PRINTER'S NO. 4287
No. 2766 Session of 2008
INTRODUCED BY J. WHITE, SCHRODER, McGEEHAN, FRANKEL, HORNAMAN,
McCALL, PETRONE, PASHINSKI, KORTZ, CALTAGIRONE, MUNDY,
CREIGHTON, WALKO, GRUCELA, YOUNGBLOOD, READSHAW, SOLOBAY AND
JOSEPHS, SEPTEMBER 9, 2008
REFERRED TO COMMITTEE ON COMMERCE, SEPTEMBER 9, 2008
AN ACT
1 Amending Title 7 (Banks and Banking) of the Pennsylvania
2 Consolidated Statutes, in licensing, further providing for
3 general requirements.
4 The General Assembly of the Commonwealth of Pennsylvania
5 hereby enacts as follows:
6 Section 1. Section 6121(7), (9) and (12) of Title 7 of the
7 Pennsylvania Consolidated Statutes, added July 8, 2008 (P.L. ,
8 No.56), are amended to read:
9 § 6121. General requirements.
10 A licensee shall do all of the following:
11 * * *
12 (7) [Upon written request from the consumer, give or
13 forward to] Provide the consumer [within ten days from the
14 date of receipt of the request] a monthly written statement
15 of the consumer's account, which shall show all of the
16 following:
17 (i) The interest rate and whether it is fixed or
1 variable.
2 (ii) The dates and amounts of all installment
3 payments credited to the consumer's account[,]; the
4 dates, amounts and an explanation of all other charges or
5 credits to the account since the last statement; and the
6 unpaid balance of the account. [A licensee shall not be
7 required to furnish more than two statements in any 12-
8 month period.]
9 (iii) An accounting of any escrow amounts held by
10 the licensee to the consumer, showing amounts received
11 from the consumer and the amounts disbursed from the
12 accounts.
13 (iv) The total amount required to discharge a
14 mortgage loan and a specific expiration date for the
15 discharge information.
16 * * *
17 [(9) Provide for periodic accounting of any escrow
18 accounts held by the mortgage lender to the consumer not less
19 than annually, showing the amounts received from the consumer
20 and the amounts disbursed from the accounts.]
21 * * *
22 [(12) Upon written request from the consumer or a person
23 authorized by the consumer, provide, within ten days from the
24 date of receipt of the request, a written statement regarding
25 the unpaid balance of a consumer's mortgage loan or account.
26 The statement shall contain the total amount required to pay
27 off a mortgage loan and a specific expiration date for the
28 payoff information. A licensee shall not be required to
29 furnish more than two statements in any 12-month period.]
30 * * *
20080H2766B4287 - 2 -
1 Section 2. This act shall take effect November 5, 2008, or
2 immediately, whichever is later.
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