Banking Bills Reintroduced in the Senate
TO: MBA of PA Members
FROM: E. Robert Levy, Executive Director and Legislative/Regulatory Counsel
DATE: February 28, 2007
Banking Department Bills Reintroduced in the Senate
The Banking Department’s Bills that were filed in the previous Legislative Session were reintroduced in the current session by Senator Patrick M. Browne on February 21, 2007. The Bills include the licensure of loan solicitors for mortgage bankers, mortgage brokers, and secondary mortgage lenders (Senate Bills 487 and 488). The package is as follows:
SB 483 – Loan Interest Protection Law
SB 484 – Section 302 of Banking Code
SB 485 – Real Estate Appraiser Certification Act
SB 486 – Housing finance Agency Law
SB 487 – Mortgage Bankers and Brokers
SB 488 – Secondary Mortgage Loan Act
House Bills No’s 38 and 40 were also introduced this session and referred to the Committee on Commerce on January 30, 2007. These bills contain provisions we oppose that have been sought by the Consumer Advocates. We will be arranging meetings with Legislative Leaders to discuss these as well as the Bills we support.
Please arrange your calendars so you can join us in Harrisburg on Lobby Day, April 17, 2007. We will have an Orientation Meeting at 10:00 am at the Hilton Hotel (continental breakfast available at 9:00 am). A cocktail reception with Legislators follows our trip to the Statehouse, also at the Hilton. Sleeping rooms are available at the Crowne Plaza near the Hilton.
You should make appointments with Legislators that are from your area or with whom you have personal relationships. Please make an effort to attend. This is a particularly important event given the Bills that are pending and the changes that took place in the last election.
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