Bill Text: PA HB1093 | 2009-2010 | Regular Session | Introduced

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Bill Title: In licensing, further providing for general requirements.

Spectrum: Strong Partisan Bill (Democrat 10-1)

Status: (Introduced - Dead) 2009-03-25 - Referred to COMMERCE [HB1093 Detail]

Download: Pennsylvania-2009-HB1093-Introduced.html

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PRINTER'S NO. 1290
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 1093 Session of2009
INTRODUCED BY WHITE, BROWN, CALTAGIRONE, FREEMAN, GEORGE, GIBBONS, HORNAMAN, KORTZ, PICKETT, WALKO AND YOUNGBLOOD, MARCH 25, 2009
REFERRED TO COMMITTEE ON COMMERCE, MARCH 25, 2009
AN ACT
Amending Title 7 (Banks and Banking) of the Pennsylvania
Consolidated Statutes, in licensing, further providing for
general requirements.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 6121(7), (9) and (12) of Title 7 of the
Pennsylvania Consolidated Statutes are amended to read:
§ 6121. General requirements.
A licensee shall do all of the following:
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(7) [Upon written request from the consumer, give or
forward to] Provide the consumer [within ten days from the
date of receipt of the request] a monthly written statement
of the consumer's account, which shall show all of the
following:
(i) The interest rate and whether it is fixed or
variable.
(ii) The dates and amounts of all installment
payments credited to the consumer's account[,]; the
dates, amounts and an explanation of all other charges or
credits to the account since the last statement; and the
unpaid balance of the account. [A licensee shall not be
required to furnish more than two statements in any 12-
month period.]
(iii) An accounting of any escrow amounts held by
the licensee to the consumer, showing amounts received
from the consumer and the amounts disbursed from the
accounts.
(iv) The total amount required to discharge a
mortgage loan and a specific expiration date for the
discharge information.
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[(9) Provide for periodic accounting of any escrow
accounts held by the mortgage lender to the consumer not less
than annually, showing the amounts received from the consumer
and the amounts disbursed from the accounts.]
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[(12) Upon written request from the consumer or a person
authorized by the consumer, provide, within ten days from the
date of receipt of the request, a written statement regarding
the unpaid balance of a consumer's mortgage loan or account.
The statement shall contain the total amount required to pay
off a mortgage loan and a specific expiration date for the
payoff information. A licensee shall not be required to
furnish more than two statements in any 12-month period.]
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Section 2. This act shall take effect in 60 days.
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