Title 7, BANKS AND BANKING

(a) Scope.--This chapter relates to mortgage loan industry licensing and consumer protection. This chapter does not apply to a banking institution or federally chartered or State-chartered credit union, if the primary regulator of the banking institution or federally or State-cha…

The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise: "Administrative or clerical tasks." The receipt, collection and distribution of information common for the processing, s…

(a) General rule.--Except as provided under subsections (b) and (c) and section 6112 (relating to exceptions to license requirements), on and after the effective date of this section, no person shall engage in the mortgage loan business in this Commonwealth without being licensed…

The following persons shall not be required to be licensed under this chapter in order to conduct the mortgage loan business: (1) A banking institution or a federally chartered or State-chartered credit union, if the primary regulator of the banking institution or federally chart…

A licensee shall do all of the following: (1) Comply with all provisions of the act of January 30, 1974 (P.L.13, No.6), referred to as the Loan Interest and Protection Law (Usury Law). This paragraph shall not supersede section 501 of the Depository Institutions Deregulation and …

(a) Mortgage lenders.--If they are in compliance with the provisions of this chapter, mortgage lenders shall have the power and authority: (1) To make first and secondary mortgage loans and, subject to the limitations of this chapter, to charge and collect interest, discount poin…

(a) Mortgage loan business prohibitions.--A licensee engaging in the mortgage loan business shall not: (1) Charge, contract for, collect or receive charges, fees, premiums, commissions or other considerations in excess of the limitations of those contained in this chapter. (2) Di…

No writing of any kind executed in connection with a mortgage loan shall contain: (1) An agreement whereby the consumer waives any rights accruing to the consumer under the provisions of this chapter. (2) An irrevocable wage assignment of, or order for the payment of, any salary,…

(a) First mortgage loans.--Mortgage lenders engaged in the first mortgage loan business may make first mortgage loans pursuant to: (1) the act of January 30, 1974 (P.L.13, No.6), referred to as the Loan Interest and Protection Law; or (2) if the licensee is qualified, applicable …

The following shall apply: (1) A mortgage lender may make open-end loans and may contract for and receive thereon interest and charges as set forth under this chapter. (2) A mortgage lender shall not compound interest by adding any unpaid interest authorized by this section to th…

(a) Contents.--An application for a license under this chapter shall be on a form prescribed and provided by the department. Consistent with sections 202 E and 405 F(1) of the act of May 15, 1933 (P.L.565, No.111), known as the Department of Banking and Securities Code, all appli…

(a) General requirements.-- (1) Applicants shall complete prelicensing education required under subsection (b) and pass a written test regarding the education under subsection (c) in order to obtain a license under this chapter. (2) Licensees shall complete continuing education r…

(a) Initial application fees.--Except as set forth in subsections (a.1) and (d)(1), an applicant shall pay to the department at the time an application is filed an initial nonrefundable application fee as set forth under this subsection. (1) For mortgage lenders, $1,500 for the p…

(a) Time limit.--Within 60 days after a completed application is received, the department shall either issue a license or, for any reason which the department may refuse to issue a license under this section or for which the department may suspend, revoke or refuse to renew a lic…

A license issued by the department shall be subject to all of the following limitations: (1) Be renewed on the licensee's renewal date each year upon completion of the requirements of section 6131(h) (relating to application for license). No refund of any portion of the license f…

(a) Requirements of licensee.-- (1) (Deleted by amendment). (2) Each licensee shall maintain at its principal place of business, or at another place if agreed to by the department, the original or a copy of any books, accounts, records and documents, or electronic or similar acce…

(a) Name and changes to name.--A licensee cannot transact any business under this chapter under any other name or names except those names designated in its license. A mortgage originator may not use any other name other than the mortgage originator's personal legal name. A licen…

Upon satisfying the department that all creditors of a licensee have been paid or that other arrangements satisfactory to the creditors and the department have been made, a licensee may voluntarily surrender its license to the department by providing the department or the Nationw…

(a) General authority.--The department shall have the authority to: (1) Examine any instrument, document, account, book, record or file of a licensee or any person having a connection to the licensee or make other investigation as may be necessary to administer the provisions of …

(a) Departmental action.--The department may suspend, revoke or refuse to renew a license issued under this chapter if any fact or condition exists or is discovered which, if it had existed or had been discovered at the time of filing of the application for the license, would hav…

(a) Persons operating without licenses.--A person subject to the provisions of this chapter and not licensed by the department who violates any provision of this chapter or who commits any action which would subject a license to suspension, revocation or nonrenewal under section …

(a) Regulatory coordination.--In order to implement this chapter as applicable to mortgage servicers, the following apply: (1) Subject to paragraph (2), the department shall promulgate regulations which effectively incorporate the Consumer Financial Protection Bureau's mortgage s…

The provisions of this chapter shall apply to: (1) Any mortgage loan which is: (i) negotiated, offered or otherwise transacted within this Commonwealth, in whole or in part, whether by the ultimate lender or any other person; (ii) made or executed within this Commonwealth; or (ii…

The following apply: (1) A political subdivision may not enact or enforce any ordinance, resolution or regulation pertaining to the financial or lending activities of a person that: (i) is subject to the jurisdiction of the department, including activities subject to this chapter…

Nothing contained in this chapter shall be construed to impair or affect first or secondary mortgage loans executed prior to the effective date of this chapter.

2013 Repeal. Section 6154 was repealed July 2, 2013, P.L.210, No.38, effective in 60 days.