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| THE GENERAL ASSEMBLY OF PENNSYLVANIA |
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| SENATE BILL |
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| INTRODUCED BY BRUBAKER, RAFFERTY, PILEGGI, D. WHITE, ALLOWAY, FERLO, FOLMER, WAUGH, YAW, O'PAKE, ERICKSON, BROWNE, LOGAN, COSTA, M. WHITE, WONDERLING AND STACK, FEBRUARY 2, 2009 |
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| REFERRED TO BANKING AND INSURANCE, FEBRUARY 2, 2009 |
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| AN ACT |
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1 | Amending Title 7 (Banks and Banking) of the Pennsylvania |
2 | Consolidated Statutes, further providing for mortgage loan |
3 | business prohibitions. |
4 | The General Assembly of the Commonwealth of Pennsylvania |
5 | hereby enacts as follows: |
6 | Section 1. Section 6123(7) of Title 7 of the Pennsylvania |
7 | Consolidated Statutes is amended to read: |
8 | § 6123. Mortgage loan business prohibitions. |
9 | A licensee engaging in the mortgage loan business shall not: |
10 | * * * |
11 | (7) In the case of a mortgage broker or mortgage |
12 | originator, commit to close or close mortgage loans in its |
13 | own name, service mortgage loans, enter into lock-in |
14 | agreements or collect lock-in fees[,] or be or designate the |
15 | exclusive recipient of notices or other communications sent |
16 | from a lender or servicer to a consumer, provided, however, |
17 | that a mortgage broker or mortgage originator can provide a |
18 | lender's lock-in agreement to a consumer on behalf of that |
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1 | lender and collect lock-in fees payable to that lender on the |
2 | lender's behalf. |
3 | * * * |
4 | Section 2. This act shall take effect in 60 days. |
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