Act of Jun. 29, 2009,P.L. 51, No. 10 Cl. 07 - BANKS AND BANKING (7 PA.C.S.) - MORTGAGE LOAN BUSINESS PROHIBITIONS
Statute Update
Generated 2013-10-04 05:02:31 PM
BANKS AND BANKING (7 PA.C.S.) - MORTGAGE LOAN BUSINESS PROHIBITIONS
Act of Jun. 29, 2009,
P.L. 51,
No. 10
Cl. 07
Session of 2009
No. 2009-10
SB 170
AN ACT
Amending Title 7 (Banks and Banking) of the Pennsylvania Consolidated Statutes, further providing for mortgage loan business prohibitions.
The General Assembly of the Commonwealth of Pennsylvania hereby enacts as follows:
Section 1.
Section 6123(7) of Title 7 of the Pennsylvania Consolidated Statutes is amended to read:
§ 6123.
Mortgage loan business prohibitions.
A licensee engaging in the mortgage loan business shall not:
* * *
(7)
In the case of a mortgage broker or mortgage originator, commit to close or close mortgage loans in its own name, service mortgage loans, enter into lock-in agreements or collect lock-in fees[,]
or be or designate the exclusive recipient of notices or other communications sent from a lender or servicer to a consumer,
provided, however, that a mortgage broker or mortgage originator can provide a lender's lock-in agreement to a consumer on behalf of that lender and collect lock-in fees payable to that lender on the lender's behalf.
* * *
Section 2.
This act shall take effect in 60 days.
APPROVED--The 29th day of June, A.D. 2009.
EDWARD G. RENDELL