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Governor signs five mortgage bills in Pa.
READING, Pa. (7/10/08)--Pennsylvania Gov. Ed Rendell Tuesday signed five bills to protect homebuyers, strengthen oversight of the mortgage industry and end key lending practices that leave
Pennsylvania Gov. Ed Rendell noted that the mortgage process "needed tougher oversight. We're going a long way toward putting that oversight in place today." (Photos provided by the Pennsylvania Credit Union Association)
homeowners vulnerable to foreclosure, said the Pennsylvania Credit Union Association (PCUA). He also urged current homeowners worried about meeting their mortgage obligations to call the state for help (Life is a Highway July 9). A representative of PCUA--Christina Mihalik, assistant vice president of governmental affairs--attended the signing ceremony in Reading. The new laws:
From left, Christina Mihalik, assistant vice president, governmental affairs at the Pennsylvania Credit Union Association, meets with officials who played key roles in the state's mortgage reform legislation, including Dave Callen, majority executive director of the House Commerce Committee; Rep. Peter Daley, chairman of the House Commerce Committee; and Lesley Crozier, legislative assistant to Sen. Patrick Browne.
* Require loan salespeople to be licensed by the state Department of Banking (H.B. 2179); * Allow the department to more quickly inform the public about enforcement activities against mortgage companies (S.B. 484); * Restrict prepayment penalties (S.B. 483); * Increase fines for misconduct by real estate appraisers (S.B. 485); and * Require mortgage companies to notify the state when they intend to foreclose (S.B. 486).
Also attending were: Secretary of Banking Steve Kaplan and Executive Assistant to the Secretary Paul Wentzel; State Rep. Peter Daley, chairman of the House Commerce Committee; Rep. David Kessler; Rep. Dante Santoni; Rep. John Siptroth; Rep. Curtis Thomas; Sen. Michael Brubaker; Sen. Christine Tartaglione; Sen. Michael O’Pake; and Brian Hudson of the Housing Finance Authority.
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