In mortgage loan industry licensing and consumer protection, further providing for definitions and for powers conferred on certain licensees engaged in the mortgage loan business; and making repeals.
Summary
SB 767 amends Pennsylvania’s banking and mortgage licensing laws to add a statutory definition of “discount points” in Title 7. The bill defines discount points as fees knowingly paid by the consumer that result in a bona fide reduction of the interest rate or time-price differential on a mortgage. It also updates the powers of licensed mortgage lenders to expressly include the ability to charge and collect discount points, alongside interest, origination fees, and delinquency charges, subject to existing legal limits.
To implement those changes, the bill repeals overlapping provisions in the Loan Interest and Protection Law, including the existing definition of “discount points” and a related section governing mortgage lending charges. The act would take effect 60 days after enactment. In practical terms, the bill is a technical and clarifying update to align mortgage lending terminology and authority across Pennsylvania’s statutes.
Impact
SB 767 would amend Title 7 of the Pennsylvania Consolidated Statutes, specifically the mortgage loan industry licensing and consumer protection provisions, by codifying a definition of discount points and clarifying that licensed mortgage lenders may charge them. It would also repeal corresponding provisions in the Loan Interest and Protection Law to avoid duplication or conflict, thereby shifting the governing language for these mortgage-related charges into Title 7. The bill primarily affects mortgage lenders, borrowers, and regulators overseeing mortgage loan disclosures and permissible loan charges.
Sentiment
The available record shows no committee transcript, recorded votes, or formal opposition, so there is no documented public debate to gauge sentiment. Based on the bill text, SB 767 appears to be a technical, clarifying measure rather than a controversial policy change. Its structure suggests a generally neutral or routine legislative purpose focused on statutory cleanup and consistency in mortgage law.
Contention
No specific points of contention are documented in the provided materials. If concerns were to arise, they would likely center on consumer mortgage costs, the transparency of discount points, or whether the repeal and re-codification could affect borrower protections. However, the bill’s text indicates it preserves existing authority while clarifying definitions, and there is no evidence in the supplied context of organized support or opposition from particular stakeholders.
In mortgage loan industry licensing and consumer protection, further providing for definitions and for powers conferred on certain licensees engaged in the mortgage loan business; and making repeals.
In mortgage loan industry licensing and consumer protection, further providing for definitions, for exceptions to license requirements and for general requirements.
Consumer credit: interest rates; prepayment penalties on certain mortgage loans made for business purposes; allow. Amends sec. 1c of 1966 PA 326 (MCL 438.31c).
Prohibits mortgagee from refusing to accept partial mortgage payments from a mortgagor which does not bring the mortgagor current on such mortgagor's mortgage debt.
Provides remote work flexibilities for licensed mortgage loan originators and staff and employees of licensed mortgage bankers, registered mortgage brokers and mortgage loan servicers under certain circumstances
An act to amend Sections 2924d, 2924h, and 2924m of the Civil Code, and to amend Sections 50612 and 50720.2 of the Health and Safety Code, relating to mortgages.