Section 513. Additional requirements.
(a) Reporting to credit bureaus.--A lender or its servicer shall report at least quarterly both the favorable and unfavorable payment history information of the obligor on payments due to the lender on a covered loan to a nationally recognized consumer credit reporting agency. This subsection shall not prevent a lender or its servicer from agreeing with the obligor not to report payment history information in the event of a resolved or unresolved dispute with an obligor and shall not apply to covered loans held or serviced by a lender for less than 90 days.
(b) Verification of broker licensure.--A lender shall verify that each mortgage broker with whom it does business in connection with covered loans holds a license or other authorization currently in effect to do business within this Commonwealth.
(513 added June 25, 2001, P.L.621, No.55)