Tap any paragraph to write a margin note. Your notes collect in the Desk below the text and file under cases with @. The side-by-side margin rail opens on a larger screen.

§
Marginalia
Code · Pennsylvania · Title 7 — BANKS AND BANKING · Chapter 61

§ 6111. License requirements.

330 words·~2 min read·/pa/title-7/chapter-61/6111

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

§ 6111. License requirements.
(a)General rule.-- Except as provided under subsections
(b)and
(c)and section 6112 (relating to exceptions to license requirements), on and after the effective date of this section, no person shall engage in the mortgage loan business in this Commonwealth without being licensed as a mortgage broker, mortgage lender, mortgage servicer or mortgage originator as provided under this chapter. A mortgage originator may not engage in the mortgage loan business unless the mortgage originator is sponsored in the Nationwide Mortgage Licensing System and Registry by a licensed mortgage broker, mortgage lender, mortgage servicer or mortgage loan correspondent, person excepted from this chapter or person excepted from licensure under section 6112 and is under the direct supervision and control of the sponsoring licensee or excepted person.
(b)Licensed activity exceptions.--
(1)A mortgage lender may:
(i)Act as a mortgage broker without a separate mortgage broker license.
(ii)Act as a mortgage servicer without a separate mortgage servicer license for mortgage loans the mortgage lender has originated, negotiated and owns.
(2)(Deleted by amendment).
(3)A person licensed as a mortgage broker may only perform the services of a mortgage broker.
(4)A person only licensed as a mortgage servicer may only perform the services of a mortgage servicer.
(c)Loans for business or commercial purposes.-- This chapter shall not apply to mortgage loans made for business or commercial purposes.
07c6111v
(Aug. 5, 2009, P.L.117, No.31, eff. imd.; July 2, 2013, P.L.210, No.38, eff. 60 days; Dec. 22, 2017, P.L.1260, No.81; Feb. 3, 2022, P.L.24, No.8, eff. 60 days)
2022 Amendment. Act 8 amended subsecs.
(a)and (b)(1)(i) and deleted subsec. (b)(2).
2017 Amendment. Act 81 amended subsecs.
(a)and (b). Section 9(2) of Act 81 provided that the amendment of section 6111 shall take effect upon the effective date of regulations promulgated under section 6141 of this title.
Cross References. Section 6111 is referred to in section 7331 of Title 18 (Crimes and Offenses).
07c6112s
★   the supreme law of the land   ★
Don't Tread on Me
E Pluribus Unum — out of many, one

"If you don't know your rights, you don't have any."

Marginalia · a citizen's law index
A research desk, not legal advice. Always read the cited source before relying on a summary.
Questions or an issue? support@self-law.org
disclaimerMarginalia is a research index, not a law firm. Nothing on this site is legal, tax, or financial advice and no attorney–client relationship is formed by using it. Statutes, regulations, and case law change; summaries, search results, AI output, and member posts may be incomplete, out of date, or wrong. Any interpretation drawn from material on this site should be validated by a licensed attorney in your jurisdiction before you act on it.