HB 1882 — An Act amending Title 7 (Banks and Banking) of the Pennsylvania Consolidated Statutes, in mortgage loan industry licensing and consumer protection, further providing for definitions, for exceptions to license requirements and for general requirements.

PRINTER'S NO.   2342

                     THE GENERAL ASSEMBLY OF PENNSYLVANIA



                         HOUSE BILL
                         No. 1882
                                                 Session of
                                                   2025

     INTRODUCED BY MUNROE, WAXMAN, FREEMAN, SANCHEZ, RIVERA, CEPEDA-
        FREYTIZ, INGLIS AND HILL-EVANS, SEPTEMBER 26, 2025

     REFERRED TO COMMITTEE ON COMMERCE, SEPTEMBER 26, 2025


                                      AN ACT
 1   Amending Title 7 (Banks and Banking) of the Pennsylvania
 2      Consolidated Statutes, in mortgage loan industry licensing
 3      and consumer protection, further providing for definitions,
 4      for exceptions to license requirements and for general
 5      requirements.
 6      The General Assembly of the Commonwealth of Pennsylvania
 7   hereby enacts as follows:
 8      Section 1.    The definition of "branch manager" in section
 9   6102 of Title 7 of the Pennsylvania Consolidated Statutes is
10   amended to read:
11   § 6102.    Definitions.
12      The following words and phrases when used in this chapter
13   shall have the meanings given to them in this section unless the
14   context clearly indicates otherwise:
15      * * *
16      "Branch manager."      The supervisor of a branch who is licensed
17   as a mortgage originator under this chapter.
18      * * *
19      Section 2.    Section 6112(7)(v) of Title 7 is amended to read:
 1   § 6112.    Exceptions to license requirements.
 2      The following persons shall not be required to be licensed
 3   under this chapter in order to conduct the mortgage loan
 4   business:
 5             * * *
 6             (7)     Affiliates of banking institutions and subsidiaries
 7      and affiliates of federally chartered or State-chartered
 8      credit unions. The exception under this paragraph does not
 9      apply to consumer discount companies. Notwithstanding the
10      exception under this paragraph, subsidiaries and affiliates
11      of federally chartered or State-chartered credit unions and
12      affiliates of banking institutions shall:
13                    * * *
14                    (v)    ensure employees required to be licensed as
15             mortgage originators, excluding branch managers, have
16             completed the requirements under section 6131.1 (relating
17             to prelicensing and continuing education) and have
18             obtained the required mortgage originator license.
19             * * *
20      Section 3.          Section 6121 of Title 7 is amended by adding a
21   paragraph to read:
22   § 6121.    General requirements.
23      A licensee shall do all of the following:
24             * * *
25             (16)    Ensure that font size on all reverse mortgage
26      contracts and disclosures is no smaller than 16-point.
27      Section 4.          This act shall take effect in 60 days.




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