PRINTER'S NO. 2519
No. 1614 Session of 2008
INTRODUCED BY BRUBAKER, ARMSTRONG, O'PAKE, FOLMER AND D. WHITE,
NOVEMBER 14, 2008
REFERRED TO BANKING AND INSURANCE, NOVEMBER 14, 2008
AN ACT
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, added July 8, 2008 (P.L.796, No.56), is
8 amended to read:
9 § 6123. Mortgage loan business prohibitions.
10 A licensee engaging in the mortgage loan business shall not:
11 * * *
12 (7) In the case of a mortgage broker or mortgage
13 originator, commit to close or close mortgage loans in its
14 own name, service mortgage loans, enter into lock-in
15 agreements or collect lock-in fees[,] or be or designate the
16 exclusive recipient of notices or other communications sent
17 from a lender or servicer to a consumer; provided, however,
18 that a mortgage broker or mortgage originator can provide a
1 lender's lock-in agreement to a consumer on behalf of that
2 lender and collect lock-in fees payable to that lender on the
3 lender's behalf.
4 * * *
5 Section 2. This act shall take effect in 60 days.
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