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SECRETARY'S LETTERS - CONSUMER DISCOUNT COMPANIES

Secretary’s Letters are not intended as and do not constitute legal advice.  Please keep in mind that these letters contain generalizations regarding the applicable law discussed herein and are therefore not inclusive of all of the law’s provisions, conditions, exceptions, and details.  It is critically important for you to read the applicable law and seek guidance from your legal counsel regarding the effects of the law on your business operations. NOTE: most links on this page are to PDF documents.

10/27/2016 
Secretary's Letter on Cybersecurity
The Department continues to work collaboratively with federal regulators, other states financial regulators, and other Commonwealth agencies to address cybersecurity challenges.

09/08/2015
Cybersecurity Efforts and Resources
A letter from the Secretary of Banking and Securities to all state-chartered and licensed entities announcing the formation of a Cybersecurity Task Force, describing Commonwealth cybersecurity efforts, and encouraging the development of cybersecurity attack prevention and mitigation plans using available and recommended resources. 

01/16/2014
One-Page Mortgage Disclosure Discontinued
Deputy Secretary’s Letter announces that Pennsylvania one-page mortgage disclosure is no longer required to be issued by mortgage licensees.
 
01/08/2014
Consumer Equity Protection Act (the CEPA), changes in federal law
Deputy Secretary’s Letter announces changes to coverage of the Consumer Equity Protection Act as a result of changes in federal law.
 
10/06/2011
Final HUD Regulation Under SAFE Act
A letter from the Secretary of Banking regarding the final regulation issued by the U.S. Department of Housing and Urban Development entitled "SAFE Mortgage Licensing Standards and Oversight Responsibilities."
 
07/29/2010
All Licensees Under the Mortgage Licensing Act and Consumer Discount Company Act
The Commonwealth of Pennsylvania Department of Banking (the recently issued two statements of policy that may affect certain aspects of your business. These statements of policy became effective on July 10, 2010, by virtue of their publication in the Pennsylvania Bulletin (40 Pa.B. 3868, 3869).
 
08/05/2009
SAFE Act Legislation
The letter provides information regarding Act 31 of 2009, House Bill 1654 (P.N. 2448), which amends Pennsylvania’s existing mortgage industry licensing law, 7 Pa.C.S. Chapter 61, in order to implement the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “SAFE
Act”), 12 U.S.C. § 5101 et seq.
 
12/22/2008
New Mortgage Regulation
This Secretary's Letter summarizes the requirements for mortgage and consumer discount licensees under the Department's new regulation for proper conduct of lending and brokering in the mortgage loan business.  Mortgage Regulation here.
 
07/11/2008
Mortgage Reform Laws
Provides detailed explanation of three bills signed into law by Governor Edward G. Rendell on July 8, 2008: Act 56 of 2008, House Bill 2179 (P.N. 4020), the new consolidated mortgage licensing bill (the “Mortgage Act”), Act 57 of 2008, Senate Bill 483 (P.N. 2163), which amends the Loan Interest and Protection Law (the “LIPL”), and Act 58 of 2008, Senate Bill 484 (P.N. 2251), which amends the Department of Banking Code (the “DOB Code”). 
 
04/13/2007
Nontraditional Mortgage Guidance
To help protect borrowers and promote sound business practices, the Department of Banking has issued guidance to Pennsylvania mortgage companies who offer so-called “nontraditional” loans such as interest-only and payment option adjustable-rate mortgages. 
 
08/03/2004
Improperly Influenced Appraisals
The Secretary's Letter informs all lenders and brokers under the jurisdiction of the Department of the Department's concerns related to the use of improperly influenced appraisals.  Letter also addresses "builder exception" under the Mortgage Bankers and Brokers and Consumer Equity Protection Act.
 
09/23/2002
Act 55 of 2001 Definition of Covered Loan Changes
The Secretary's Letter discusses that the Act 55 of 2001 definition of "Covered Loan" changes effective October 1, 2002; and that “Median Family Income” statistical estimates necessary for lenders to calculate (a) repayment ability of potential obligor under Section 512(b), and (b) whether negative amortization terms may be imposed on a potential obligor under Section 511(c), are now stated in the convenient chart attached to the letter.
 
10/19/2001
Blocking Property & Prohibiting Transactions
Secretary's Letter regarding President Bush's Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism.
 
02/02/1998
Year 2000 Problems
Secretary's Letter regarding the consideration and correction of potential Year 2000 problems.