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PRINTER'S NO. 3117
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
2302
Session of
2024
INTRODUCED BY CEPHAS, PROBST, T. DAVIS, KENYATTA, ABNEY, KINSEY,
CURRY, BOROWSKI, MAYES, BRENNAN, KRAJEWSKI, SANCHEZ, HILL-
EVANS, HOWARD, WARREN, WAXMAN, DALEY, DELLOSO, CIRESI AND
GREEN, MAY 20, 2024
REFERRED TO COMMITTEE ON AGING AND OLDER ADULT SERVICES,
MAY 20, 2024
AN ACT
Amending Title 7 (Banks and Banking) of the Pennsylvania
Consolidated Statutes, in mortgage loan industry licensing
and consumer protection, further providing for general
requirements.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 6121 of Title 7 of the Pennsylvania
Consolidated Statutes is amended by adding a paragraph to read:
ยง 6121. General requirements.
A licensee shall do all of the following:
* * *
(16) If the licensee accepts applications for reverse
mortgage loans:
(i) Provide in-person , face-to-face housing
counseling to an applicant from a housing counseling
agency that is approved by the United States Department
of Housing and Urban Development in this Commonwealth.
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The housing counseling agency shall provide advice on a
reverse mortgage loan and alternatives to a reverse
mortgage loan.
(ii) If an applicant is unable or chooses not to
schedule an in-person, face-to-face visit with a housing
counselor by either traveling to a housing counseling
agency or having an in-home visit from a counselor,
conduct the housing counseling over the telephone or
through video teleconference.
(iii) After completion of the housing counseling,
issue to the applicant a certificate that contains the
following information:
(A) The signatures of the applicant and the
housing counselor who provided the service.
(B) The date on which the housing counseling
services were provided.
(C) The name, address and telephone number of
both the applicant who received counseling and the
organization that provided the counseling.
(iv) Maintain the certificate issued under
subparagraph (iii) for the duration of the term of the
loan.
Section 2. This act shall take effect in 60 days.
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