§ 2182. Definitions
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 73 P.S. Trade and Commerce
73 P.S. § 2182
§ 2182. Definitions
The following words and phrases when used in this act shall have the meanings given to them in this section unless the context clearly indicates otherwise:
“Advance fee.” Any funds or consideration assessed or collected prior to closing of a loan by a loan broker.
“Borrower.” A person obtaining or desiring to obtain a loan of money, a credit card or line of credit for personal, family or household purposes.
“Buyer.” A natural person who is solicited to purchase or who purchases the services of a credit services organization.
“Credit services organization.”
(1) A person who, with respect to the extension of credit by others, sells, provides or performs or represents that he or she can or will sell, provide or perform any of the following services in return for the payment of money or other valuable consideration:
(i) Improving a buyer's credit record, history or rating.
(ii) Obtaining an extension of credit for a buyer.
(iii) Providing advice or assistance to a buyer with regard to either subparagraph (i) or (ii).
(2) The term shall not include any of the following:
(i) Any person organized, chartered or holding a license or authorization certificate to make loans or extensions of credit pursuant to the laws of the Commonwealth or the United States who is subject to regulation and supervision by an official or agency of the Commonwealth or the United States.
(ii) Any bank, bank and trust company, trust company, savings bank, Federal savings and loan association or savings bank located in this Commonwealth or savings association or any subsidiary or affiliate of such institution whose deposits are eligible for insurance by the Federal Deposit Insurance Corporation, the Savings Association Insurance Fund of the Federal Deposit Insurance Corporation or the Pennsylvania Savings Association Insurance Corporation.
(iii) Any nonprofit organization exempt from taxation under section 501(c)(3) of the Internal Revenue Code of 1954 (68A Stat. 3, 26 U.S.C. § 1 et seq.).
(iv) Any person licensed as a real estate broker where the person is acting within the course and scope of that license.
(v) Any person admitted to practice law in this Commonwealth where the person renders services within the course of such practice.
(vi) Any broker-dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission where the broker-dealer is acting within the course and scope of such regulation.
(vii) Any consumer reporting agency as defined in the Fair Credit Reporting Act (Public Law 91-508, 15 U.S.C. § 1681 et seq.).
“Extension of credit.” The right to defer payment of debt or to incur debt and defer its payment, offered or granted primarily for personal, family or household purposes.
“Loan broker.”
(1) A person who:
(i) For or in expectation of a consideration fee arranges or attempts to arrange or offers to fund a loan of money, a credit card or line of credit for personal, family or household purposes.
(ii) For or in expectation of a consideration fee assists or advises a borrower in obtaining or attempting to obtain a loan of money, a credit card, a line of credit or related guarantee, enhancement or collateral of any kind or nature.
(iii) Acts for or on behalf of a loan broker for the purpose of soliciting borrowers.
(iv) Holds himself out as a loan broker.
(2) The term shall not include:
(i) Any person organized, chartered, exempt from licensure under statute or holding a license or authorization certificate to make loans or provide credit pursuant to the laws of the Commonwealth or the United States who is subject to regulation and supervision by an official or agency of the Commonwealth or the United States.
(ii) Any bank, bank and trust company, trust company, savings bank, Federal savings and loan association or savings bank located in this Commonwealth, or savings association or any subsidiary or affiliate of such institution, whose deposits are eligible for insurance by the Federal Deposit Insurance Corporation, the Savings Association Insurance Fund of the Federal Deposit Insurance Corporation or the Pennsylvania Savings Association Insurance Corporation.
(iii) Any person licensed as a mortgage broker under the act of December 22, 1989 (P.L. 687, No. 90), known as the Mortgage Bankers and Brokers Act.1
(iv) Any person who is not required to obtain a license as a mortgage banker by reason of the exceptions contained in section 3(b)2 of the Mortgage Bankers and Brokers Act.
(v) Any person licensed as a real estate broker where the person is acting within the course and scope of that license.
(vi) Any person admitted to practice law in this Commonwealth where the person renders services within the course of such practice.
(vii) Any broker-dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission where the broker-dealer is acting within the course and scope of such regulation.
“Principal.” Any officer, director, partner, joint venturer, branch manager or other person with similar managerial or supervisory responsibilities for a loan broker.
Credits
1992, Dec. 16, P.L. 1144, No. 150, § 2, imd. effective.
Footnotes
63 P.S. § 456.01 et seq. (renumbered); see now, 7 Pa.C.S.A. § 6101 et seq.
63 P.S. § 456.03 (renumbered); see now, 7 Pa.C.S.A. § 6111.
73 P.S. § 2182, PA ST 73 P.S. § 2182
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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