Public Act 31 of 2009

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• Introduced by Rep. Peter J. Daley (D) on June 10, 2009, to bring PA's body of law governing the mortgage industry into compliance with the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008, by providing for new mortgage license requirements, exceptions to license requirements, powers of licensees in mortgage loan businesses, lending authority, prelicensing and continuing education, license fees, and licensee requirements.
  • Referred to the House Commerce Committee on June 10, 2009.
  • Referred to the House Rules Committee on June 16, 2009.
  • Amendment offered by Rep. Peter J. Daley (D) on June 23, 2009, to amend the existing bonding requirements for mortgage licensee applicants, as follows: $100,000 for an applicant or licensee whose mortgage originators will originate less than $30,000,000 in mortgage loans secured by Pennsylvania real property in a calendar year; $200,000 for an applicant or licensee whose mortgage originators will originate $30,000,000 to $99,999,999.99 in mortgage loans secured by Pennsylvania real property in a calendar year; $300,000 for an applicant or licensee whose mortgage originators will originate $100,000,000 to $249,999,999.99 in mortgage loans secured by Pennsylvania real property in a calendar year; and $500,000 for an applicant or licensee whose mortgage originators will originate $250,000,000 or more in mortgage loans secured by Pennsylvania real property in a calendar year. The amendment passed 195 to 0 in the House on June 23, 2009.
    Who Voted "Yes" and Who Voted "No"
• Passed 195 to 0 in the House on June 24, 2009.
  Who Voted "Yes" and Who Voted "No"
• Received in the Senate on June 26, 2009.
  • Referred to the Senate Banking & Insurance Committee on June 26, 2009.
    • Reported in the Senate on July 15, 2009.
• Passed 48 to 0 in the Senate on July 29, 2009, to bring PA's body of law governing the mortgage industry into compliance with the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008, by providing for new mortgage license requirements, exceptions to license requirements, powers of licensees in mortgage loan businesses, lending authority, prelicensing and continuing education, license fees, and licensee requirements.
  Who Voted "Yes" and Who Voted "No"
• Received in the House on July 30, 2009.
• Passed 198 to 0 in the House on August 3, 2009, to bring PA's body of law governing the mortgage industry into compliance with the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008, by providing for new mortgage license requirements, exceptions to license requirements, powers of licensees in mortgage loan businesses, lending authority, prelicensing and continuing education, license fees, and licensee requirements.
  Who Voted "Yes" and Who Voted "No"
• Signed by Gov. Edward G. Rendell on August 5, 2009.