reglab/statecodes huggingface dataset:
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 41 - CONSUMER DISCOUNT COMPANIES › Section 41.6 - General

Current through Register Vol. 54, No. 28, July 13, 2024
(a) A prospective
				licensee shall notify the Administrator of a contemplated purchase of contracts
				from a licensee and furnish the name and address of the licensee from whom the
				contracts will be purchased, the total number of contracts to be purchased, and
				the total outstanding principal balances thereof. Failure to comply with this
				subsection may preclude a prospective licensee from obtaining a license. A
				licensee shall obtain prior approval of the Administrator for the purchase of
				contracts from another licensee and for the sale of contracts to another
				licensee. Requests for approval of purchase or sale of contracts shall state
				the name and address of the licensee from whom the contracts are to be
				purchased or to whom they are to be sold, the total number of contracts and the
				total outstanding principal balances thereof. A licensee may not sell or
				otherwise dispose of contracts to a person or corporation not holding a license
				under the act, unless prior written approval is obtained from the
				Administrator. The privilege of collecting the charges authorized by the act
				may not be transferred to an unlicensed purchaser. This subsection shall not
				apply to:
(1) The purchase or transfer of
				loan contracts between licensees under the same management and
				control.
(2) The occasional sale or
				transfer of a loan contract to an out-of-State affiliate to effect the
				collection thereof, or for the convenience of a consumer.
(3) The transfer of a loan contract by a
				licensee to any maker or person secondarily liable on the
				contract.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 42 - REGISTRATION OF LOAN BROKERS › Section 42.1 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
The following words and terms, when used in this chapter,
				  have the following meanings, unless the context clearly indicates
				  otherwise:
Act
-The Credit Services Act (73 P. S.
				  §§
										2181-2192).
Applicant
-A person who, in accordance with
				  this chapter, has submitted a registration application or renewal registration
				  application and applicable fees to the Department in an effort to register with
				  the Department as a loan broker.
Department
-The Department of Banking and
				  Securities of the Commonwealth.
Employee
-A person who receives wages
				  reportable under Internal Revenue Service Form W-2.
Loan broker
-As defined in section 2 of the
				  act (73 P. S. §
										2182), the
				  term includes any person who acts for or on behalf of a loan broker for the
				  purpose of soliciting borrowers. The term does not include a person licensed or
				  otherwise regulated by the Department as a loan broker under other statutes or
				  licensed, regulated or exempted under other statutes, including those
				  administered by any other agency of the Commonwealth or the United
				  States.
Principal
-An officer, director, partner,
				  joint venturer, branch manager or other person with similar managerial or
				  supervisory responsibilities for a loan broker.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 42 - REGISTRATION OF LOAN BROKERS › Section 42.2 - Applicability

Current through Register Vol. 54, No. 28, July 13, 2024
This chapter applies to all loan brokers who act as loan
				  brokers in this Commonwealth or on behalf of the residents of this
				  Commonwealth.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 42 - REGISTRATION OF LOAN BROKERS › Section 42.3 - Registration required

Current through Register Vol. 54, No. 28, July 13, 2024
(a) On or
				after December 20, 1997, a person may not act as a loan broker in this
				Commonwealth without registering with the Department.
(b) To register as a loan broker, a person
				shall submit to the Department:
(1) A
				completed registration application provided by the Department.
(2) Payment to the Department of a
				nonrefundable registration fee of $300.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 42 - REGISTRATION OF LOAN BROKERS › Section 42.4 - Annual renewal required

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
				Annually, the Department will mail to each registered loan broker an
				application for renewal of the loan broker's registration.
(b) On or before December 1 of each year, a
				loan broker shall return the following to the Department:
(1) A completed renewal registration
				application provided by the Department.
(2) Payment of a renewal registration fee of
				$300.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 42 - REGISTRATION OF LOAN BROKERS › Section 42.5 - Disapproval of registration

Current through Register Vol. 54, No. 28, July 13, 2024
(a) The
				Department may refuse to register or renew the registration of an applicant.
				Notifications of refusal by the Department to register or renew the
				registration of an applicant shall include the reason for the refusal. In
				determining whether to refuse to register or renew the registration of an
				applicant, the Department will weigh all relevant factors including the
				following:
(1) Whether the applicant has
				properly and fully completed the registration application or the registration
				renewal application.
(2) Whether
				the applicant has supplied false information or made a material misstatement to
				the Department.
(3) Whether the
				applicant or any principal or employe of the applicant has violated the
				act.
(4) Whether the applicant or
				any principal or employe of the applicant is subject to an administrative order
				issued by an agency of the Commonwealth, another state or the United States,
				which supervises or regulates any financial industry, including the lender,
				broker of loans, securities, annuities, insurance and tax industries.
(5) Whether the applicant, any principal of
				the applicant or any organization with which the applicant or any principal of
				the applicant was associated as an officer, director or principal, has applied
				to any state or to the Federal government for a license or authority to broker
				loans or to lend money and had the application for a license rejected, and the
				reasons for the rejection.
(6)
				Whether the applicant, any principal of the applicant or any organization with
				which the applicant or any principal of the applicant was associated as an
				officer, director or principal, which was licensed or authorized by any state
				or the Federal government to broker loans or to lend money, had the license
				suspended, canceled or revoked.
(7)
				Whether the applicant or any principal or employe of the applicant has ever
				pleaded guilty, pleaded nolo contendere or has ever been found guilty by a
				judge or jury for violation of any state or Federal law involving financial
				crimes, including those involving lending, brokering of loans, securities,
				annuities, insurance and tax matters.
(8) Whether the applicant or any principal or
				employe of the applicant is subject to a civil or criminal proceeding by any
				state or Federal agency involving any financial matter, including lending,
				brokering loans, securities, insurance and tax matters.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 42 - REGISTRATION OF LOAN BROKERS › Section 42.6 - Information to the Department

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
				In completing the registration application or renewal registration application,
				the applicant shall provide the Department with the following information:
(1) The name, address and telephone number of
				the applicant.
(2) The address at
				which the applicant acts or intends to act as a loan broker.
(3) The names and addresses of all agents and
				employes of the loan broker who act or will act as a loan broker on behalf of
				the loan broker.
(4) The names and
				addresses of all loan brokers or lenders on whose behalf the applicant acts or
				will act.
(5) The names and
				addresses of all principals of the applicant.
(6) A copy of its articles of incorporation
				or fictitious name filing to the extent applicable to the applicant.
(7) Other information required by the
				Department consistent with §
										42.5(a) (relating
				to disapproval of registration) and related matters.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 42 - REGISTRATION OF LOAN BROKERS › Section 42.7 - Failure to register

Current through Register Vol. 54, No. 28, July 13, 2024
A person who acts or holds himself out as a loan broker and
				  is not registered with the Department under this chapter is in violation of the
				  Unfair Trade Practices and Consumer Protection Law (73 P. S. §§
										201-1-209-6.).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 46 - PROPER CONDUCT OF LENDING AND BROKERAGE IN THE MORTGAGE LOAN BUSINESS › Section 46.2 - Proper conduct of lending and brokering in the mortgage loan business

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
Advertising
. A licensee may not engage in false or misleading
				advertising.
(b)
Disclosures to applicant
. On a form prescribed by the
				Department, a licensee who takes an application shall disclose the following to
				the applicant:
(1) If the lender providing
				the loan will escrow the applicable property taxes and hazard
				insurance.
(2) If the licensee is a
				lender with the ability to directly lock-in a loan interest rate.
(3) Whether the loan contains a variable
				interest rate or balloon payment feature.
(4) Whether the loan includes a prepayment
				penalty.
(5) Whether the loan has a
				negative amortization feature.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 46 - PROPER CONDUCT OF LENDING AND BROKERAGE IN THE MORTGAGE LOAN BUSINESS › Section 46.3 - Enforcement

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
Violations
. Violations of this chapter shall be violations of
				the Mortgage Act and CDCA, as applicable.
(b)
Interpretation of
				chapter
. If a loan is made in good faith in conformity with an
				interpretation of this chapter by the Department or the courts of this
				Commonwealth, a penalty for a violation of this chapter will not apply,
				notwithstanding that after the loan is consummated, the interpretation, rule or
				regulation is amended, rescinded or determined by a judicial or other authority
				to be invalid for any reason.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 47 - MORTGAGE LOAN MODIFICATIONS-STATEMENT OF POLICY › Section 47.1 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
The following words and terms, when used in this chapter,
				  have the following meanings, unless the context clearly indicates
				  otherwise:
Acts
-The MLA and the CDCA.
Advance fee
-Any funds requested by or to be
				  paid to a licensee in advance of or during the processing of a mortgage loan
				  modification.
CDCA
-The Consumer Discount Company Act
				  (7 P.
				  S. §§
										6201-6221).
Government agency
-A Federal, State or local
				  government agency, including the United States Department of Housing and Urban
				  Development and the Pennsylvania Housing Finance Agency.
Licensee
-A licensee under the MLA or CDCA or
				  partially exempt entity under the MLA.
MLA
-The Mortgage Licensing Act (7 Pa.C.S.
				  Chapter 61).
Mortgage broker
-The term as defined in
				  section 6102 of the MLA (relating to definitions).
Mortgage loan
-The term as defined in section
				  6102 of the MLA.
Mortgage loan modification
-An agreement
				  which revises the terms of an existing mortgage loan, including an agreement to
				  reduce mortgage loan payment amounts, balance or interest rate. A mortgage loan
				  modification may also include an agreement to waive any accrued or prospective
				  mortgage loan charges.
Mortgage originator
-The term as defined in
				  section 6102 of the MLA.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 47 - MORTGAGE LOAN MODIFICATIONS-STATEMENT OF POLICY › Section 47.2 - Purpose

Current through Register Vol. 54, No. 28, July 13, 2024
This chapter provides guidance to licensees under the acts
				  who wish to engage in mortgage loan modification activities. Many licensees
				  have expressed a belief that their experience and expertise in the business of
				  originating mortgage loans equates to a similar expertise regarding mortgage
				  loan modifications. However, modifying a mortgage loan is not the same as
				  brokering or originating a mortgage loan. A licensee experienced in making or
				  brokering loans may not have the necessary training or experience related to
				  mortgage loan modifications to appropriately negotiate a mortgage loan
				  modification on behalf of a borrower. The guidance expressed in this chapter
				  should allow licensees to avoid placing borrowers who are struggling with their
				  existing mortgage loans into inappropriate mortgage loan
				  modifications.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 47 - MORTGAGE LOAN MODIFICATIONS-STATEMENT OF POLICY › Section 47.3 - Provision of mortgage loan modification counseling to borrowers

Current through Register Vol. 54, No. 28, July 13, 2024
A licensee who wishes to provide mortgage loan modifications
				  for mortgage loans other than those held or serviced by the licensee should do
				  one of the following:
(1) Be approved
				as a counselor by a government agency or employed by a counselor approved by a
				government agency and follow the rules, regulations, policies and guidelines of
				the approving government agency.
(2) Verify and document that the borrower has
				received counseling regarding mortgage loan modifications from a counselor
				approved by a government agency.
This section cited in 10 Pa. Code §
											47.5 (relating to improper
					 activities regarding mortgage loan
					 modifications).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 47 - MORTGAGE LOAN MODIFICATIONS-STATEMENT OF POLICY › Section 47.4 - Options other than licensee mortgage loan modification

Current through Register Vol. 54, No. 28, July 13, 2024
Prior to contracting with a borrower to perform a mortgage
				  loan modification, a licensee should inform the borrower of other appropriate
				  options to resolve a delinquent mortgage loan, which may include:
(1) Repayment of the mortgage loan according
				to the contracted terms.
(2) A
				self-negotiated mortgage loan modification.
(3) Sale of the property which is collateral
				for the mortgage loan.
(4) Filing
				for personal bankruptcy.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 47 - MORTGAGE LOAN MODIFICATIONS-STATEMENT OF POLICY › Section 47.5 - Improper activities regarding mortgage loan modifications

Current through Register Vol. 54, No. 28, July 13, 2024
A licensee providing mortgage loan modifications should
				  not:
(1) Provide mortgage loan
				modifications for mortgage loans other than those held or serviced by the
				licensee in a manner inconsistent with §
									47.3 (relating to provision of
				mortgage loan modification counseling to borrowers).
(2) Advise, encourage or permit a borrower to
				stop or delay making regularly scheduled payments on an existing mortgage loan
				unless a mortgage loan modification is completely negotiated and executed with
				the holder or servicer of the borrower's mortgage loan and the mortgage loan
				modification provides for such a cessation or delay in making regularly
				scheduled payments on the existing mortgage loan.
(3) Accept, hold or transmit any money unless
				the licensee is operating in compliance with Federal and State law, including
				the Debt Management Services Act (63 P. S. §§
										2401-2449) and the Money Transmission
				Business Licensing Law (7 P. S. §§
										6101-6118).
(4) Charge advance fees to a borrower for a
				mortgage loan modification.
(5)
				Attempt to negotiate or contract with a borrower for a mortgage loan
				modification which the licensee knows or has reason to believe the borrower
				will not be able to afford.
(6)
				Enter into any contract or agreement to purchase a borrower's
				property.
(7) Accept a power of
				attorney to represent a borrower or represent that the licensee has a power of
				attorney for a borrower.
(8) Fail
				in a timely manner to:
(i) Communicate with
				or on behalf of a borrower.
(ii)
				Act on any reasonable request from or take any reasonable action on behalf of a
				borrower.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 47 - MORTGAGE LOAN MODIFICATIONS-STATEMENT OF POLICY › Section 47.6 - Credit Services Act applicability to mortgage loan modifications

Current through Register Vol. 54, No. 28, July 13, 2024
A mortgage broker or mortgage originator providing mortgage
				  loan modifications may be considered to be a "credit services organization" as
				  that term is defined in section 2 of the Credit Services Act (73 P. S. §
										2182). As such, a mortgage broker or mortgage
				  originator providing mortgage loan modifications should carefully review the
				  Credit Services Act (73 P. S. §§
										2181-2192) and, when appropriate, contact the
				  Pennsylvania Office of Attorney General regarding the Credit Services Act's
				  applicability to mortgage loan modifications.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 48 - FIRST MORTGAGE LOAN BUSINESS PRACTICES-STATEMENT OF POLICY › Section 48.1 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
The following words and terms, when used in this chapter,
				  have the following meanings, unless the context clearly indicates
				  otherwise:
Act
-7 Pa.C.S. Chapter 61 (relating to
				  mortgage loan industry licensing and consumer protection).
Licensee
-A licensee as defined in
				  7
				  Pa.C.S. §
										6102 (relating to
				  definitions).
Mortgage broker
-A mortgage broker as defined
				  in 7 Pa.C.S. §
										6102.
Mortgage lender
-A mortgage lender as defined
				  in 7 Pa.C.S. §
										6102.
Mortgage loan business
-The mortgage loan
				  business as defined in
				  7
				  Pa.C.S. §
										6102.
Mortgage loan correspondent
-A mortgage loan
				  correspondent as defined in
				  7
				  Pa.C.S. §
										6102.
Mortgage originator
-A mortgage originator as
				  defined in
				  7
				  Pa.C.S. §
										6102.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 48 - FIRST MORTGAGE LOAN BUSINESS PRACTICES-STATEMENT OF POLICY › Section 48.2 - Purpose

Current through Register Vol. 54, No. 28, July 13, 2024
The purpose of this chapter is to provide guidance to
				  licensees under the act regarding what constitutes dishonest, fraudulent or
				  illegal practices or conduct in any business, unfair or unethical practices or
				  conduct in connection with the mortgage loan business and negligence or
				  incompetence in performing any act for which a licensee is required to hold a
				  license under the act, as contemplated under
				  7
				  Pa.C.S. §
										6139(a)(3) and
				  (10) (relating to suspension revocation or
				  refusal). Conduct or practices that the Department believes to be dishonest,
				  fraudulent, illegal, unfair, unethical, negligent or incompetent under the act
				  may result in an administrative action against the licensee by the Department
				  under
				  7
				  Pa.C.S. §
										6139(a)(3) and
				  (10), as applicable. In reviewing licensee
				  conduct and practices, the Department will consider the totality of
				  circumstances in each case, including the actions of licensees, in determining
				  whether licensee conduct and practices are inconsistent with the
				  act.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 49 - REVERSE MORTGAGES-STATEMENT OF POLICY › Section 49.2 - Purpose

Current through Register Vol. 54, No. 28, July 13, 2024
(a) This chapter
				provides guidance to licensees regarding the Department's interpretation of the
				proper conduct of making, originating or servicing reverse mortgage loans and
				to inform licensees of the proper use of, and risks associated with, reverse
				mortgage loans. Reverse mortgage loans can present eligible homeowners with
				unique benefits not available through standard mortgage loans. Because of this,
				the Department believes that reverse mortgage loans will become more available
				and widely offered to consumers in this Commonwealth. However, with these
				benefits also come unique risks to the homeowners. The vast majority of reverse
				mortgage loans that are marketed in this Commonwealth are to consumers who are
				62 years of age or older, primarily because the Federally-insured reverse
				mortgage loan program prohibits the making of reverse mortgage loans to
				borrowers who are under 62 years of age. Because of the demographic to which
				most reverse mortgage loans are marketed, the Department is concerned about the
				potential for older consumers in this Commonwealth to be victimized by either
				bad advice or outright fraud. Furthermore, the Department is concerned that as
				reverse mortgage loans become more available, licensees may not be fully
				cognizant of the propriety of, and the necessary business practices required to
				limit risks to consumers in this Commonwealth who use, reverse mortgage
				loans.
(b) Most reverse mortgage
				lenders offer insured reverse mortgage loans and must adhere to
				well-established Federal standards set through the FHA's reverse mortgage loan
				insurance program, including consumer counseling. However, proprietary reverse
				mortgage loans are not insured by the Federal government and are not required
				to follow the standards and requirements mandated by the FHA to obtain Federal
				insurance. Therefore, proprietary reverse mortgage loans present certain
				financial risks that are not present with an insured reverse mortgage loan. For
				example, in the event that a proprietary reverse mortgage lender were to fail
				or become unable to service its proprietary reverse mortgage loans, borrowers'
				anticipated income streams could be disrupted or eliminated causing unexpected
				and severe financial hardship to the borrowers. Additionally, a risk facing
				proprietary reverse mortgage lenders is a decline in the market value of a
				property serving as collateral to a level that is less than the value of the
				proprietary reverse mortgage loan. While FHA insurance provides lenders of
				insured reverse mortgage loans with protection against this risk, proprietary
				reverse mortgage lenders would have no similar protection.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 49 - REVERSE MORTGAGES-STATEMENT OF POLICY › Section 49.3 - Reverse mortgage practices

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
Financial strength.
(1) A
				licensee lender should not offer reverse mortgage loans unless it has the
				financial ability to make disbursements and service the reverse mortgage loans
				as required. By their nature, reverse mortgage loans present risks to licensee
				lenders and borrowers that are unique to the reverse mortgage industry. Unlike
				standard mortgage loans, reverse mortgage loans create a stream of payments to
				the borrower that the borrower relies on to pay other obligations and may
				require extended periods of cash outlay with no cash return for licensees.
				Reverse mortgage loans also present "crossover risk," when the outstanding
				balance of the loan exceeds the value of the property held as collateral. In
				those cases, proprietary reverse mortgage loans do not have Federal insurance
				to protect lenders against the risk of not being able to recover the value of
				their reverse mortgage loan at maturity. The risks endanger the financial
				solvency of the licensee and disbursements to borrowers. Therefore, a
				licensee's financial strength and solvency is both a matter of concern to the
				licensee and the borrower.
(2) If a
				licensee knows or suspects that its financial situation or ability to service
				disbursements is at risk, the licensee should notify the Department immediately
				to discuss possible solutions that will protect consumers as well as the
				financial health of the licensee. To evaluate whether a licensee lender has
				sufficient financial capability to offer reverse mortgage loans, the Department
				will review the overall financial condition of the licensee and in particular,
				the ability to make disbursements and service its reverse mortgage loan
				portfolio. For example, although a mortgage lender licensee under the MLA is
				required to have a minimum net worth of $250,000, the Department believes that
				it may be necessary for such a licensee who makes reverse mortgage loans to
				take additional precautions to ensure that it has the ability to make
				disbursements and service its reverse mortgage loans. Additional precautions
				could include additional capital and funding sources. The Department will
				review a licensee's capital, liquidity and other factors, such as the
				licensee's business model and available financial resources to replenish
				capital, that affect the licensee's ability to service its reverse mortgage
				loans, particularly with respect to licensees that make or service proprietary
				reverse mortgage loans. Proprietary reverse mortgage loan lenders should also
				seek measures that act as insurance against crossover risk. The measures could
				include obtaining private insurance products to mitigate the risk.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 57 - DEBT MANAGEMENT SERVICES CONTINUING EDUCATION › Subchapter A - GENERAL PROVISIONS › Section 57.1 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
The following words and terms, when used in this chapter,
					 have the following meanings, unless the context clearly indicates
					 otherwise:
Act
-Debt Management Services Act
					 (63
					 P. S. §§
											2401- 2449).
Certifying organization
-An independent
					 third-party offering debt management services certification for credit
					 counselors and continuing education courses for credit counselors and
					 supervisors.
Continuing education unit
-An hour of
					 continuing education.
Credit counselor
-An individual who
					 interacts, corresponds or otherwise communicates with a consumer on behalf of a
					 licensee to discuss, develop, implement or maintain a consumer education
					 program for the consumer regarding debt management services.
Licensee
-A debt management service
					 provider licensed by the Department under the act.
Supervisor
-An individual with direct
					 responsibility for the actions of one or more credit counselors, including a
					 manager.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 57 - DEBT MANAGEMENT SERVICES CONTINUING EDUCATION › Subchapter B - CREDIT COUNSELORS AND SUPERVISORS › Section 57.11 - Continuing education requirements

Current through Register Vol. 54, No. 28, July 13, 2024
Credit counselors and supervisors shall complete a minimum
					 of 16 continuing education units every 2 years which meet the following
					 criteria:
(1) The continuing education
				  units shall be earned through a registered certifying organization.
(2) A minimum of 1 of the 16 continuing
				  education units must relate to ethics.
(3) The continuing education units which do
				  not relate to ethics must address topics associated with consumer education
				  programs as defined in section 2 of the act (63 P. S. §
											2402).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 57 - DEBT MANAGEMENT SERVICES CONTINUING EDUCATION › Subchapter B - CREDIT COUNSELORS AND SUPERVISORS › Section 57.12 - Course format

Current through Register Vol. 54, No. 28, July 13, 2024
A credit counselor or supervisor may complete continuing
					 education units through a course format offered by a registered certifying
					 organization including live instruction, web and teleconference
					 formats.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 57 - DEBT MANAGEMENT SERVICES CONTINUING EDUCATION › Subchapter B - CREDIT COUNSELORS AND SUPERVISORS › Section 57.13 - Former registered certifying organizations

Current through Register Vol. 54, No. 28, July 13, 2024
(a) The Department will remove a certifying
				  organization from the acceptable provider list posted on the Department's web
				  site under §
										57.31(b) 
				  (relating to registration) if the certifying organization does not meet the
				  requirements of this chapter.
(b)
				  If a credit counselor or supervisor completes courses with a certifying
				  organization that the Department removes from the provider list, the Department
				  will consider the continuing education units:
(1) Valid if the credit counselor or
				  supervisor completed the units before the Department removed the certifying
				  organization from the list and the Department will not take administrative
				  action against the licensee for failing to comply with a regulation issued by
				  the Department as permitted under sections 10(2), 16 and 17 of the act
				  (63
				  P. S. §§
												2410(2),
				  2416 and
				  2417).
(2) Invalid if the credit counselor or
				  supervisor completed the units after the Department removed the certifying
				  organization from the list and the Department will consider taking
				  administrative action against the licensee for failing to comply with a
				  regulation issued by the Department as permitted under sections 10(2), 16 and
				  17 of the act.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 57 - DEBT MANAGEMENT SERVICES CONTINUING EDUCATION › Subchapter C - LICENSEES › Section 57.21 - Reporting

Current through Register Vol. 54, No. 28, July 13, 2024
(a) The licensee
				  shall prepare a statement verifying that the credit counselors and supervisors
				  employed by the licensee meet the continuing education requirements.
(b) The statement must include a list for
				  each credit counselor that contains the credit counselor's:
(1) Name.
(2) Job title.
(3) Work address.
(4) Certification number.
(5) Hire date.
(6) Certification effective date.
(7) Certification expiration date.
(8) Certifying organization.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 57 - DEBT MANAGEMENT SERVICES CONTINUING EDUCATION › Subchapter C - LICENSEES › Section 57.22 - Recordkeeping

Current through Register Vol. 54, No. 28, July 13, 2024
The licensee shall keep records regarding completion of the
					 continuing education requirements for four license renewal
					 periods.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 57 - DEBT MANAGEMENT SERVICES CONTINUING EDUCATION › Subchapter C - LICENSEES › Section 57.23 - Compliance

Current through Register Vol. 54, No. 28, July 13, 2024
The Department will verify compliance with this chapter
					 through the methods statutorily available to the Department under the act,
					 including examination. If the Department conducts an examination, the
					 Department will assess examination costs on the licensee consistent with
					 section 17(1) of the act (63 P. S. §
											2417(1)).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 57 - DEBT MANAGEMENT SERVICES CONTINUING EDUCATION › Subchapter C - LICENSEES › Section 57.24 - Enforcement

Current through Register Vol. 54, No. 28, July 13, 2024
(a) A violation of
				  this chapter is a violation of the act.
(b) If the licensee violates this chapter,
				  the Department will use the enforcement options statutorily available to it
				  under the act, including revocation of the license, suspension of the license
				  or assessment of a penalty.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 57 - DEBT MANAGEMENT SERVICES CONTINUING EDUCATION › Subchapter D - CERTIFYING ORGANIZATIONS › Section 57.31 - Registration

Current through Register Vol. 54, No. 28, July 13, 2024
(a) The certifying
				  organization shall submit a completed registration form to the Department to be
				  considered an acceptable certifying organization. The Department will provide
				  the form on the Department's web site.
(b) The Department will maintain a list of
				  registered certifying organizations on its web site at
www.dobs.pa.gov
.
This section cited in 10 Pa. Code §
												57.13 (relating to former
						registered certifying
						organizations).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 57 - DEBT MANAGEMENT SERVICES CONTINUING EDUCATION › Subchapter D - CERTIFYING ORGANIZATIONS › Section 57.32 - Criteria

Current through Register Vol. 54, No. 28, July 13, 2024
The Department will consider the certifying organization to
					 be an acceptable continuing education provider if the certifying
					 organization:
(1) Submits the
				  registration form to the Department.
(2) Requires at least 16 continuing education
				  units for credit counselor certification of which:
(i) A minimum of one continuing education
				  unit is related to ethics.
(ii) The
				  continuing education units not related to ethics address topics associated with
				  consumer education programs as defined in section 2 of the act (63 P. S. §
												2402).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 57 - DEBT MANAGEMENT SERVICES CONTINUING EDUCATION › Subchapter D - CERTIFYING ORGANIZATIONS › Section 57.33 - Verification

Current through Register Vol. 54, No. 28, July 13, 2024
The Department will request that the registered certifying
					 organization resubmit the registration form to the Department every 24 months
					 as verification that the certifying organization continues to meet the criteria
					 listed in §
										57.32 (relating to
					 criteria).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 59 - MORTGAGE SERVICING › Section 59.1 - Purpose

Current through Register Vol. 54, No. 28, July 13, 2024
In accordance with
				  7
				  Pa.C.S. §
										6141 (relating to mortgage
				  servicers) this chapter is intended to set forth mortgage servicing criteria
				  and standards that incorporate the Consumer Financial Protection Bureau's
				  mortgage servicer regulations in 12 CFR Part 1024 , Subpart C (relating to
				  mortgage servicing).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 59 - MORTGAGE SERVICING › Section 59.2 - Scope

Current through Register Vol. 54, No. 28, July 13, 2024
This chapter applies to any mortgage loan serviced by a
				  mortgage servicer licensed by the Department under
				  7
				  Pa.C.S. §
										6111 (relating to license
				  requirements).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 59 - MORTGAGE SERVICING › Section 59.4 - General disclosure requirements

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
Disclosure requirements.
(1)
Form of disclosures.
Except as otherwise provided in this chapter, disclosures required under this
				chapter must be clear and conspicuous, in writing and in a form that a
				recipient may keep. The disclosures required by this chapter may be provided in
				electronic form, subject to compliance with the consumer consent and other
				applicable provisions of the Electronic Signatures in Global and National
				Commerce Act (15 U.S.C.
				§§
											7001-7031), as set forth
				in 12 CFR
				1024.3 (relating to E-Sign applicability). A
				servicer may use commonly accepted or readily understandable abbreviations in
				complying with the disclosure requirements of this chapter.
(2)
Foreign language disclosures.
Disclosures required under this chapter may be made in a language
				other than English, provided that the disclosures are made available in English
				upon a recipient's request.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 59 - MORTGAGE SERVICING › Section 59.6 - Timely escrow payments and treatment of escrow account balances

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
Timely
				escrow disbursements required.
If the terms of a mortgage loan require
				the borrower to make payments to the servicer of the mortgage loan for deposit
				into an escrow account to pay taxes, insurance premiums, and other charges for
				the mortgaged property, the servicer shall make payments from the escrow
				account in a timely manner, that is, on or before the deadline to avoid a
				penalty, as governed by the requirements in
				12 CFR
				1024.17(k) (relating to
				escrow accounts).
(b)
Refund of escrow balance.
(1)
In general.
Except as
				provided in paragraph (b)(2) of this section, within 20 days (excluding legal
				public holidays, Saturdays, and Sundays) of a borrower's payment of a mortgage
				loan in full, a servicer shall return to the borrower any amounts remaining in
				an escrow account that is within the servicer's control.
(2)
Servicer may credit funds to a
				new escrow account.
Notwithstanding paragraph (b)(1) of this section,
				if the borrower agrees, a servicer may credit any amounts remaining in an
				escrow account that is within the servicer's control to an escrow account for a
				new mortgage loan as of the date of the settlement of the new mortgage loan if
				the new mortgage loan is provided to the borrower by a lender that:
(i) Was also the lender to whom the prior
				mortgage loan was initially payable;
(ii) Is the owner or assignee of the prior
				mortgage loan; or
(iii) Uses the
				same servicer that serviced the prior mortgage loan to service the new mortgage
				loan.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 59 - MORTGAGE SERVICING › Section 59.7 - Error resolution procedures

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
Notice of error.
A servicer shall comply with the requirements
				of this section for any written notice from the borrower that asserts an error
				and that includes the name of the borrower, information that enables the
				servicer to identify the borrower's mortgage loan account, and the error the
				borrower believes has occurred. A notice on a payment coupon or other payment
				form supplied by the servicer need not be treated by the servicer as a notice
				of error. A qualified written request that asserts an error relating to the
				servicing of a mortgage loan is a notice of error for purposes of this section,
				and a servicer must comply with all requirements applicable to a notice of
				error with respect to such qualified written request.
(b)
Scope of error resolution.
For purposes of this section, the term "error" refers to the
				following categories of covered errors:
(1)
				Failure to accept a payment that conforms to the servicer's written
				requirements for the borrower to follow in making payments.
(2) Failure to apply an accepted payment to
				principal, interest, escrow, or other charges under the terms of the mortgage
				loan and applicable law.
(3)
				Failure to credit a payment to a borrower's mortgage loan account as of the
				date of receipt in violation of
				12 CFR
				1026.36(c)(1) (relating to
				prohibited acts or practices and certain requirements for credit secured by a
				dwelling).
(4) Failure to pay
				taxes, insurance premiums, or other charges, including charges that the
				borrower and servicer have voluntarily agreed that the servicer should collect
				and pay, in a timely manner as required by §
										59.6(a) (relating
				to timely escrow payments and treatment of escrow account balances), or to
				refund an escrow account balance as required by § 59.6(b).
(5) Imposition of a fee or charge that the
				servicer lacks a reasonable basis to impose upon the borrower.
(6) Failure to provide an accurate payoff
				balance amount upon a borrower's request in violation of
				12 CFR
				1026.36(c)(3).
(7) Failure to provide accurate information
				to a borrower regarding loss mitigation options and foreclosure, as required by
				§
										59.11 (relating to early
				intervention requirements for certain borrowers).
(8) Failure to transfer accurately and timely
				information relating to the servicing of a borrower's mortgage loan account to
				a transferee servicer.
(9) Making
				the first notice or filing required by applicable law for any judicial or
				non-judicial foreclosure process in violation of §
										59.13(f) or (j) 
				(relating to loss mitigation procedures).
(10) Moving for foreclosure judgment or order
				of sale, or conducting a foreclosure sale in violation of § 59.13(g) or
				(j).
(11) Any other error relating
				to the servicing of a borrower's mortgage loan.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 59 - MORTGAGE SERVICING › Section 59.9 - Force-placed insurance

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
Definition of force-placed insurance.
(1)
In general.
For the
				purposes of this section, the term "force-placed insurance" means hazard
				insurance obtained by a servicer on behalf of the owner or assignee of a
				mortgage loan that insures the property securing such loan.
(2)
Types of insurance not considered
				force-placed insurance.
The following insurance does not constitute
				"force-placed insurance" under this section:
(i) Hazard insurance required by the Flood
				Disaster Protection Act of 1973.
(ii) Hazard insurance obtained by a borrower
				but renewed by the borrower's servicer as described in
				12 CFR
				1024.17(k)(1), (2), or (5)
				(relating to escrow accounts).
(iii) Hazard insurance obtained by a borrower
				but renewed by the borrower's servicer at its discretion, if the borrower
				agrees.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 59 - MORTGAGE SERVICING › Section 59.10 - General servicing policies, procedures, and requirements

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
Reasonable policies and procedures.
A servicer shall maintain
				policies and procedures that are reasonably designed to achieve the objectives
				set forth in paragraph (b) of this section.
(b)
Objectives.
(1)
Accessing and providing timely
				and accurate information.
The policies and procedures required by
				paragraph (a) of this section shall be reasonably designed to ensure that the
				servicer can:
(i) Provide accurate and timely
				disclosures to a borrower as required by this chapter or other applicable
				law;
(ii) Investigate, respond to,
				and, as appropriate, make corrections in response to complaints asserted by a
				borrower;
(iii) Provide a borrower
				with accurate and timely information and documents in response to the
				borrower's requests for information with respect to the borrower's mortgage
				loan;
(iv) Provide owners or
				assignees of mortgage loans with accurate and current information and documents
				about all mortgage loans they own;
(v) Submit documents or filings required for
				a foreclosure process, including documents or filings required by a court of
				competent jurisdiction, that reflect accurate and current information and that
				comply with applicable law; and
(vi)
(A)
				Upon receiving notice of the death of a borrower or of any transfer of the
				property securing a mortgage loan, promptly facilitate communication with any
				potential or confirmed successors in interest regarding the property;
(B) Upon receiving notice of the existence of
				a potential successor in interest, promptly determine the documents the
				servicer reasonably requires to confirm that person's identity and ownership
				interest in the property and promptly provide to the potential successor in
				interest a description of those documents and how the person may submit a
				written request under §
												59.8(i) (relating
				to requests for information) (including the appropriate address); and
(C) Upon the receipt of such documents,
				promptly make a confirmation determination and promptly notify the person, as
				applicable, that the servicer has confirmed the person's status, has determined
				that additional documents are required (and what those documents are), or has
				determined that the person is not a successor in interest.