Pennsylvania Votes Forum

Introduced in the House 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

The vote was 195 in favor, 0 opposed and 8 not voting

(House Roll Call 0 at House Journal 0)

Click here to view bill details.

 this bill affectively puts private investors out of business.  i am organizing a group of private investors that carry their own mortgage paper, owner finance homes or carry any kind of promissory notes to band together to try to get a carvout put into this or an exception granted to those of us who buy homes and resell to people using owner financing.  This bill is particularly hurtful to the mobile home business where conventional banks wont touch financing used mobile homes and those of us that owner finance them out to people will no longer be able to after Jan 1, 2010.