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Senate of Pennsylvania
SENATE DEMOCRATIC WRAP-UP FOR
THE WEEK OF |
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The Senate unanimously approved Senate Bill 483, which would add interest-rate protections for consumers by increasing the maximum interest cap from $50,000 to $200,000 for residential mortgage loans. The cap would be adjusted annually for inflation. The bill also clarifies that certain loans are exempted from the rate cap limit, including loans of more than $200,000 and any mortgage loans for a business. The bill now moves to the House for consideration.
* * * The Senate unanimously approved Senate Bill 484, which would permit the Department of Banking to release information on pending enforcement actions and fines against non-depository licensees. The bill would also require licensees to use a national electronic licensing system and obtain criminal history checks. The bill now moves to the House for consideration.
* * * The Senate voted unanimously in favor of Senate Bill 485, which would change the Real Estate Appraisers Certification Act. Under this bill, the number of certified real estate appraisers on the Certified Real Estate Appraisers Board would expand from four members to six. The bill would also add the Attorney General and the Secretary of Banking or a person they assign. The board would be able to suspend or revoke the right to practice by a Federal or State governmental agency if they performed a false appraisal. The bill is now in the House Commerce Committee.
* * * The Senate unanimously passed Senate Bill 486, which would address the increasing problem of mortgage foreclosures. The legislation would make the Housing Finance Agency designate and approve nonprofit consumer credit counseling agencies in each county and maintain an up-to-date list of these credit counseling agencies on their website. Senate Bill 486 would also standardize a procedure for dealing with the notice, institution, and repayment during foreclosure proceedings. The legislation also calls for the agency to monitor and study foreclosure activity and trends in Pennsylvania. They would provide recommendations for addressing any problems identified in this ongoing foreclosure study. The bill is now in the House.
* * * The Senate unanimously approved Senate Bill 487, which would create a new licensure category for mortgage originators who deal directly with the consumer so that their actions can be better accounted for in real estate transactions. A licensed bank, banker or broker must supervise these originators. The bill would also require licensees to complete continuing education. The bill now moves to the House for consideration.
* * * The Senate unanimously approved Senate Bill 488, which would amend the secondary-mortgage loan market practice by creating a new licensing category for those who deal directly with the consumer. The bill would also require licensees to complete continuing education. The bill now moves to the House for consideration.
* * * The Senate unanimously approved Senate Bill 1199, which would grant a military leave of absence from their educational institution to the spouse of an armed service member on active duty. The bill would also restore the educational status they had attained prior leaving for military duty. The armed service member or their spouse would not lose any academic credits earned, scholarships or grants awarded or tuition and other fees paid prior to the commencement of the military duty. The bill now moves to the House for consideration.
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