Pennsylvania Administrative Code

§ 41.6. General. (a) A prospective licensee shall notify the Administrator of a contemplated purchase of contracts from a licensee and furnish the name and address of the licensee from whom the contracts will be purchased, the total number of contracts to be purchased, and the to…

§ 42.1. Definitions. The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise: Act—The Credit Services Act (73 P. S. § § 2181—2192). Applicant—A person who, in accordance with this chapter, has submitted…

§ 42.2. Applicability. This chapter applies to all loan brokers who act as loan brokers in this Commonwealth or on behalf of the residents of this Commonwealth.

§ 42.3. Registration required. (a) On or after December 20, 1997, a person may not act as a loan broker in this Commonwealth without registering with the Department. (b) To register as a loan broker, a person shall submit to the Department: (1) A completed registration applicatio…

§ 42.4. Annual renewal required. (a) Annually, the Department will mail to each registered loan broker an application for renewal of the loan broker’s registration. (b) On or before December 1 of each year, a loan broker shall return the following to the Department: (1) A complet…

§ 42.5. Disapproval of registration. (a) The Department may refuse to register or renew the registration of an applicant. Notifications of refusal by the Department to register or renew the registration of an applicant shall include the reason for the refusal. In determining whet…

§ 42.6. Information to the Department (a) In completing the registration application or renewal registration application, the applicant shall provide the Department with the following information: (1) The name, address and telephone number of the applicant. (2) The address at whi…

§ 42.7. Failure to register. A person who acts or holds himself out as a loan broker and is not registered with the Department under this chapter is in violation of the Unfair Trade Practices and Consumer Protection Law (73 P. S. § § 201-1—209-6.).

§ 46.1. Definitions. The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise: Advertising—As defined in 12 CFR 226.2(a)(2) (relating to definitions and rules of construction). Applicant—A person who sub…

§ 46.2. Proper conduct of lending and brokering in the mortgage loan business. (a) Advertising. A licensee may not engage in false or misleading advertising. (b) Disclosures to applicant. On a form prescribed by the Department, a licensee who takes an application shall disclose t…

§ 46.3. Enforcement. (a) Violations. Violations of this chapter shall be violations of the Mortgage Act and CDCA, as applicable. (b) Interpretation of chapter. If a loan is made in good faith in conformity with an interpretation of this chapter by the Department or the courts of …

§ 47.1. Definitions. The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise: Acts—The MLA and the CDCA. Advance fee—Any funds requested by or to be paid to a licensee in advance of or during the proces…

§ 47.2. Purpose. This chapter provides guidance to licensees under the acts who wish to engage in mortgage loan modification activities. Many licensees have expressed a belief that their experience and expertise in the business of originating mortgage loans equates to a similar e…

§ 47.3. Provision of mortgage loan modification counseling to borrowers. A licensee who wishes to provide mortgage loan modifications for mortgage loans other than those held or serviced by the licensee should do one of the following: (1) Be approved as a counselor by a governmen…

§ 47.4. Options other than licensee mortgage loan modification. Prior to contracting with a borrower to perform a mortgage loan modification, a licensee should inform the borrower of other appropriate options to resolve a delinquent mortgage loan, which may include: (1) Repayment…

§ 47.5. Improper activities regarding mortgage loan modifications. A licensee providing mortgage loan modifications should not: (1) Provide mortgage loan modifications for mortgage loans other than those held or serviced by the licensee in a manner inconsistent with § 47.3 (relat…

§ 47.6. Credit Services Act applicability to mortgage loan modifications. A mortgage broker or mortgage originator providing mortgage loan modifications may be considered to be a ‘‘credit services organization’’ as that term is defined in section 2 of the Credit Services Act (73 …

§ 48.1. Definitions. The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise: Act—7 Pa.C.S. Chapter 61 (relating to mortgage loan industry licensing and consumer protection). Licensee—A licensee as defi…

§ 48.2. Purpose. The purpose of this chapter is to provide guidance to licensees under the act regarding what constitutes dishonest, fraudulent or illegal practices or conduct in any business, unfair or unethical practices or conduct in connection with the mortgage loan business …

§ 48.3. Dishonest, fraudulent, illegal, unfair or unethical, or negligent or incompetent practices or conduct in the mortgage loan business. The following paragraphs provide guidance as to what the Department will consider when reviewing licensee conduct for dishonest, fraudulent…

§ 49.1. Definitions. Applicant—A person who submits an application for a reverse mortgage loan. CDCA—The Consumer Discount Company Act (7 P. S. § § 6201—6219). Disbursements—Disbursements made by a licensee or assignee at or after the closing of a mortgage loan, including advance…

§ 49.2. Purpose. (a) This chapter provides guidance to licensees regarding the Department’s interpretation of the proper conduct of making, originating or servicing reverse mortgage loans and to inform licensees of the proper use of, and risks associated with, reverse mortgage lo…

§ 49.3. Reverse mortgage practices. (a) Financial strength. (1) A licensee lender should not offer reverse mortgage loans unless it has the financial ability to make disbursements and service the reverse mortgage loans as required. By their nature, reverse mortgage loans present …

§ 5.1. Definitions. The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise: Bank—The term as defined in section 102(f) of the Banking Code (7 P.S. § 102(f)). Bank and trust company—The term as defined …

§ 5.2. Semiannual assessment for banks, bank and trust companies, credit unions and savings banks. (a) Banks, bank and trust companies, credit unions and savings banks shall pay a semiannual assessment to the Department. (b) The semiannual assessment on banks, bank and trust comp…

§ 5.3. Semiannual assessment for trust companies. (a) Trust companies shall pay a semiannual assessment to the Department. (b) The semiannual assessment on trust companies will be calculated on consolidated total assets plus fiduciary assets as follows: If the amount of the conso…

§ 5.5. Adjustments to assessments; invoicing. (a) Adjustments. (1) Adjustment to assessments. The Department may increase the amount of assessments generated by the calculations in § § 5.2 and 5.3 (relating to semiannual assessment for banks, bank and trust companies, credit unio…

§ 501.011. Criminal referrals. (a) The Department may: (1) Take action as it considers necessary to institute a prosecution or obtain a conviction for offenses as set forth in section 511 of the act (70 P.S. § 1-511). (2) Refer the evidence as is available concerning any violatio…

§ 504.060. Rescission offers. (a) A person proposing to make an offer under section 504(d) or (e) of the act (70 P.S. § 1-504(d) and (e)) shall follow the procedure for the registration of securities by qualification, as described in sections 206 and 207 of the act (70 P.S. § § 1…

§ 513.010. Rescission orders. When the Department, under section 513 of the act (70 P.S. § 1-513), orders an issuer or control person of an issuer to effect a rescission offer, the rescission offer shall be effected in accordance with § 504.060(a) (relating to rescission offers) …

§ 57.1. Definitions. The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise: Act—Debt Management Services Act (63 P. S. § § 2401—2449). Certifying organization—An independent third-party offering debt …

§ 57.11. Continuing education requirements. Credit counselors and supervisors shall complete a minimum of 16 continuing education units every 2 years which meet the following criteria: (1) The continuing education units shall be earned through a registered certifying organization…

§ 57.12. Course format. A credit counselor or supervisor may complete continuing education units through a course format offered by a registered certifying organization including live instruction, web and teleconference formats.

§ 57.13. Former registered certifying organizations. (a) The Department will remove a certifying organization from the acceptable provider list posted on the Department’s web site under § 57.31(b) (relating to registration) if the certifying organization does not meet the require…

§ 57.21. Reporting. (a) The licensee shall prepare a statement verifying that the credit counselors and supervisors employed by the licensee meet the continuing education requirements. (b) The statement must include a list for each credit counselor that contains the credit counse…

§ 57.22. Recordkeeping. The licensee shall keep records regarding completion of the continuing education requirements for four license renewal periods.

§ 57.23. Compliance. The Department will verify compliance with this chapter through the methods statutorily available to the Department under the act, including examination. If the Department conducts an examination, the Department will assess examination costs on the licensee c…

§ 57.24. Enforcement. (a) A violation of this chapter is a violation of the act. (b) If the licensee violates this chapter, the Department will use the enforcement options statutorily available to it under the act, including revocation of the license, suspension of the license or…

§ 57.31. Registration. (a) The certifying organization shall submit a completed registration form to the Department to be considered an acceptable certifying organization. The Department will provide the form on the Department’s web site. (b) The Department will maintain a list o…

§ 57.32. Criteria. The Department will consider the certifying organization to be an acceptable continuing education provider if the certifying organization: (1) Submits the registration form to the Department. (2) Requires at least 16 continuing education units for credit counse…

§ 57.33. Verification. The Department will request that the registered certifying organization resubmit the registration form to the Department every 24 months as verification that the certifying organization continues to meet the criteria listed in § 57.32 (relating to criteria)…

§ 59.1. Purpose. In accordance with 7 Pa.C.S. § 6141 (relating to mortgage servicers) this chapter is intended to set forth mortgage servicing criteria and standards that incorporate the Consumer Financial Protection Bureau’s mortgage servicer regulations in 12 CFR Part 1024, Sub…

§ 59.10. General servicing policies, procedures, and requirements. (a) Reasonable policies and procedures. A servicer shall maintain policies and procedures that are reasonably designed to achieve the objectives set forth in paragraph (b) of this section. (b) Objectives. (1) Acce…

§ 59.11. Early intervention requirements for certain borrowers. (a) Live contact. Except as otherwise provided in this section, a servicer shall establish or make good faith efforts to establish a live single point of contact with a delinquent borrower no later than the 36th day …

§ 59.12. Continuity of contact. (a) In general. A servicer shall maintain policies and procedures that are reasonably designed to achieve the following objectives: (1) Assign personnel to a delinquent borrower by the time the servicer provides the borrower with the written notice…

§ 59.13. Loss mitigation procedures. (a) Enforcement and limitations. A borrower may enforce the provisions of this section pursuant to section 6(f) of Real Estate Settlement Procedures Act of 1974 (12 U.S.C.A. § 2605(f)). Nothing in this Section imposes a duty on a servicer to p…

§ 59.14. Coordination with existing law. Nothing in this chapter pre-empts or alters the requirements of the act of January 30, 1974 (P.L. 13, No. 6) (Act 6) (41 P.S. § § 101—605), and the regulations in Chapter 7 (relating to residential real estate transactions), or the require…