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§ 2188. Restrictions on loan brokers

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 73 P.S. Trade and Commerce

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 73 P.S. Trade and Commerce (Refs & Annos)
Chapter 36. Credit Services Act (Refs & Annos)
73 P.S. § 2188
§ 2188. Restrictions on loan brokers
(a) Registration requirement.--Loan brokers shall be registered with the Department of Banking pursuant to regulations promulgated by the department.
(b) Registration fee.--Loan brokers seeking to be registered by the department shall pay to the department an annual registration fee of $300.
(c) Prohibited acts.--No loan broker shall:
(1) Assess or collect an advance fee from a borrower to provide services as a loan broker.
(2) Make or use any false or misleading representations or omit any material fact in the offer or sale of the services of a loan broker or engage directly or indirectly in any act that operates or would operate as fraud or deception upon any person in connection with the offer or sale of services of a loan broker, notwithstanding the absence of reliance by the buyer.
(3) Make or use any false or deceptive representation in its business dealings with a State agency or conceal a material fact from a State agency.
(d) Responsibility of principal.--Each principal of a loan broker may be held responsible for the actions of a loan broker, including its agents or employees in the course of business of the loan broker.

Credits

1992, Dec. 16, P.L. 1144, No. 150, § 8, imd. effective.
73 P.S. § 2188, PA ST 73 P.S. § 2188
Current through the end of the 2023 Regular Session. Some statute sections may be more current, see credits for details.
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