2010 Pennsylvania Code
Title 7 - BANKS AND BANKING
Chapter 61 - Mortgage Loan Industry Licensing and Consumer Protection
6111 - License requirements.

                               SUBCHAPTER B
                   LICENSE REQUIREMENTS AND EXCEPTIONS

     Sec.
     6111.  License requirements.
     6112.  Exceptions to license requirements.
     § 6111.  License requirements.
        (a)  General rule.--Except as provided under subsections (b)
     and (c) and section 6112 (relating to exceptions to license
     requirements), on and after the effective date of this section,
     no person shall engage in the mortgage loan business in this
     Commonwealth without being licensed as a mortgage broker,
     mortgage lender, mortgage loan correspondent or mortgage
     originator as provided under this chapter. A mortgage originator
     may not engage in the mortgage loan business unless the mortgage
     originator is employed and supervised by a licensed mortgage
     broker, mortgage lender or mortgage loan correspondent, person
     excepted from this chapter or person excepted from licensure
     under section 6112.
        (b)  Licensed activity exceptions.--
            (1)  A mortgage lender may act as a mortgage broker or
        mortgage loan correspondent without a separate mortgage
        broker or mortgage loan correspondent license.
            (2)  A mortgage loan correspondent may act as a mortgage
        broker without a separate mortgage broker license.
            (3)  A person licensed as a mortgage broker may only
        perform the services of a mortgage broker.
        (c)  Loans for business or commercial purposes.--This chapter
     shall not apply to mortgage loans made for business or
     commercial purposes.
     (Aug. 5, 2009, P.L.117, No.31, eff. imd.)

        2009 Amendment.  Act 31 amended subsecs. (a) and (b).
        Cross References.  Section 6111 is referred to in section
     7331 of Title 18 (Crimes and Offenses).