Pennsylvania HB 1882: 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 exceptions to license requirements and for general requirements.

Bill Text

PRINTER'S NO. 2342
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 1882
Session of
2025
INTRODUCED BY MUNROE, WAXMAN, FREEMAN, SANCHEZ, RIVERA, CEPEDA-
FREYTIZ, INGLIS AND HILL-EVANS, SEPTEMBER 26, 2025
REFERRED TO COMMITTEE ON COMMERCE, SEPTEMBER 26, 2025
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 exceptions to license requirements and for general
requirements.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. The definition of "branch manager" in section
6102 of Title 7 of the Pennsylvania Consolidated Statutes is
amended 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
context clearly indicates otherwise:
* * *
"Branch manager." The supervisor of a branch who is licensed
as a mortgage originator under this chapter.
* * *
Section 2. Section 6112(7)(v) of Title 7 is amended to read:
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§ 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:
* * *
(7) Affiliates of banking institutions and subsidiaries
and affiliates of federally chartered or State-chartered
credit unions. The exception under this paragraph does not
apply to consumer discount companies. Notwithstanding the
exception under this paragraph, subsidiaries and affiliates
of federally chartered or State-chartered credit unions and
affiliates of banking institutions shall:
* * *
(v) ensure employees required to be licensed as
mortgage originators, excluding branch managers, have
completed the requirements under section 6131.1 (relating
to prelicensing and continuing education) and have
obtained the required mortgage originator license.
* * *
Section 3. Section 6121 of Title 7 is amended by adding a
paragraph to read:
§ 6121. General requirements.
A licensee shall do all of the following:
* * *
(16) Ensure that font size on all reverse mortgage
contracts and disclosures is no smaller than 16-point .
Section 4. This act shall take effect in 60 days.
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