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For Immediate
Release
6/30/08
Sen. Browne's Mortgage Reform Bills Headed to
Governor
Legislation will provide protection for
consumers
Four bills introduced by Senator Pat Browne (R-16) targeting predatory and
other questionable mortgage lending practices in Pennsylvania are now headed to
the Governor for his signature and enactment into law.
The General Assembly has given final approval to Senate Bills 483, 484, 485
and 486 and those measures await the Governor's signature.
"I want to thank my colleagues for their support of these important bills and
I hope the Governor will soon sign these measures into law," Senator Browne
said. "While Pennsylvania has fared better than many states as a result of the
collapse of the housing market, we have many, many families suffering as a
result of questionable mortgage practices in the past. It is incumbent upon us
to adjust our banking codes and other codes to try to better protect consumers
in one of their most important decisions and that is taking on a mortgage to
secure a primary residence."
Senate Bill 483 would amend the Loan Interest and Protection Law of 1974 to
increase the monetary cap in the Act from $50,000 to $217,873. "The most
important protection is eliminating pre-payment penalties for loans $217,873 or
less," said Senator Browne.
Senate Bill 484 would permit the Department of Banking to publicly release
information on pending enforcement actions and fines levied against
non-depository licensees.
Senate Bill 485 would amend the Real Estate Appraisers Certification Act
regarding board membership, disciplinary measures and penalties.
Senate Bill 486 would amend the Housing Finance Agency Law to require
lenders to send copies of foreclosure notices to the Pennsylvania Housing
Finance Agency so that mortgage foreclosures can be monitored on a statewide
basis.
Contact:
Lesley
Crozier
(717) 787-1349
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