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Pennsylvania Statutes Title 7 Pa.C.S.A. Banks and Banking § 6141. Mortgage servicers

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) Regulatory coordination.--In order to implement this chapter as applicable to mortgage servicers, the following apply:

(1) Subject to paragraph (2), the department shall promulgate regulations which effectively incorporate the Consumer Financial Protection Bureau's mortgage servicer regulations at 12 CFR Pt. 1024, Subpt. C (relating to mortgage servicing), other than 12 CFR 1024.30 (relating to scope). The regulations promulgated under this paragraph shall not apply to a reverse mortgage or timeshare or a person excepted from licensure under section 6112 (relating to exceptions to license requirements).

(2) When the Federal regulations under paragraph (1) are altered, the department shall promulgate regulations making the appropriate incorporation.

(3) Regulations under this subsection shall not be subject to any of the following:

(i) Sections 201, 202, 203, 204 and 205 of the act of July 31, 1968 (P.L. 769, No. 240),  1 referred to as the Commonwealth Documents Law.

(ii) Sections 204(b) and 301(10) of the act of October 15, 1980 (P.L. 950, No. 164),  2 known as the Commonwealth Attorneys Act.

(iii) The act of June 25, 1982 (P.L. 633, No. 181),  3 known as the Regulatory Review Act.

(b) Failure of regulatory coordination.--If an alteration of Federal regulations under subsection (a)(2) results in a complete lack of Federal regulations in the area, all of the following apply:

(1) The version of the Pennsylvania regulations in effect at the time of the alteration shall remain in effect for two years.

(2) During the time period under paragraph (1), the department shall promulgate replacement regulations.

1 45 P.S. §§ 1201 to 1205.
2 71 P.S. §§ 732-204, 732-301.
3 71 P.S. § 745.1 et seq.
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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 Pa.C.S.A. Banks and Banking § 6141. Mortgage servicers - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-pacsa-banks-and-banking/pa-csa-sect-7-6141/

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