2022 Pennsylvania Consolidated & Unconsolidated Statutes
Act 142 - BANKS AND BANKING (7 PA.C.S.) - DEFINITIONS
Session of 2022
No. 2022-142
HB 2667
AN ACT
Amending Title 7 (Banks and Banking) of the Pennsylvania Consolidated Statutes, in preliminary provisions, further providing for definitions.
The General Assembly of the Commonwealth of Pennsylvania hereby enacts as follows:
Section 1. The definition of "remote location" in section 6102 of Title 7 of the Pennsylvania Consolidated Statutes, added February 3, 2022 (P.L.24, No.8), is amended to read:
§ 6102. Definitions.
The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:
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"Remote location." A location, other than a licensee's principal place of business or branch, where a mortgage originator sponsored by the licensee, a person excepted from this chapter or excepted from licensure under section 6112 or any other employee of the licensee, may engage in licensed activities on behalf of the licensee under all of the following conditions:
(1) The licensed activities are conducted under the supervision of the licensee.
(2) The licensee has written policies and procedures for the supervision of personnel working from the location.
(3) Access to the licensee's platforms and customer information is conducted in accordance with the licensee's comprehensive written information security plan.
(4) In-person consumer interaction does not occur at the remote location if it is his or her personal residence.
[(5) Physical records regarding the licensee's mortgage loan business are maintained at the location.]
(6) The location is not advertised or represented to consumers as an operating location of the licensee or the licensee's employees who work at the location.
(7) The location is not owned or controlled by the licensee. For the purposes of this definition, a location shall not be considered owned or controlled by a licensee if the location is under the control of a subsidiary or affiliate of the licensee, is primarily used by the subsidiary or affiliate and is only used by the licensee on an incidental basis for the convenience of consumers.
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Section 2. This act shall take effect immediately.
APPROVED--The 3rd day of November, A.D. 2022.
TOM WOLF
