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House Co-Sponsorship Memoranda
House of Representatives
Session of 2021 - 2022
Regular Session
MEMORANDUM
| Posted: | June 9, 2022 10:38 AM |
|---|---|
| From: | Representative Robert W. Mercuri |
| To: | All House members |
| Subject: | Regulation of remote mortgage brokers |
| During the early days of the COVID-19 pandemic, the mortgage brokers were among those industries that had to adapt to remote operations with almost no time to plan. The ability for them to operate remotely was first authorized on a temporary basis by a regulatory waiver and later on a permanent basis via Act 8 of 2022. As industries have continued to make the transition into permanent remote operations, they are finding the best way to serve their customers in the new economic reality. Remote mortgage brokers have identified some areas of the statutory framework that can be improved, including allowing in-person interaction with customers at branch offices and allowing flexibility in how physical records are maintained. This legislation will incorporate those suggested improvements, so that this industry can continue to adapt to the practicalities that come from remote operation. I look forward to working with you on this important legislation. |
Introduced as HB2667