Senate approves mortgage reform package

Committees hear from State Game officials, groups cut from budget

The Senate unanimously approved a six-bill package targeting predatory and other questionable mortgage lending practices in Pennsylvania as part of its activities during the session week of March 10^th, according to Senator Bob Regola (R-39).

Senate Bills 483, 484, 485, 486, 487 and 488, all approved on Tuesday, are now headed to the House of Representatives for consideration.

            “The nationwide collapse of the housing market and the revelations of predatory lending and other questionable practices make it essential that we adjust our laws to try to better protect consumers in one of their most important decisions,” said Sen. Regola.

SB 483 would amend the Loan Interest and Protection Law by increasing the monetary cap from $50,000 to $200,000 and eliminate pre-payment penalties for loans $200,000 or less.

SB 484 would permit the Department of Banking to publicly release information on pending enforcement actions and fines levied against non-depository licensees. 

SB 485 would amend the Real Estate Appraisers Certification Act regarding board membership, disciplinary measures and penalties.

SB 486 would amend the Housing Finance Agency Law to require lenders to send copies of foreclosure notices to the Pennsylvania Housing Finance Agency so that mortgage foreclosures can be monitored on a statewide basis.

SB 487 would amend the Mortgage Bankers and Brokers and Consumer Equity Protection Act by creating a new licensing category for individual mortgage originators who deal directly with the consumer by soliciting, accepting or offering to accept mortgage loan applications or negotiating mortgage loan terms. 

SB 488 would amend the Secondary Mortgage Loan Act by creating a new licensing category for individual mortgage originators who deal directly with the consumer by soliciting, accepting or offering to accept secondary mortgage loans (home equity) applications or negotiating secondary mortgage loan terms. 

In other action, the Senate Game and Fisheries Committee held a hearing Tuesday to examine deer management issues and receive the Pennsylvania Game Commission’s annual report. The hearings gave committee members an opportunity to gather information on the effect of deer management practices and get valuable feedback from interested parties.

“Managing our deer population effectively is essential so our state can continue to provide a healthy habitat for deer and abundant opportunities for sportsmen,” said Sen. Regola, a member of the Committee.  “These hearings provided an opportunity for the Committee to learn about the efforts of Game Commission to maintain a healthy deer herd across the state.”

The Executive Director of the Game Commission stated that Pennsylvania has the second-most hunters in the nation.  Hunting is a $3 billion-a-year industry and generates $214 million in state and local taxes. Last year was the safest hunting season in state history.

The Committee also heard varying opinions on deer management issues in the Commonwealth during testimony from representatives of the National Audubon Society and the Unified Sportsmen of Pennsylvania.  Video and audio of the hearing is available at www.pasenategop.com

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Contact:  Nathan Silcox (717) 787-6063