Bill > HB1882

This bill makes several modifications to Pennsylvania's mortgage loan industry licensing and consumer protection regulations. First, it updates the definition of "branch manager" to specify that they must be licensed as a mortgage originator. Second, it modifies an existing exception to licensing requirements for credit union and banking institution affiliates, explicitly excluding branch managers from certain employee licensing requirements. Third, the bill introduces a new requirement that all reverse mortgage contracts and disclosures must use a font size of at least 16 points, which is intended to improve readability and consumer protection by ensuring that important financial document details are easily legible. These changes aim to clarify licensing standards, provide more precise regulatory guidance for financial institutions, and enhance transparency for consumers in mortgage-related transactions. The bill will go into effect 60 days after its passage, giving businesses time to adjust to the new requirements.