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PA SB767
Bill
Status
5/22/2025
Primary Sponsor
Greg Rothman
Click for details
AI Summary
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Adds a definition of "discount points" to Title 7 (Banks and Banking) as fees knowingly paid by consumers that result in a bona fide reduction of the interest rate or time-price differential on a mortgage
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Explicitly authorizes licensed mortgage lenders to charge and collect discount points, in addition to interest, origination fees, and delinquency charges on first and secondary mortgage loans
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Repeals the existing definition of "discount points" in Section 101 of the Loan Interest and Protection Law (Act of January 30, 1974)
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Repeals Section 402 of the Loan Interest and Protection Law to consolidate discount point provisions under Title 7
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Takes effect 60 days after enactment
Legislative Description
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.
Last Action
Referred to Banking & Insurance
5/22/2025