7 Pennsylvania Consolidated Statutes Chapter 61 - Mortgage Loan Industry Licensing And Consumer Protection

• Chapter Notes

Subchapter A.  Preliminary Provisions

• Section 6101 - Scope And Short Title
  (a) Scope.--This chapter relates to mortgage loan industry licensing and consumer protection. This chapter does not apply to a banking institution or federally chartered...
• Section 6102 - Definitions
  The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly...

Subchapter B.  License Requirements and Exceptions

• Section 6111 - License Requirements
  (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...
• Section 6112 - Exceptions To License Requirements
  The following persons shall not be required to be licensed under this chapter in order to conduct the mortgage loan business: (1) A banking...

Subchapter C.  Mortgage Loan Business Restrictions and Requirements

• Section 6121 - General Requirements
  A licensee shall do all of the following: (1) Comply with all provisions of the act of January 30, 1974 (P.L.13, No.6), referred to...
• Section 6122 - Powers Conferred On Certain Licensees Engaged In The Mortgage Loan Business
  § 6122. Powers conferred on certain licensees engaged in the mortgage loan business. (a) Mortgage lenders.--If they are in compliance with the provisions of...
• Section 6123 - Mortgage Loan Business Prohibitions
  A licensee engaging in the mortgage loan business shall not: (1) Charge, contract for, collect or receive charges, fees, premiums, commissions or other considerations...
• Section 6124 - Prohibited Clauses In Mortgage Loan Documents
  No writing of any kind executed in connection with a mortgage loan shall contain: (1) An agreement whereby the consumer waives any rights accruing...
• Section 6125 - Mortgage Lending Authority
  (a) First mortgage loans.--Mortgage lenders engaged in the first mortgage loan business may make first mortgage loans pursuant to: (1) the act of January...
• Section 6126 - Requirements As To Open-end Loans
  The following shall apply: (1) A mortgage lender may make open-end loans and may contract for and receive thereon interest and charges as set...

Subchapter D.  Administrative and Licensure Provisions

• Section 6131 - Application For License
  (a) Contents.--An application for a license under this chapter shall be on a form prescribed and provided by the department. Consistent with sections 202...
• Section 6131.1 - Prelicensing And Continuing Education
  (a) General requirements.-- (1) Applicants shall complete prelicensing education required under subsection (b) and pass a written test regarding the education under subsection (c)...
• Section 6132 - License Fees
  (a) Initial application fees.--Except as set forth in subsection (d)(1), an applicant shall pay to the department at the time an application is filed...
• Section 6133 - Issuance Of License
  (a) Time limit.--Within 60 days after a completed application is received, the department shall either issue a license or, for any reason which the...
• Section 6134 - License Duration
  A license issued by the department shall be subject to all of the following limitations: (1) Be renewed on the licensee's renewal date each...
• Section 6135 - Licensee Requirements
  (a) Requirements of licensee.-- (1) (Deleted by amendment). (2) Each licensee shall maintain at its principal place of business, or at another place if...
• Section 6136 - Licensee Limitations
  (a) Name and changes to name.--A licensee cannot transact any business under this chapter under any other name or names except those names designated...
• Section 6137 - Surrender Of License
  Upon satisfying the department that all creditors of a licensee have been paid or that other arrangements satisfactory to the creditors and the department...
• Section 6138 - Authority Of Department
  (a) General authority.--The department shall have the authority to: (1) Examine any instrument, document, account, book, record or file of a licensee or any...
• Section 6139 - Suspension, Revocation Or Refusal
  (a) Departmental action.--The department may suspend, revoke or refuse to renew a license issued under this chapter if any fact or condition exists or...
• Section 6140 - Penalties
  (a) Persons operating without licenses.--A person subject to the provisions of this chapter and not licensed by the department who violates any provision of...

Subchapter E.  Miscellaneous Provisions

• Section 6151 - Applicability
  The provisions of this chapter shall apply to: (1) Any mortgage loan which is: (i) negotiated, offered or otherwise transacted within this Commonwealth, in...
• Section 6152 - Relationship To Other Laws
  The following apply: (1) A political subdivision may not enact or enforce any ordinance, resolution or regulation pertaining to the financial or lending activities...
• Section 6153 - Preservation Of Existing Contracts
  Nothing contained in this chapter shall be construed to impair or affect first or secondary mortgage loans executed prior to the effective date of...
• Section 6154 - Procedure For Determination Of Noncompliance With Federal Law (Repealed)
  § 6154. Procedure for determination of noncompliance with Federal law (Repealed). 2013 Repeal. Section 6154 was repealed July 2, 2013, P.L.210, No.38, effective in...

Last modified: October 8, 2016