Vote Smart's Synopsis:

Vote to pass a bill that exempts banking institutions and credit unions in Pennsylvania from mortgage loan industry licensing requirements.

Highlights:

• Defines “branch manager,” for the purpose of this Act, as the supervisor of a branch who is licensed as a mortgage originator (Sec. 1).

• Exempts affiliates of banking institutions and federally or state-chartered credit unions from the requirement to be licensed in order to conduct mortgage loans (Sec. 2).

• Requires affiliates of banking institutions and credit unions to ensure employees required to be licensed as mortgage originators, excluding branch managers, have obtained a mortgage originator license (Sec. 2).

• Requires mortgage originator licensees to ensure the font size on all reverse mortgage contracts and disclosures is at least 16-point (Sec. 3).

• Specifies that this Act takes effect 60 days after passage (Sec. 4).

Full Bill Text