HB 1466 — An Act amending Title 7 (Banks and Banking) of the Pennsylvania Consolidated Statutes, in mortgage loan industry licensing and consumer protection, further providing for general requirements.

PRINTER'S NO.   1717

                       THE GENERAL ASSEMBLY OF PENNSYLVANIA



                              HOUSE BILL
                              No. 1466
                                                     Session of
                                                       2025

     INTRODUCED BY CEPHAS, RABB, HILL-EVANS, GIRAL, SANCHEZ, MADDEN,
        HOHENSTEIN, NEILSON, GALLAGHER, PARKER, INGLIS, D. WILLIAMS
        AND DELLOSO, MAY 14, 2025

     REFERRED TO COMMITTEE ON AGING AND OLDER ADULT SERVICES,
        MAY 14, 2025


                                          AN ACT
 1   Amending Title 7 (Banks and Banking) of the Pennsylvania
 2      Consolidated Statutes, in mortgage loan industry licensing
 3      and consumer protection, further providing for general
 4      requirements.
 5      The General Assembly of the Commonwealth of Pennsylvania
 6   hereby enacts as follows:
 7      Section 1.          Section 6121 of Title 7 of the Pennsylvania
 8   Consolidated Statutes is amended by adding a paragraph to read:
 9   § 6121.    General requirements.
10      A licensee shall do all of the following:
11             * * *
12             (16)    If the licensee accepts applications for reverse
13      mortgage loans:
14                    (i)    Provide in-person, face-to-face housing
15             counseling to an applicant from a housing counseling
16             agency that is approved by the United States Department
17             of Housing and Urban Development in this Commonwealth.
18             The housing counseling agency shall provide advice on a
 1        reverse mortgage loan and alternatives to a reverse
 2        mortgage loan.
 3             (ii)    If an applicant is unable or chooses not to
 4        schedule an in-person, face-to-face visit with a housing
 5        counselor by either traveling to a housing counseling
 6        agency or having an in-home visit from a counselor,
 7        conduct the housing counseling over the telephone or
 8        through video teleconference.
 9             (iii)    After completion of the housing counseling,
10        issue to the applicant a certificate that contains the
11        following information:
12                    (A)   The signatures of the applicant and the
13             housing counselor who provided the service.
14                    (B)   The date on which the housing counseling
15             services were provided.
16                    (C)   The name, address and telephone number of
17             both the applicant who received counseling and the
18             organization that provided the counseling.
19             (iv)    Maintain the certificate issued under
20        subparagraph (iii) for the duration of the term of the
21        loan.
22    Section 2.    This act shall take effect in 60 days.




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