PRINTER'S NO. 493
No. 444 Session of 1975
INTRODUCED BY O'DONNELL, IRVIS, ROMANELLI, LEDERER,
M. E. MILLER JR., REED, LEHR, RICHARDSON, HAMMOCK, BLACKWELL,
ROSS, RAPPAPORT AND COHEN, FEBRUARY 18, 1975
REFERRED TO COMMITTEE ON BUSINESS AND COMMERCE,
FEBRUARY 18, 1975
AN ACT
1 Requiring certain mortgage brokers to allocate a portion of
2 their commitments and sales for certain residential mortgages
3 and providing penalties.
4 The General Assembly of the Commonwealth of Pennsylvania
5 hereby enacts as follows:
6 Section 1. Any person who holds himself out to be in the
7 business of securing mortgage commitments which will be first
8 liens on residential real estate located within the Commonwealth
9 or any person who holds himself out to be in the business of
10 selling mortgages which are first liens on residential real
11 estate located in the Commonwealth shall allocate 2% of the
12 total commitments and sales of all mortgages made during the
13 previous year for commitments or sales for or of mortgages which
14 will be a first lien or residential real estate located in the
15 Commonwealth which do not exceed $12,000 provided that said
16 person receives applications for the allocated mortgages prior
17 to September 1. Of the 2% so allocated, one-third shall be
1 allocated to loans of $8,000 or less, one-third for loans
2 between $8,001 and $10,000 and the balance for loans between
3 $10,001 and $12,000.
4 Section 2. Any person violating the provisions of this act
5 shall be guilty of a misdemeanor and upon conviction thereof
6 shall be sentenced to pay a fine not exceeding $5,000 or undergo
7 imprisonment for a term not exceeding one year or both.
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