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House Co-Sponsorship Memoranda
House of Representatives
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | January 17, 2013 11:40 AM |
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| From: | Representative Mario M. Scavello |
| To: | All House members |
| Subject: | Amendment to Title 7 (Banks and Banking) further providing for exceptions to license requirements |
| I am re-introducing legislation to amend Title 7 (Banks and Banking) to further provide for exceptions to license requirements (former HB1931 2011-12 Session). As we know, the Commonwealth's recent passage of Act 31 of 2009 removed the ability of a person to originate, negotiate, or service any mortgage in a calendar year, unless it was to an immediate family member, without having to obtain a license. This action was taken in response to the requirements in the 2008 federal Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act). In 2011, the Department of Housing and Urban Development released the final rules and regulations for the federal act. The rule interprets the SAFE Act and provides a distinction between individuals who may meet the definition of loan originator; because of the activities they carry out, versus those individuals who "engage in the business of a loan originator, means not every individual is necessarily subject to the SAFE Act. In the near future, I will be introducing legislation to restore a person's ability to originate, offer, negotiate, or service less than four mortgages loans in a calendar year. The bill will amend Title 7, Sec. 6112 (3), Exceptions to license requirements. Former co-sponsors: HELM , DALEY , AUMENT, BEAR , BOYD , BRENNAN , R. BROWN, BUXTON , CALTAGIRONE , CARROLL , D. COSTA, DENLINGER , GINGRICH , GRELL , GROVE, HARKINS , HICKERNELL , KRIEGER, MANN , MILLARD , MUSTIO , PRESTON , READSHAW , SAINATO , SANTONI , K. SMITH , SWANGER , YOUNGBLOOD , RAVENSTAHL, DEASY and PEIFER Legislation attached |
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| View Attachment | ||
Introduced as HB423