PRINTER'S NO. 2694
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
2316
Session of
2022
INTRODUCED BY CEPHAS, MADDEN, BURGOS, N. NELSON, KINSEY,
HOHENSTEIN, SANCHEZ, COX, FREEMAN, KRAJEWSKI, PARKER,
DELLOSO, FIEDLER, HANBIDGE, KINKEAD, GALLOWAY, GUZMAN AND
CIRESI, JANUARY 31, 2022
REFERRED TO COMMITTEE ON COMMERCE, JANUARY 31, 2022
AN ACT
Amending Title 7 (Banks and Banking) of the Pennsylvania
Consolidated Statutes, in mortgage loan industry licensing
and consumer protection, further providing for general
requirements.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 6121 of Title 7 of the Pennsylvania
Consolidated Statutes is amended by adding a paragraph to read:
ยง 6121. General requirements.
A licensee shall do all of the following:
* * *
(16) If the licensee accepts applications for reverse
mortgage loans:
(i) Provide in-person , face-to-face housing
counseling to the applicants from a housing counseling
agency that is approved by the United States Department
of Housing and Urban Development in this Commonwealth.
(ii) The housing counseling agency shall provide
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