HARRISBURG, Pa. (3/13/08)--The Pennsylvania Credit Union Association applauded the state Senate's passage by unanimous vote of six bills targeting predatory and other questionable mortgage-lending practices. The bills, S.B. 484 through 488, were introduced by Sen. Pat Browne (R-Lehigh) (Life is a Highway
March 14). PCUA took an active role in negotiations to ensure homeowners were better protected without adding more unduly burdensome regulations on credit unions. "We applaud the senator's efforts and thank him for giving us an opportunity to discuss our concerns on behalf of Pennsylvania's credit unions," said Jim McCormack, PCUA president/CEO. The bills would:
* Amend the Loan Interest and Protection Law of 1974 to increase a monetary cap to $200,000 from $50,000; * Permit the state Department of Banking to publicly release information on pending enforcement actions and fines against nondepository licensees; * Amend the Real Estate Appraisers Certification Act regarding board membership, disciplinary measures and penalties; * Amend the Housing Finance Agency Law to require lenders to send copies of foreclosure notices to the Pennsylvania Housing Finance Agency so mortgage foreclosures can be monitored statewide; * Amend the Mortgage Bankers and Brokers and Consumer Equity Protection Act to create 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; * Amend the Secondary Mortgage Loan Act to create 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.
The package now heads to the Commerce Committee in the House of Representatives, said PCUA.