(10) of the act of
October 15, 1980 (P.L.950, No.164), known as the
Commonwealth Attorneys Act.
(iii) The act of June 25, 1982 (P.L.633, No.181),
known as the Regulatory Review Act.
(b) Failure of regulatory coordination.--I f an alteration of
Federal regulations under subsection (a)(2) results in a
complete lack of Federal regulations in the area, all of the
following apply:
(1) The version of the Pennsylvania regulations in
effect at the time of the alteration shall remain in effect
for two years.
(2) During the time period under paragraph (1), the
department shall promulgate replacement regulations.
Section 9. This act shall take effect as follows:
(1) The following provisions shall take effect
immediately:
(i) The addition of 7 Pa.C.S. § 6141.
(ii) This section.
(2) The remainder of this act shall take effect upon the
effective date of regulations promulgated under 7 Pa.C.S. §
6141.
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