2010 Pennsylvania Code
Title 7 - BANKS AND BANKING
Chapter 61 - Mortgage Loan Industry Licensing and Consumer Protection
6135 - Licensee requirements.

     § 6135.  Licensee requirements.
        (a)  Requirements of licensee.--
            (1)  A licensee who is a mortgage broker, mortgage lender
        or mortgage loan correspondent shall conspicuously display,
        at each licensed place of business, its license and copies of
        the licenses of all mortgage originators assigned to that
        location. A licensee who is a mortgage originator shall keep
        the license in the immediate possession of the licensee
        whenever the licensee is engaged in the mortgage loan
        business.
            (2)  Each licensee shall maintain at its principal place
        of business, or at another place if agreed to by the
        department, the original or a copy of any books, accounts,
        records and documents, or electronic or similar access
        thereto, of the business conducted under the license as
        prescribed by the department to enable the department to
        determine whether the business of the licensee is being
        conducted in accordance with the provisions of this chapter
        and the regulations, statements of policy or orders issued
        under this chapter. All instruments, documents, accounts,
        books and records relating to the mortgage loan business
        shall be kept separate and apart from the records of any
        other business conducted by the licensee. Records of first
        and secondary mortgage loans shall be easily distinguishable
        and easily separated. All records shall be preserved and kept
        available for investigation or examination by the department
        for a period determined by the department. The department
        shall have free access to and authorization to examine
        records maintained by the licensee. The costs of the
        examination, including travel costs, shall be borne by the
        licensee. The department may deny or revoke the authority to
        maintain records at another place for good cause in the
        interest of protection for Commonwealth consumers, including
        for the licensee's failure to provide books, accounts,
        records or documents to the department upon request.
            (3)  A mortgage broker, mortgage lender or mortgage loan
        correspondent, or a mortgage originator that is required to
        obtain and maintain its own bond coverage under section
        6131(f)(4) (relating to application for license), on a date
        determined by the department, shall file periodically as
        determined by the department, a report with the department
        setting forth such information as the department shall
        require concerning the first or secondary mortgage loan
        business conducted by the licensee during the preceding
        calendar year. The report shall be on a form provided by the
        department and shall be filed with the Nationwide Mortgage
        Licensing System and Registry. Licensees who fail to file the
        required report at the date required by the department may be
        subject to a penalty of $100 for each day after the due date
        until the report is filed.
            (4)  Each licensee shall be subject to examination by the
        department at its discretion, at which time the department
        shall have free access, during regular business hours, to the
        licensee's place or places of business and to all
        instruments, documents, accounts, books and records which
        pertain to a licensee's first or secondary mortgage loan
        business. The department may examine a licensee at any time
        if the department deems the examination to be necessary or
        desirable. The cost of any such examination shall be borne by
        the licensee.
            (5)  Each licensee shall include in all advertisements
        language indicating that the licensee is licensed by the
        department. In the case of a mortgage originator, all
        advertising shall include the name of the mortgage
        originator's employer and the mortgage originator's unique
        identifier.
        (b)  Accounting records.--The licensee's accounting records
     must be constructed and maintained in compliance with generally
     accepted accounting principles or as provided by department
     regulation.
        (c)  Copies.--If copies of instruments, documents, accounts,
     books or records are maintained under subsection (a)(2), they
     may be photostatic, microfilm or electronic copies or copies
     provided in some other manner approved by the department.
     (Aug. 5, 2009, P.L.117, No.31, eff. imd.)

        2009 Amendment.  Act 31 amended subsecs. (a)(2), (3), (4) and
     (5) and (b).
        Cross References.  Section 6135 is referred to in section
     6112 of this title.