PRINTER'S NO. 1086
No. 954 Session of 1999
INTRODUCED BY ARMSTRONG, WENGER AND PICCOLA, MAY 10, 1999
REFERRED TO BANKING AND INSURANCE, MAY 10, 1999
AN ACT
1 Amending the act of December 22, 1989 (P.L.687, No.90), entitled
2 "An act providing for the regulation and licensing of
3 mortgage bankers and mortgage brokers; imposing additional
4 powers and duties on the Department of Banking and the State
5 Real Estate Commission; and providing penalties," further
6 providing for exceptions to licensure requirements.
7 The General Assembly of the Commonwealth of Pennsylvania
8 hereby enacts as follows:
9 Section 1. Section 3(b)(14) of the act of December 22, 1989
10 (P.L.687, No.90), known as the Mortgage Bankers and Brokers Act,
11 amended December 21, 1998 (P.L.987, No.131), is amended to read:
12 Section 3. License requirements and exemptions.
13 * * *
14 (b) Exceptions.--The following persons shall not be required
15 to be licensed under this act in order to conduct the first
16 mortgage loan business but shall be subject to those provisions
17 of this act as specifically provided in this section:
18 * * *
19 (14) Nonprofit corporations making mortgage loans to
1 promote home ownership or improvements for the disadvantaged
2 and nonprofit corporations making mortgage loans to promote
3 and advance the cultural traditions and lifestyle of bona
4 fide religious organizations, given that the corporation does
5 not hold itself out to the public as a first mortgage lender.
6 * * *
7 Section 2. This act shall take effect in 60 days.
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