2010 Pennsylvania Code
Title 7 - BANKS AND BANKING
Chapter 61 - Mortgage Loan Industry Licensing and Consumer Protection
6139 - Suspension, revocation or refusal.

     § 6139.  Suspension, revocation or refusal.
        (a)  Departmental action.--The department may suspend, revoke
     or refuse to renew a license issued under this chapter if any
     fact or condition exists or is discovered which, if it had
     existed or had been discovered at the time of filing of the
     application for the license, would have warranted the department
     in refusing to issue the license or if a licensee or director,
     officer, partner, employee or owner of a licensee has:
            (1)  Made a material misstatement in an application or
        any report or submission required by this chapter or any
        department regulation, statement of policy or order.
            (2)  Failed to comply with or violated any provision of
        this chapter or any regulation or order promulgated or issued
        by the department under this chapter.
            (3)  Engaged in dishonest, fraudulent or illegal
        practices or conduct in a business or unfair or unethical
        practices or conduct in connection with the mortgage loan
        business.
            (4)  Been convicted of or pleaded guilty or nolo
        contendere to a crime of moral turpitude or felony.
            (5)  Permanently or temporarily been enjoined by a court
        of competent jurisdiction from engaging in or continuing
        conduct or a practice involving an aspect of the mortgage
        loan business.
            (6)  Become the subject of an order of the department
        denying, suspending or revoking a license applied for or
        issued under this chapter.
            (7)  Become the subject of a United States Postal Service
        fraud order.
            (8)  Failed to comply with the requirements of this
        chapter to make and keep records prescribed by regulation,
        statement of policy or order of the department, to produce
        records required by the department or to file financial
        reports or other information that the department by
        regulation, statement of policy or order may require.
            (9)  Become the subject of an order of the department
        denying, suspending or revoking a license under the
        provisions of any other law administered by the department.
            (10)  Demonstrated negligence or incompetence in
        performing an act for which the licensee is required to hold
        a license under this chapter.
            (11)  Accepted an advance fee without having obtained the
        bond required by section 6131(d)(1) or (e)(1) (relating to
        application for license).
            (12)  Become insolvent, meaning that the liabilities of
        the applicant or licensee exceed the assets of the applicant
        or licensee or that the applicant or licensee cannot meet the
        obligations of the applicant or licensee as they mature or is
        in such financial condition that the applicant or licensee
        cannot continue in business with safety to the customers of
        the applicant or licensee.
            (13)  Failed to complete the requirements of section
        6131.1 (relating to prelicensing and continuing education).
            (14)  In the case of a mortgage broker, mortgage lender
        or mortgage loan correspondent, conducted the mortgage loan
        business through an unlicensed mortgage originator.
            (15)  Failed to comply with the terms of any agreement
        under which the department authorizes a licensee to maintain
        records at a place other than the licensee's principal place
        of business.
        (b)  Reinstatement.--The department may reinstate a license
     which was previously suspended, revoked or denied renewal if all
     of the following exist:
            (1)  The condition which warranted the original action
        has been corrected to the department's satisfaction.
            (2)  The department has reason to believe that the
        condition is not likely to occur again.
            (3)  The licensee satisfies all other requirements of
        this chapter.
     (Aug. 5, 2009, P.L.117, No.31, eff. imd.)

        2009 Amendment.  Act 31 amended subsecs. (a)(13) and (b).
        Cross References.  Section 6139 is referred to in sections
     6133, 6140 of this title.