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ARTICLE · 17 JULY 2013

Pennsylvania Amends Mortgage Licensing Act

Reed Smith
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Pennsylvania Governor Tom Corbett recent;y signed into law HB 1124, which amends the Mortgage Licensing Act.

United StatesFinance and Banking
Lauren Abbott
Lauren Abbott
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On July 2, 2013, Pennsylvania Governor Tom Corbett signed into law HB 1124, which amends the Mortgage Licensing Act ("MLA"), 7 Pa. C.S. § 6101 et seq. This bipartisan bill was first introduced by Representatives Scavello (R. Dist. 176), Heffley (R. Dist. 122), Millard (R. Dist. 109), Maher (R. Dist. 40), Carroll (D. Dist. 118), Cohen (D. Dist. 202), Helm (R. Dist. 104) and Caltagirone (D. Dist. 27), and was also supported by the Department of Banking and Securities ("Department"), which regulates and enforces the MLA.

Key amendments to the MLA as a result of the passage of HB 1124 include new exceptions to licensure and new statutory requirements, and clarify existing provisions of the MLA.

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