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PRINTER'S NO. 838
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
697
Session of
2021
INTRODUCED BY SCAVELLO, MENSCH, ARGALL, COLLETT AND PITTMAN,
JUNE 3, 2021
REFERRED TO URBAN AFFAIRS AND HOUSING, JUNE 3, 2021
AN ACT
Amending Title 7 (Banks and Banking) of the Pennsylvania
Consolidated Statutes, in mortgage loan industry licensing
and consumer protection, further providing for definitions.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Paragraph (2) of the definition of "mortgage
originator" in section 6102 of Title 7 of the Pennsylvania
Consolidated Statutes is amended by adding a subparagraph to
read:
ยง 6102. Definitions.
The following words and phrases when used in this chapter
shall have the meanings given to them in this section unless the
context clearly indicates otherwise:
* * *
"Mortgage originator."
* * *
(2) The term does not include any of the following:
* * *
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(xi) A retailer of manufactured homes or an employee
of the retailer if the retailer or employee, as
applicable:
(A) Does not receive compensation or gain for
engaging in activities described in paragraph (1)
that is in excess of any compensation or gain
received in a comparable cash transaction.
(B) Discloses all the following to the consumer:
(I) In writing, any corporate affiliation
with any mortgage lender.
(II) If the retailer has a corporate
affiliation with any mortgage lender, at least
one unaffiliated mortgage lender.
(C) Does not directly negotiate with the
consumer or mortgage lender on loan terms, including
rates, fees and other costs.
(D) Does not represent to the public, through
advertising or other means of communicating or
providing information, including the use of business
cards, stationery, brochures, signs, rate lists or
other promotional items, that the individual can or
will perform the activities described in paragraph
(1)(i) and (ii).
* * *
Section 2. This act shall take effect in 60 days.
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