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§ 6111. License requirements

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 Pa.C.S.A. Banks and BankingEffective: April 4, 2022

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 7 Pa.C.S.A. Banks and Banking
Part II. Licensing
Chapter 61. Mortgage Loan Industry Licensing and Consumer Protection (Refs & Annos)
Subchapter B. License Requirements and Exceptions
Effective: April 4, 2022
7 Pa.C.S.A. § 6111
§ 6111. License requirements
Currentness
(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 as a mortgage broker, mortgage lender, mortgage servicer or mortgage originator as provided under this chapter. A mortgage originator may not engage in the mortgage loan business unless the mortgage originator is sponsored in the Nationwide Mortgage Licensing System and Registry by a licensed mortgage broker, mortgage lender, mortgage servicer or mortgage loan correspondent, person excepted from this chapter or person excepted from licensure under section 6112 and is under the direct supervision and control of the sponsoring licensee or excepted person.
(b) Licensed activity exceptions.--
(1) A mortgage lender may:
(i) Act as a mortgage broker without a separate mortgage broker license.
(ii) Act as a mortgage servicer without a separate mortgage servicer license for mortgage loans the mortgage lender has originated, negotiated and owns.
(2) Deleted by 2022, Feb. 3, P.L. 24, No. 8, § 2, effective in 60 days [April 4, 2022].
(3) A person licensed as a mortgage broker may only perform the services of a mortgage broker.
(4) A person only licensed as a mortgage servicer may only perform the services of a mortgage servicer.
(c) Loans for business or commercial purposes.--This chapter shall not apply to mortgage loans made for business or commercial purposes.

Credits

2008, July 8, P.L. 796, No. 56, § 1, effective in 120 days [Nov. 5, 2008]. Amended 2009, Aug. 5, P.L. 117, No. 31, § 3, imd. effective; 2013, July 2, P.L. 210, No. 38, § 1, effective in 60 days [Sept. 3, 2013]; 2017, Dec. 22, P.L. 1260, No. 81, § 2, effective upon promulgation of regulations under 7 Pa.C.S.A. § 6141 [48 Pa.B. 2493, April 28, 2018]; 2022, Feb. 3, P.L. 24, No. 8, § 2, effective in 60 days [April 4, 2022].
7 Pa.C.S.A. § 6111, PA ST 7 Pa.C.S.A. § 6111
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document