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A01621
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
1588
Session of
2021
INTRODUCED BY MERCURI, ROTHMAN, BROOKS, DRISCOLL, GREINER,
HENNESSEY, HILL-EVANS, JOZWIAK, MIZGORSKI, NEILSON, ROWE,
RYAN AND STAMBAUGH, JUNE 9, 2021
REFERRED TO COMMITTEE ON COMMERCE, JUNE 9, 2021
AN ACT
Amending Title 7 (Banks and Banking) of the Pennsylvania
Consolidated Statutes, in mortgage loan industry licensing
and consumer protection, further providing for definitions,
for license requirements, for exceptions to license
requirements, for general requirements, for powers conferred
on certain licensees engaged in the mortgage loan business,
for mortgage loan business prohibitions, for application for
license, for prelicensing and continuing education, for
license fees, for licensee requirements, for suspension,
revocation or refusal and for mortgage servicers.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. The definitions of "branch," "installment sales
contract," "mortgage loan correspondent," "mortgage originator,"
"qualifying individual" and "wholesale table funder" in section
6102 of Title 7 of the Pennsylvania Consolidated Statutes are
amended and the section is amended by adding a definition to
read:
§ 6102. Definitions.
The following words and phrases when used in this chapter
shall have the meanings given to them in this section unless the
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