Act 31 of 2009 (PA House BIll 1654) was signed into law 8/5/09. It amends PA's existing mortgage licensing law. The PA Department of Banking issued a letter summarizing the requirements of the act as revised.
As noted the Mortgage Licensing Act licensing requirements do not apply to regulated banking institutions. However, "their employed mortgage originators must
register
(not license) through NMLSR according to regulations to be issued by federal regulatory agencies."
This letter is available at
www.banking.state.pa.us/banking/cwp 08/05/09
SAFE Act Legislation
The letter provides information regarding Act 31 of 2009, House Bill 1654 (P.N. 2448), which amends Pennsylvania’s existing mortgage industry licensing law, 7 Pa.C.S. Chapter 61, in order to implement the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “SAFE Act”), 12 U.S.C. § 5101 et seq.
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