On July 8, Gov. Edward G. Rendell signed House Bill 2179, now known as Act 2008-56, which repeals much of Pennsylvania’s “Mortgage Bankers and Brokers and Consumer Equity Protection Act” (“MBBA”) and all of Pennsylvania’s “Secondary Mortgage Loan Act” (“SMLA”) and replaces them with one, consolidated “Mortgage Loan Industry Licensing and Consumer Protection Law” (“MLILCP”). It takes effect on Nov. 4.
The main purpose of the legislation is to tighten regulation of individuals that solicit mortgage loans, increase education requirements for mortgage professionals and otherwise empower the Pennsylvania Department of Banking to take a stronger supervisory approach. However, for no apparent compelling reason, the new mortgage lending law takes the further step of doing away with the well-accepted licensing law structure that has existed under the MBBA and the SMLA and imposes an entirely new regulatory law scheme.
Licensing Originators
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