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| THE GENERAL ASSEMBLY OF PENNSYLVANIA |
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| HOUSE BILL |
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| INTRODUCED BY KESSLER, DALEY, SEIP, COHEN, BRENNAN, FREEMAN, GOODMAN, HALUSKA, HARKINS, HESS, JOSEPHS, KORTZ, LONGIETTI, MAHONEY, MANN, McGEEHAN, MELIO, MUNDY, PARKER, QUINN, SIPTROTH, STABACK, VULAKOVICH, WHITE AND YUDICHAK, MARCH 18, 2009 |
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| REFERRED TO COMMITTEE ON COMMERCE, MARCH 18, 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 |
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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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