PRINTER'S NO. 3057
No. 2302 Session of 1976
INTRODUCED BY COHEN AND LEDERER, APRIL 1, 1976
REFERRED TO COMMITTEE ON BUSINESS AND COMMERCE, APRIL 1, 1976
AN ACT
1 Requiring banking institutions and others to disclose certain
2 information relative to mortgages and providing penalties.
3 The General Assembly of the Commonwealth of Pennsylvania
4 hereby enacts as follows:
5 Section 1. Annually, within 90 days of the close of its
6 fiscal year, every banking institution subject to regulation by
7 the Department of Banking and every person who holds himself out
8 as being in the business of securing mortgage commitments or
9 selling mortgages shall file with the Secretary of Banking a
10 statement of the geographic distribution by postal zip code
11 areas indicating the number of first mortgages placed within
12 each such area on residential real estate during the previous
13 year. In any instance where a postal zip code area encompasses
14 territory in more than one county, the statement filed with the
15 Secretary of Banking shall include an additional geographic
16 breakdown by county of the mortgages placed within the postal
17 zip code area. The statement shall show the dollar amount of
18 each such mortgage placed, the down payment and the terms
1 thereof as well as the total dollar amount of all mortgages
2 placed and the total dollar amount of first mortgages placed on
3 residential real estate broken down to mortgages under $12,000,
4 those under $10,000 and those under $8,000.
5 Section 2. Any banking institution or person violating the
6 provisions of this act shall be guilty of a misdemeanor and upon
7 conviction thereof shall be sentenced to pay a fine not
8 exceeding $5,000 or undergo imprisonment for a term not
9 exceeding one year, or both. Any term of imprisonment imposed
10 upon one other than an individual shall be served by that person
11 in charge of filing reports.
12 Section 3. This act shall take effect in 60 days.
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