Pennsylvania 2025-2026 Regular Session Status: Passed House Bipartisan · 18 D · 3 R cosponsors

HB 2120 — An Act amending Title 7 (Banks and Banking) of the Pennsylvania Consolidated Statutes, providing for licensing and regulation of shared equity providers and shared equity agreements and for duties of Department of Banking and Securities; and imposing penalties.

Last action — Referred to Banking & Insurance

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill has passed the House. Introduced January 07, 2026. It now moves to the second chamber.

Next likely step: consideration and a floor vote in the Senate.

Prognosis

Advancing 58% · high confidence

Where this bill stands today.

Odds of enactment

Moderate

How often bills like it became law.

  • Passed House

    Current position in the legislative process.

  • 21 sponsors

    1 primary, 20 co-sponsors signed on.

  • Bipartisan support

    Sponsored across 2 parties (18 D · 3 R) — cross-party backing.

  • Mixed recorded votes

    5 passed, 1 failed in recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

In plain language

The bill establishes licensing and regulation for shared equity providers in Pennsylvania.

This bill amends Pennsylvania banking laws to regulate shared equity providers and agreements. It also outlines the responsibilities of the Department of Banking and Securities.

Bill Text

What changed in the latest version

837 added · 901 removed

Plain-language change summary

The recent amendment to Bill HB 2120 introduces new regulations for banks and the Department of Banking and Securities in Pennsylvania. It adds specific chapters that focus on licensing and administration, as well as shared equity agreements and enforcement measures. This change is significant because it aims to enhance regulatory oversight in the banking sector, which can better protect consumers and ensure fair lending practices.

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PRIOR PRINTER'S NO.
PRIOR PRINTER'S NOS.
2736 PRINTER'S NO.
2736, 3280 PRINTER'S NO.
3280 THE GENERAL ASSEMBLY OF PENNSYLVANIA HOUSE BILL Session of No.
3478 THE GENERAL ASSEMBLY OF PENNSYLVANIA HOUSE BILL Session of No.
2120 2026 INTSANCHEZ, MADDEN, CEPEDA-FREYTIZ, PROBST, WEBSTER, TAKAC, SMITH-WADE-EL, MALAGARI, INGLIS, BRENNAN AND CURRY, JANUARY 7, 2026 AS REPORTED FROM COMMITTEE ON COMMERCE, HOUSE OF REPRESENTATIVES, AS AMENDED, APRIL 27, 2026 AN ACT Amending the act of January 30, 1974 (P.L.13, No.6), entitled <-- establishing a maximum lawful interest rate in theof money;
2120 2026 INTRODUCED BY VENKAT, TWARDZIK, POWELL, WAXMAN, HILL-EVANS, SANCHEZ, MADDEN, CEPEDA-FREYTIZ, PROBST, WEBSTER, TAKAC, SMITH-WADE-EL, MALAGARI, INGLIS, BRENNAN, CURRY, RADER AND PIELLI, JANUARY 7, 2026 AS RE-REPORTED FROM COMMITTEE ON APPROPRIATIONS, HOUSE OF REPRESENTATIVES, AS AMENDED, JUNE 1, 2026 AN ACT Amending Title 7 (Banks and Banking) of the Pennsylvania Consolidated Statutes, providing for licensing and regulation for duties of Department of Banking and Securities;
Commonwealth;
and and imposing penalties.
providing for a legal rate of interest;
detailing exceptions to the maximum lawful interest rate for residential mortgages and for any loans in the principal amount of more than fifty thousand dollars and Federally insured or guaranteed loans and unsecured, noncollateralized loans in excess of thirty-five thousand dollars and business loans in excess of ten thousand dollars;
providing protections to debtors to whom loans are made including the provision for disclosure of facts relevant to the making of residential mortgages, providing for notice of intention to foreclose and establishment of a right to cure defaults on residential mortgage obligations, provision for the payment of attorney's fees with regard to residential mortgage obligations and providing for certain interest rates by banks on the filing of and execution on a confessed judgment;e law prohibiting waiver of provisions of this act, specifying powers and duties of the Secretary of Banking, and establishing remedies and providing penalties for violations of this act," in preliminary provisions, further providing for definitions.
The definition of "residential mortgage" in section 101 of the act of January 30, 1974 (P.L.13, No.6), referred to as the Loan Interest and Protection Law, is amended and the section is amended by adding a definition to read:
Title 7 of the Pennsylvania Consolidated Statutes is amended by adding a chapter to read:
Section 101.
CHAPTER 63 SHARED EQUITY AGREEMENTS Subchapter A.
Definitions.--As used in this act:
Preliminary Provisions B.
* * * "Residential mortgage" means an obligation to pay a sum of money in an original bona fide principal amount of the base figure or less, evidenced by a security document and secured by a lien upon real property located within this Commonwealth containing two or fewer residential units or on which two or fewer residential units are to be constructed and shall include such an obligation on a residential condominium unit.
Licensing and Administration C.
The term includes a shared appreciation agreement.
Shared Equity Agreements D.
* * * "Shared appreciation agreement" means as follows:
Enforcement E.
(a) A writing evidencing a transaction or any option, future, or any other derivative between a person and an individual under which the individual receives money or another item of value in exchange for either of the following:
Miscellaneous Provisions SUBCHAPTER A PRELIMINARY PROVISIONS Sec.
(1) An interest, contingent interest or future interest in a dwelling or residential real property located within this Commonwealth that is secured by a lien upon the dwelling or residential real property located within this Commonwealth.
(2) Another future obligation, secured by a lien upon a dwelling or residential real property located within this Commonwealth, to make a payment calculated in whole or in part by reference to the value, equity or proceeds of the dwelling or residential real property located within this Commonwealth upon the occurrence of any of the following events:
(i) The transfer of ownership.
20260HB2120PN3280 - 2 - (ii) A repayment maturity date.
(iii) The death of the individual.
(iv) Another event contemplated by the writing.
(b) The term shall not include a home secured loan guaranteed, insured or otherwise offered by a government agency or government-sponsored enterprise.
Section 2.
This act shall take effect immediately.
AMENDING TITLE 7 (BANKS AND BANKING) OF THE PENNSYLVANIA <-- CONSOLIDATED STATUTES, PROVIDING FOR LICENSING AND REGULATION OF SHARED EQUITY PROVIDERS AND SHARED EQUITY AGREEMENTS AND FOR DUTIES OF DEPARTMENT OF BANKING AND SECURITIES;
AND IMPOSING PENALTIES.
THE GENERAL ASSEMBLY OF THE COMMONWEALTH OF PENNSYLVANIA HEREBY ENACTS AS FOLLOWS:
SECTION 1.
TITLE 7 OF THE PENNSYLVANIA CONSOLIDATED STATUTES IS AMENDED BY ADDING A CHAPTER TO READ:
CHAPTER 63 SHARED EQUITY AGREEMENTS SUBCHAPTER A.
PRELIMINARY PROVISIONS B.
LICENSING AND ADMINISTRATION C.
SHARED EQUITY AGREEMENTS D.
ENFORCEMENT E.
MISCELLANEOUS PROVISIONS SUBCHAPTER A PRELIMINARY PROVISIONS SEC.
SCOPE OF CHAPTER.
Scope of chapter.
DEFINITIONS.
Definitions.
SCOPE OF CHAPTER.
Scope of chapter.
THIS CHAPTER RELATES TO THE LICENSING AND REGULATION OF SHARED EQUITY PROVIDERS AND SHARED EQUITY AGREEMENTS.
This chapter relates to the licensing and regulation of shared equity providers and shared equity agreements.
20260HB2120PN3280 - 3 - § 6302.
§ 6302.
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DEFINITIONS.
Definitions.
THE FOLLOWING WORDS AND PHRASES WHEN USED IN THIS CHAPTER SHALL HAVE THE MEANINGS GIVEN TO THEM IN THIS SECTION UNLESS THE CONTEXT CLEARLY INDICATES OTHERWISE:
The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:
"COMMISSION." THE BANKING AND SECURITIES COMMISSION OF THE COMMONWEALTH.
"Commission." The Banking and Securities Commission of the Commonwealth.
"CONTROL PERSON." A MEMBER, DIRECTOR, PRINCIPAL OFFICER, OFFICE MANAGER OR CONTROLLING SHAREHOLDER THAT OWNS, DIRECTLY OR INDIRECTLY, 25% OF A LEGAL ENTITY AND ANY OTHER PERSON THAT HAS AUTHORITY TO DIRECT THE MANAGEMENT OF THE LEGAL ENTITY.
"Control person." A member, director, principal officer, office manager or controlling shareholder that owns, directly or indirectly, 25% of a legal entity and any other person that has authority to direct the management of the legal entity.
"DEPARTMENT." THE DEPARTMENT OF BANKING AND SECURITIES OF THE COMMONWEALTH.
"Department." The Department of Banking and Securities of the Commonwealth.
"ENDING HOME VALUE." THE VALUE OF RESIDENTIAL PROPERTY SUBJECT TO A SHARED EQUITY AGREEMENT AT THE TIME OF SETTLEMENT.
"Ending home value." The value of residential property subject to a shared equity agreement at the time of settlement.
"HOMEOWNER." THE OWNER OF RESIDENTIAL PROPERTY THAT IS SUBJECT TO A SHARED EQUITY AGREEMENT.
"Homeowner." The owner of residential property that is subject to a shared equity agreement.
"INSTRUMENTALITY CREATED BY THE UNITED STATES OR ANY STATE." ANY OF THE FOLLOWING:
"Instrumentality created by the United States or any state." Any of the following:
(1) A FEDERAL, STATE OR MUNICIPAL GOVERNMENT, QUASI- GOVERNMENTAL ENTITY OR NONPROFIT AGENCY OR CORPORATION INCORPORATED UNDER THE LAWS OF THIS COMMONWEALTH THAT HAS TAX-EXEMPT STATUS UNDER 26 U.S.C.
(1) A Federal, state or municipal government, quasi- governmental entity or nonprofit agency or corporation incorporated under the laws of this Commonwealth that has tax-exempt status under 26 U.S.C.
§ 501(C)(3) (RELATING TO EXEMPTION FROM TAX ON CORPORATIONS, CERTAIN TRUSTS, ETC.) AND THAT EXCLUSIVELY ENGAGES IN:
§ 501(c)(3) (relating to exemption from tax on corporations, certain trusts, etc.) and 20260HB2120PN3478 - 2 - that exclusively engages in:
(I) MAKING SHARED EQUITY AGREEMENTS ON RESIDENTIAL PROPERTY FINANCED WITH PUBLIC MONEY;
(i) making shared equity agreements on residential property financed with public money;
OR (II) NEGOTIATING, PLACING, ASSISTING IN THE PLACEMENT OF, FINDING OR OFFERING TO NEGOTIATE, PLACE, ASSIST IN THE PLACEMENT OF OR FIND SHARED EQUITY AGREEMENTS ON RESIDENTIAL PROPERTY FINANCED WITH PUBLIC 20260HB2120PN3280 - 4 - MONEY ONLY UNDER A CONTRACT WITH THE FEDERAL GOVERNMENT, A STATE OR MUNICIPAL GOVERNMENT, AN INSTRUMENTALITY OF THE GOVERNMENT OR A QUASI-GOVERNMENTAL ENTITY, AS DETERMINED BY THE DEPARTMENT.
or (ii) negotiating, placing, assisting in the placement of, finding or offering to negotiate, place, assist in the placement of or find shared equity agreements on residential property financed with public money only under a contract with the Federal Government, a state or municipal government, an instrumentality of the government or a quasi-governmental entity, as determined by the department.
(2) A PERSON NAMED AS THE INVESTOR IN THE LEGAL DOCUMENTS FOR A SHARED EQUITY AGREEMENT, IF THE PERSON OTHERWISE MEETS THE REQUIREMENTS OF PARAGRAPH (1).
(2) A person named as the investor in the legal documents for a shared equity agreement, if the person otherwise meets the requirements of paragraph (1).
"MULTISTATE LICENSING SYSTEM." A LICENSING SYSTEM DEVELOPED AND MAINTAINED BY THE CONFERENCE OF STATE BANK SUPERVISORS.
"Multistate licensing system." A licensing system developed and maintained by the Conference of State Bank Supervisors.
"RESIDENTIAL PROPERTY." REAL PROPERTY LOCATED IN THIS COMMONWEALTH CONTAINING A DWELLING HOUSE WITH ACCOMMODATIONS FOR FOUR OR FEWER SEPARATE HOUSEHOLDS AND OCCUPIED IN WHOLE OR IN PART BY EITHER OF THE FOLLOWING:
"Residential property." Real property located in this Commonwealth containing a dwelling house with accommodations for four or fewer separate households and occupied in whole or in part by either of the following:
(1) THE HOMEOWNER WHO OBTAINED THE SHARED EQUITY AGREEMENT OR, IF THE HOMEOWNER IS DECEASED, THE HOMEOWNER'S HEIRS.
(1) The homeowner who obtained the shared equity agreement or, if the homeowner is deceased, the homeowner's heirs.
(2) A TENANT WHO PAYS RENT DIRECTLY TO THE HOMEOWNER.
(2) A tenant who pays rent directly to the homeowner.
"SENIOR SECURED DEBT." AN OBLIGATION SECURED BY A LIEN ON RESIDENTIAL PROPERTY THAT WOULD BE SENIOR TO THE LIEN SECURING OBLIGATIONS UNDER A SHARED EQUITY AGREEMENT AFTER APPLICATION OF PROCEEDS FROM THE SHARED EQUITY AGREEMENT AT CLOSING TO REDUCE THE AMOUNT OF THE OBLIGATION.
"Senior secured debt." An obligation secured by a lien on residential property that would be senior to the lien securing obligations under a shared equity agreement after application of proceeds from the shared equity agreement at closing to reduce the amount of the obligation.
"SETTLE" OR "SETTLEMENT." THE PROCESS BY WHICH A HOMEOWNER TERMINATES A SHARED EQUITY AGREEMENT IN ACCORDANCE WITH THE TERMS OF THE SHARED EQUITY AGREEMENT.
"Settle" or "settlement." The process by which a homeowner 20260HB2120PN3478 - 3 - terminates a shared equity agreement in accordance with the terms of the shared equity agreement.
"SETTLEMENT PAYMENT." THE DOLLAR AMOUNT THAT A HOMEOWNER IS REQUIRED TO PAY TO SETTLE A SHARED EQUITY AGREEMENT.
"Settlement payment." The dollar amount that a homeowner is required to pay to settle a shared equity agreement.
"SHARED EQUITY AGREEMENT." AS FOLLOWS:
"Shared equity agreement." As follows:
(1) A NONRECOURSE TRANSACTION UNDER WHICH A SHARED EQUITY PROVIDER ADVANCES A SUM OF MONEY TO A HOMEOWNER AND, 20260HB2120PN3280 - 5 - IN EXCHANGE, OBTAINS A MORTGAGE ON THE RESIDENTIAL PROPERTY AND EITHER:
(1) A nonrecourse transaction under which a shared equity provider advances a sum of money to a homeowner and, in exchange, obtains a mortgage on the residential property and either:
(I) AN EQUITY INTEREST IN THE RESIDENTIAL PROPERTY;
(i) an equity interest in the residential property;
OR (II) A FUTURE OBLIGATION TO PAY A SUM THAT MAY VARY BASED ON FUTURE HOME VALUE UPON THE OCCURRENCE OF ONE OR MORE SUBSEQUENT CONDITIONS.
or (ii) a future obligation to pay a sum that may vary based on future home value upon the occurrence of one or more subsequent conditions.
(2) THE TERM DOES NOT INCLUDE A REVERSE MORTGAGE TRANSACTION AS DEFINED IN 12 CFR 1026.33(A) (RELATING TO REQUIREMENTS FOR REVERSE MORTGAGES).
(2) The term does not include a reverse mortgage transaction as defined in 12 CFR 1026.33(a) (relating to requirements for reverse mortgages).
"SHARED EQUITY PROVIDER." A PERSON ENGAGED IN THE BUSINESS OF MAKING, HOLDING OR SERVICING SHARED EQUITY AGREEMENTS.
"Shared equity provider." A person engaged in the business of making, holding or servicing shared equity agreements.
"STARTING HOME EQUITY." THE HOMEOWNER'S EQUITY IN RESIDENTIAL PROPERTY AS OF THE EFFECTIVE DATE OF THE SHARED EQUITY AGREEMENT, EXPRESSED AS A PERCENTAGE, DETERMINED BY:
"Starting home equity." The homeowner's equity in residential property as of the effective date of the shared equity agreement, expressed as a percentage, determined by:
(1) ADDING THE SENIOR SECURED DEBT AND THE TRANSACTION AMOUNT;
(1) adding the senior secured debt and the transaction amount;
(2) DIVIDING THE SUM UNDER PARAGRAPH (1) BY THE STARTING HOME VALUE;
(2) dividing the sum under paragraph (1) by the starting home value;
AND (3) SUBTRACTING THE QUOTIENT UNDER PARAGRAPH (2) FROM ONE.
and (3) subtracting the quotient under paragraph (2) from one.
"STARTING HOME VALUE." THE VALUE OF RESIDENTIAL PROPERTY SUBJECT TO A SHARED EQUITY AGREEMENT AT THE TIME OF ORIGINATION, AS AGREED TO BY THE HOMEOWNER AND THE SHARED EQUITY PROVIDER.
"Starting home value." The value of residential property subject to a shared equity agreement at the time of origination, 20260HB2120PN3478 - 4 - as agreed to by the homeowner and the shared equity provider.
"TERM DAYS." THE EXACT NUMBER OF DAYS BETWEEN THE EFFECTIVE DATE AND THE SETTLEMENT DATE OF A SHARED EQUITY AGREEMENT.
"Term days." The exact number of days between the effective <-- date and the settlement date of a shared equity agreement.
"TRANSACTION AMOUNT." THE GROSS AMOUNT PROVIDED BY THE SHARED EQUITY PROVIDER IN RESIDENTIAL PROPERTY SUBJECT TO A SHARED EQUITY AGREEMENT BEFORE DEDUCTION OF THIRD-PARTY FEES OR AMOUNTS CHARGED BY THE SHARED EQUITY PROVIDER.
"Transaction amount." The gross amount provided by the shared equity provider in residential property subject to a shared equity agreement before deduction of third-party fees or amounts charged by the shared equity provider.
20260HB2120PN3280 - 6 - SUBCHAPTER B LICENSING AND ADMINISTRATION SEC.
SUBCHAPTER B LICENSING AND ADMINISTRATION Sec.
LICENSE REQUIRED AND EXEMPTIONS.
License required and exemptions.
APPLICATION FOR LICENSE.
Application for license.
ISSUANCE, DENIAL AND APPEAL.
Issuance, denial and appeal.
RENEWAL OF LICENSE.
Renewal of license.
NOTICE OF CERTAIN CHANGES.
Notice of certain changes.
DUTIES OF DEPARTMENT.
Duties of department.
LICENSE REQUIRED AND EXEMPTIONS.
License required and exemptions.
(A) LICENSE REQUIRED.--EXCEPT AS PROVIDED UNDER SUBSECTION (B), A PERSON MAY NOT ENGAGE IN THE BUSINESS OF MAKING OR SERVICING SHARED EQUITY AGREEMENTS RELATING TO RESIDENTIAL PROPERTY IN THIS COMMONWEALTH UNLESS THE PERSON IS LICENSED BY THE DEPARTMENT UNDER THIS CHAPTER.
(a) License required.--Except as provided under subsection (b), a person may not engage in the business of making or servicing shared equity agreements relating to residential property in this Commonwealth unless the person is licensed by the department under this chapter.
(B) EXEMPTIONS.--SUBSECTION (A) SHALL NOT APPLY TO:
(b) Exemptions.--Subsection (a) shall not apply to:
(1) AN INDIVIDUAL EMPLOYED BY OR ASSOCIATED WITH A LICENSED SHARED EQUITY PROVIDER WHO ACTS FOR THE LICENSED SHARED EQUITY PROVIDER UNDER THE SUPERVISION OF THE LICENSED SHARED EQUITY PROVIDER.
(1) An individual employed by or associated with a licensed shared equity provider who acts for the licensed shared equity provider under the supervision of the licensed shared equity provider.
(2) ANY OF THE FOLLOWING:
(2) Any of the following:
(I) A BANK AS DEFINED IN SECTION 102(F) OF THE ACT OF NOVEMBER 30, 1965 (P.L.847, NO.356), KNOWN AS THE BANKING CODE OF 1965.
(i) A bank as defined in section 102(f) of the act of November 30, 1965 (P.L.847, No.356), known as the 20260HB2120PN3478 - 5 - Banking Code of 1965.
(II) A NATIONAL BANKING ASSOCIATION.
(ii) A national banking association.
(III) A FEDERALLY CHARTERED CREDIT UNION.
(iii) A federally chartered credit union.
(IV) A FEDERAL SAVINGS ASSOCIATION, FEDERAL SAVINGS BANK OR FEDERAL SAVINGS AND LOAN ASSOCIATION.
(iv) A Federal savings association, Federal savings bank or Federal savings and loan association.
(V) AN INSURANCE COMPANY.
(v) An insurance company.
(VI) A BANK, TRUST COMPANY, SAVINGS BANK, SAVINGS 20260HB2120PN3280 - 7 - AND LOAN ASSOCIATION, CREDIT UNION OR INSURANCE COMPANY ORGANIZED UNDER THE LAWS OF ANOTHER STATE.
(vi) A bank, trust company, savings bank, savings and loan association, credit union or insurance company organized under the laws of another state.
(VII) A SUBSIDIARY OR AFFILIATE OF AN ENTITY UNDER SUBPARAGRAPH (I), (II), (III), (IV), (V) OR (VI), AS DETERMINED BY THE DEPARTMENT.
(vii) A subsidiary or affiliate of an entity under subparagraph (i), (ii), (iii), (iv), (v) or (vi), as determined by the department.
(VIII) A BANK HOLDING COMPANY ESTABLISHED UNDER FEDERAL OR STATE LAW.
(viii) A bank holding company established under Federal or State law.
(3) AN INSTRUMENTALITY CREATED BY THE UNITED STATES OR ANY STATE.
(3) An instrumentality created by the United States or any state.
APPLICATION FOR LICENSE.
Application for license.
(A) CONTENTS.--AN APPLICATION FOR A LICENSE UNDER THIS CHAPTER SHALL BE SUBMITTED TO THE DEPARTMENT IN A FORM AND MANNER DETERMINED BY THE DEPARTMENT AND SHALL INCLUDE ALL OF THE FOLLOWING:
(a) Contents.--An application for a license under this chapter shall be submitted to the department in a form and manner determined by the department and shall include all of the following:
(1) THE NAME OF THE APPLICANT.
(1) The name of the applicant.
(2) THE ADDRESS OF THE PRINCIPAL PLACE OF BUSINESS OF THE APPLICANT.
(2) The address of the principal place of business of the applicant.
(3) THE ADDRESS OF EACH ADDITIONAL LOCATION AT WHICH THE APPLICANT CONDUCTS OR PROPOSES TO CONDUCT BUSINESS UNDER THIS CHAPTER.
(3) The address of each additional location at which the applicant conducts or proposes to conduct business under this chapter.
(4) IF THE APPLICANT IS NOT AN INDIVIDUAL, THE NAME AND ADDRESS OF EACH CONTROL PERSON.
(4) If the applicant is not an individual, the name and address of each control person.
(5) ANY OTHER INFORMATION REQUIRED BY THE DEPARTMENT.
(5) Any other information required by the department.
(B) INVESTIGATION.--THE DEPARTMENT MAY INVESTIGATE AN APPLICANT AND EACH CONTROL PERSON OF AN APPLICANT TO DETERMINE WHETHER THE APPLICANT SATISFIES THE REQUIREMENTS FOR LICENSURE UNDER THIS CHAPTER.
20260HB2120PN3478 - 6 - (b) Investigation.--The department may investigate an applicant and each control person of an applicant to determine whether the applicant satisfies the requirements for licensure under this chapter.
(C) CRIMINAL HISTORY RECORD INFORMATION.--AS PART OF AN INVESTIGATION UNDER SUBSECTION (B), THE DEPARTMENT MAY REQUIRE AN APPLICANT AND EACH CONTROL PERSON OF AN APPLICANT TO SUBMIT 20260HB2120PN3280 - 8 - FINGERPRINTS AND MAY OBTAIN STATE CRIMINAL HISTORY RECORD INFORMATION AND NATIONAL CRIMINAL HISTORY RECORD INFORMATION IN ACCORDANCE WITH SECTION 405 OF THE ACT OF MAY 15, 1933 (P.L.565, NO.111), KNOWN AS THE DEPARTMENT OF BANKING AND SECURITIES CODE.
(c) Criminal history record information.--As part of an investigation under subsection (b), the department may require an applicant and each control person of an applicant to submit fingerprints and may obtain State criminal history record information and national criminal history record information in accordance with section 405 of the act of May 15, 1933 (P.L.565, No.111), known as the Department of Banking and Securities Code.
A PRIVATE ENTITY MAY NOT RECEIVE CRIMINAL HISTORY RECORD INFORMATION UNDER THIS SUBSECTION.
A private entity may not receive criminal history record information under this subsection.
(D) FEES.--AN APPLICATION UNDER THIS SECTION SHALL BE ACCOMPANIED BY AN INVESTIGATION FEE AND AN INITIAL APPLICATION FEE OF $5,000.
(d) Fees.--An application under this section shall be accompanied by an investigation fee and an initial application fee of $5,000.
THE DEPARTMENT SHALL DETERMINE THE AMOUNT OF THE INVESTIGATION FEE.
The department shall determine the amount of the investigation fee.
(E) MULTISTATE LICENSING SYSTEM.--THE DEPARTMENT MAY PARTICIPATE IN A MULTISTATE LICENSING SYSTEM FOR SHARED EQUITY PROVIDERS AND MAY ESTABLISH REQUIREMENTS FOR PARTICIPATION IN THE SYSTEM.
(e) Multistate licensing system.--The department may participate in a multistate licensing system for shared equity providers and may establish requirements for participation in the system.
THE REQUIREMENTS MAY VARY FROM OTHER PROVISIONS OF THIS CHAPTER TO THE EXTENT NECESSARY TO FACILITATE PARTICIPATION IN THE SYSTEM.
The requirements may vary from other provisions of this chapter to the extent necessary to facilitate participation in the system.
AN APPLICANT SHALL PAY DIRECTLY TO THE MULTISTATE LICENSING SYSTEM ANY FEE REQUIRED FOR PARTICIPATION IN THE SYSTEM.
An applicant shall pay directly to the multistate licensing system any fee required for participation in the system.
(F) PRIVACY AND SECURITY.--IF THE DEPARTMENT PARTICIPATES IN A MULTISTATE LICENSING SYSTEM UNDER SUBSECTION (E), THE DEPARTMENT SHALL ENSURE THAT THE SYSTEM MAINTAINS APPROPRIATE PRIVACY, DATA SECURITY AND SECURITY BREACH NOTIFICATION POLICIES.
(f) Privacy and security.--If the department participates in a multistate licensing system under subsection (e), the department shall ensure that the system maintains appropriate privacy, data security and security breach notification policies.
§ 6313.
20260HB2120PN3478 - 7 - § 6313.
ISSUANCE, DENIAL AND APPEAL.
Issuance, denial and appeal.
(A) ISSUANCE.--THE DEPARTMENT SHALL ISSUE A LICENSE TO AN APPLICANT UNDER THIS CHAPTER IF THE DEPARTMENT FINDS THAT ALL OF THE FOLLOWING APPLY:
(a) Issuance.--The department shall issue a license to an applicant under this chapter if the department finds that all of the following apply:
(1) THE APPLICANT HAS COMPLIED WITH THIS CHAPTER.
(1) The applicant has complied with this chapter.
(2) THE FINANCIAL RESPONSIBILITY, CHARACTER, REPUTATION, INTEGRITY AND GENERAL FITNESS OF THE APPLICANT WARRANT THE 20260HB2120PN3280 - 9 - BELIEF THAT THE BUSINESS WILL BE OPERATED HONESTLY, FAIRLY, SOUNDLY AND EFFICIENTLY IN THE PUBLIC INTEREST AND IN A MANNER CONSISTENT WITH THE PURPOSES OF THIS CHAPTER.
(2) The financial responsibility, character, reputation, integrity and general fitness of the applicant warrant the belief that the business will be operated honestly, fairly, soundly and efficiently in the public interest and in a manner consistent with the purposes of this chapter.
(3) IF THE APPLICANT IS A PARTNERSHIP OR ASSOCIATION, THE FINANCIAL RESPONSIBILITY, CHARACTER, REPUTATION, INTEGRITY AND GENERAL FITNESS OF EACH PARTNER OR MEMBER SATISFY THE STANDARD UNDER PARAGRAPH (2).
(3) If the applicant is a partnership or association, the financial responsibility, character, reputation, integrity and general fitness of each partner or member satisfy the standard under paragraph (2).
(4) IF THE APPLICANT IS A CORPORATION OR OTHER LEGAL ENTITY, THE FINANCIAL RESPONSIBILITY, CHARACTER, REPUTATION, INTEGRITY AND GENERAL FITNESS OF EACH OFFICER, DIRECTOR AND CONTROL PERSON SATISFY THE STANDARD UNDER PARAGRAPH (2).
(4) If the applicant is a corporation or other legal entity, the financial responsibility, character, reputation, integrity and general fitness of each officer, director and control person satisfy the standard under paragraph (2).
(B) DENIAL.--IF THE DEPARTMENT DOES NOT MAKE THE FINDINGS REQUIRED UNDER SUBSECTION (A), THE DEPARTMENT MAY DENY THE APPLICATION.
(b) Denial.--If the department does not make the findings required under subsection (a), the department may deny the application.
(C) TIME FOR ACTION.--WITHIN 60 DAYS AFTER RECEIVING A COMPLETED APPLICATION, THE DEPARTMENT SHALL ISSUE A LICENSE OR DENY THE APPLICATION.
(c) Time for action.--Within 60 days after receiving a completed application, the department shall issue a license or deny the application.
(D) NOTICE.--IF THE DEPARTMENT DENIES AN APPLICATION, THE DEPARTMENT SHALL NOTIFY THE APPLICANT IN WRITING OF THE DENIAL AND THE REASONS FOR THE DENIAL.
(d) Notice.--If the department denies an application, the department shall notify the applicant in writing of the denial and the reasons for the denial.
(E) APPEAL.--AN APPLICANT MAY APPEAL A DENIAL UNDER 2 PA.C.S.
(e) Appeal.--An applicant may appeal a denial under 2 Pa.C.S.
CHS.
Chs.
5 SUBCH.
5 Subch.
A (RELATING TO PRACTICE AND PROCEDURE OF COMMONWEALTH AGENCIES) AND 7 SUBCH.
A (relating to practice and procedure of Commonwealth agencies) and 7 Subch.
A (RELATING TO JUDICIAL REVIEW OF COMMONWEALTH AGENCY ACTION).
A (relating to judicial 20260HB2120PN3478 - 8 - review of Commonwealth agency action).
RENEWAL OF LICENSE.
Renewal of license.
(A) LICENSE CONTENTS AND STATUS.--A LICENSE ISSUED UNDER THIS CHAPTER SHALL STATE THE NAME OF THE LICENSEE AND THE ADDRESS AT WHICH THE LICENSEE CONDUCTS BUSINESS UNDER THIS CHAPTER, MAY NOT BE TRANSFERRED OR ASSIGNED AND SHALL EXPIRE ANNUALLY UNLESS THE LICENSEE RENEWS THE LICENSE IN ACCORDANCE 20260HB2120PN3280 - 10 - WITH THIS SECTION.
(a) License contents and status.--A license issued under this chapter shall state the name of the licensee and the address at which the licensee conducts business under this chapter, may not be transferred or assigned and shall expire annually unless the licensee renews the license in accordance with this section.
(B) NAME ON LICENSE.--A LICENSEE SHALL CONDUCT BUSINESS UNDER THIS CHAPTER IN THE NAME THAT APPEARS ON THE LICENSE.
(b) Name on license.--A licensee shall conduct business under this chapter in the name that appears on the license.
(C) RENEWAL APPLICATION.--A LICENSEE MAY RENEW A LICENSE BY FILING A RENEWAL APPLICATION WITH THE DEPARTMENT IN A FORM AND MANNER DETERMINED BY THE DEPARTMENT.
(c) Renewal application.--A licensee may renew a license by filing a renewal application with the department in a form and manner determined by the department.
THE RENEWAL APPLICATION SHALL INCLUDE THE INFORMATION REQUIRED BY THE DEPARTMENT TO DETERMINE WHETHER THE LICENSEE CONTINUES TO SATISFY THE REQUIREMENTS OF THIS CHAPTER AND SHALL BE ACCOMPANIED BY A RENEWAL FEE OF NOT MORE THAN $2,500, AS DETERMINED BY THE DEPARTMENT.
The renewal application shall include the information required by the department to determine whether the licensee continues to satisfy the requirements of this chapter and shall be accompanied by a renewal fee of not more than $2,500, as determined by the department.
(D) RENEWAL AND DENIAL.--THE DEPARTMENT MAY RENEW A LICENSE IF THE DEPARTMENT FINDS THAT THE LICENSEE CONTINUES TO SATISFY THE REQUIREMENTS OF THIS CHAPTER.
(d) Renewal and denial.--The department may renew a license if the department finds that the licensee continues to satisfy the requirements of this chapter.
IF THE DEPARTMENT DETERMINES THAT A LICENSEE DOES NOT SATISFY THE REQUIREMENTS OF THIS CHAPTER, THE DEPARTMENT MAY DENY THE RENEWAL APPLICATION.
If the department determines that a licensee does not satisfy the requirements of this chapter, the department may deny the renewal application.
(E) NOTICE AND APPEAL.--IF THE DEPARTMENT DENIES A RENEWAL APPLICATION, THE DEPARTMENT SHALL NOTIFY THE LICENSEE IN WRITING OF THE DENIAL AND THE REASONS FOR THE DENIAL.
(e) Notice and appeal.--If the department denies a renewal application, the department shall notify the licensee in writing of the denial and the reasons for the denial.
A LICENSEE MAY APPEAL A DENIAL UNDER 2 PA.C.S.
A licensee may appeal a denial under 2 Pa.C.S.
CHS.
Chs.
5 SUBCH.
5 Subch.
A (RELATING TO PRACTICE AND PROCEDURE OF COMMONWEALTH AGENCIES) AND 7 SUBCH.
A (relating to practice and procedure of Commonwealth agencies) and 7 Subch.
A (RELATING TO JUDICIAL REVIEW OF COMMONWEALTH AGENCY ACTION).
A (relating to judicial review of Commonwealth agency action).
(F) MULTISTATE LICENSING SYSTEM.--IF THE DEPARTMENT PARTICIPATES IN A MULTISTATE LICENSING SYSTEM UNDER SECTION 6312(E) (RELATING TO APPLICATION FOR LICENSE), THE DEPARTMENT MAY REQUIRE A LICENSEE TO FILE A RENEWAL APPLICATION THROUGH THE MULTISTATE LICENSING SYSTEM.
(f) Multistate licensing system.--If the department 20260HB2120PN3478 - 9 - participates in a multistate licensing system under section 6312(e) (relating to application for license), the department may require a licensee to file a renewal application through the multistate licensing system.
NOTICE OF CERTAIN CHANGES.
Notice of certain changes.
(A) NOTICE.--A LICENSEE SHALL NOTIFY THE DEPARTMENT, IN A FORM AND MANNER DETERMINED BY THE DEPARTMENT, OF A MATERIAL 20260HB2120PN3280 - 11 - CHANGE IN INFORMATION SUBMITTED IN AN APPLICATION FOR A LICENSE OR FOR RENEWAL OF A LICENSE UNDER THIS CHAPTER.
(a) Notice.--A licensee shall notify the department, in a form and manner determined by the department, of a material change in information submitted in an application for a license or for renewal of a license under this chapter.
(B) TIME FOR NOTICE.--A LICENSEE SHALL PROVIDE NOTICE UNDER SUBSECTION (A) NO LATER THAN 10 DAYS AFTER THE MATERIAL CHANGE OCCURS OR THE LICENSEE RECEIVES NOTICE OF THE MATERIAL CHANGE.
(b) Time for notice.--A licensee shall provide notice under subsection (a) no later than 10 days after the material change occurs or the licensee receives notice of the material change.
(C) MATERIAL CHANGES.--A MATERIAL CHANGE UNDER THIS SECTION SHALL INCLUDE ANY OF THE FOLLOWING:
(c) Material changes.--A material change under this section shall include any of the following:
(1) A CHANGE IN THE NAME OF THE LICENSEE.
(1) A change in the name of the licensee.
(2) A CHANGE IN THE ADDRESS OF THE PRINCIPAL PLACE OF BUSINESS OF THE LICENSEE.
(2) A change in the address of the principal place of business of the licensee.
(3) A CHANGE IN THE ADDRESS OF A LOCATION AT WHICH THE LICENSEE CONDUCTS BUSINESS UNDER THIS CHAPTER.
(3) A change in the address of a location at which the licensee conducts business under this chapter.
(4) IF THE LICENSEE IS NOT AN INDIVIDUAL, A CHANGE IN A CONTROL PERSON OF THE LICENSEE, INCLUDING THE NAME, ADDRESS AND OCCUPATION OF EACH NEW CONTROL PERSON.
(4) If the licensee is not an individual, a change in a control person of the licensee, including the name, address and occupation of each new control person.
(5) ANY OTHER CHANGE THAT THE DEPARTMENT DETERMINES IS MATERIAL.
(5) Any other change that the department determines is material.
(D) ADDITIONAL INFORMATION.--AT THE REQUEST OF THE DEPARTMENT, A LICENSEE SHALL PROVIDE ADDITIONAL INFORMATION RELATING TO A NOTICE UNDER THIS SECTION.
(d) Additional information.--At the request of the department, a licensee shall provide additional information relating to a notice under this section.
DUTIES OF DEPARTMENT.
Duties of department.
(A) DUTIES.--THE DEPARTMENT SHALL HAVE THE FOLLOWING DUTIES:
(a) Duties.--The department shall have the following duties:
(1) EXAMINE AN INSTRUMENT, DOCUMENT, ACCOUNT, BOOK, RECORD OR FILE OF A LICENSEE OR A PERSON CONNECTED WITH A LICENSEE AND CONDUCT ANY OTHER INVESTIGATION NECESSARY TO ADMINISTER THIS CHAPTER.
(1) Examine an instrument, document, account, book, 20260HB2120PN3478 - 10 - record or file of a licensee or a person connected with a licensee and conduct any other investigation necessary to administer this chapter.
IN CONNECTION WITH AN EXAMINATION OR INVESTIGATION UNDER THIS PARAGRAPH, THE DEPARTMENT MAY REMOVE AN INSTRUMENT, DOCUMENT, ACCOUNT, BOOK, RECORD OR FILE OF A LICENSEE TO A LOCATION OUTSIDE THE OFFICE OF THE LICENSEE.
In connection with an examination or investigation under this paragraph, the department may remove an instrument, document, account, book, record or file of a licensee to a location outside the office of the licensee.
THE LICENSEE OR OTHER ENTITY SUBJECT TO EXAMINATION SHALL PAY 20260HB2120PN3280 - 12 - THE COST OF THE EXAMINATION.
The licensee or other entity subject to examination shall pay the cost of the examination.
(2) CONDUCT AN ADMINISTRATIVE HEARING ON A MATTER PERTAINING TO THIS CHAPTER, ISSUE A SUBPOENA TO COMPEL THE ATTENDANCE OF A WITNESS AND THE PRODUCTION OF AN INSTRUMENT, DOCUMENT, ACCOUNT, BOOK OR RECORD AND RETAIN AN INSTRUMENT, DOCUMENT, ACCOUNT, BOOK OR RECORD UNTIL COMPLETION OF THE PROCEEDING IN CONNECTION WITH WHICH THE INSTRUMENT, DOCUMENT, ACCOUNT, BOOK OR RECORD WAS PRODUCED.
(2) Conduct an administrative hearing on a matter pertaining to this chapter, issue a subpoena to compel the attendance of a witness and the production of an instrument, document, account, book or record and retain an instrument, document, account, book or record until completion of the proceeding in connection with which the instrument, document, account, book or record was produced.
A DEPARTMENT OFFICIAL MAY ADMINISTER AN OATH OR AFFIRMATION TO A PERSON WHOSE TESTIMONY IS REQUIRED.
A department official may administer an oath or affirmation to a person whose testimony is required.
IF A PERSON FAILS TO COMPLY WITH A SUBPOENA ISSUED BY THE DEPARTMENT OR TO TESTIFY ON A MATTER CONCERNING WHICH THE PERSON MAY BE LAWFULLY INTERROGATED, COMMONWEALTH COURT, ON APPLICATION OF THE DEPARTMENT, MAY ISSUE AN ORDER REQUIRING THE ATTENDANCE OF THE PERSON, THE PRODUCTION OF THE INSTRUMENT, DOCUMENT, ACCOUNT, BOOK OR RECORD AND THE GIVING OF TESTIMONY.
If a person fails to comply with a subpoena issued by the department or to testify on a matter concerning which the person may be lawfully interrogated, Commonwealth Court, on application of the department, may issue an order requiring the attendance of the person, the production of the instrument, document, account, book or record and the giving of testimony.
(3) REQUEST AND RECEIVE INFORMATION OR A RECORD OF ANY KIND, INCLUDING A REPORT OF CRIMINAL HISTORY RECORD INFORMATION, FROM A FEDERAL, STATE, LOCAL OR FOREIGN GOVERNMENT ENTITY REGARDING AN APPLICANT, LICENSEE OR PERSON RELATED TO THE BUSINESS OF THE APPLICANT OR LICENSEE.
(3) Request and receive information or a record of any kind, including a report of criminal history record information, from a Federal, State, local or foreign government entity regarding an applicant, licensee or person related to the business of the applicant or licensee.
THE APPLICANT OR LICENSEE SHALL PAY THE COST OF OBTAINING THE INFORMATION OR RECORD.
The applicant or licensee shall pay the cost of obtaining the information or record.
(4) PROMULGATE REGULATIONS AND ISSUE STATEMENTS OF POLICY OR ORDERS NECESSARY FOR THE PROPER CONDUCT OF BUSINESS UNDER THIS CHAPTER, THE ISSUANCE AND RENEWAL OF LICENSES AND THE ENFORCEMENT OF THIS CHAPTER.
20260HB2120PN3478 - 11 - (4) Promulgate regulations and issue statements of policy or orders necessary for the proper conduct of business under this chapter, the issuance and renewal of licenses and the enforcement of this chapter.
(5) PROHIBIT OR PERMANENTLY REMOVE A PERSON OR LICENSEE RESPONSIBLE FOR A VIOLATION OF THIS CHAPTER FROM WORKING IN THE PERSON'S OR LICENSEE'S PRESENT CAPACITY OR IN ANY OTHER 20260HB2120PN3280 - 13 - CAPACITY RELATED TO AN ACTIVITY REGULATED BY THE DEPARTMENT.
(5) Prohibit or permanently remove a person or licensee responsible for a violation of this chapter from working in the person's or licensee's present capacity or in any other capacity related to an activity regulated by the department.
(6) ORDER A PERSON OR LICENSEE TO MAKE RESTITUTION FOR ACTUAL DAMAGES TO A HOMEOWNER CAUSED BY A VIOLATION OF THIS CHAPTER.
(6) Order a person or licensee to make restitution for actual damages to a homeowner caused by a violation of this chapter.
(7) ISSUE A CEASE AND DESIST ORDER THAT IS EFFECTIVE IMMEDIATELY, SUBJECT TO A HEARING WITHIN 14 DAYS AFTER ISSUANCE OF THE ORDER.
(7) Issue a cease and desist order that is effective immediately, subject to a hearing within 14 days after issuance of the order.
(8) IMPOSE ANY OTHER CONDITION THAT THE DEPARTMENT DEEMS APPROPRIATE.
(8) Impose any other condition that the department deems appropriate.
(B) HEARINGS.--A PERSON AGGRIEVED BY A DECISION OF THE DEPARTMENT MAY APPEAL THE DECISION TO THE COMMISSION.
(b) Hearings.--A person aggrieved by a decision of the department may appeal the decision to the commission.
THE APPEAL SHALL BE CONDUCTED UNDER 2 PA.C.S.
The appeal shall be conducted under 2 Pa.C.S.
CH.
Ch.
5 SUBCH.
5 Subch.
A (RELATING TO PRACTICE AND PROCEDURE OF COMMONWEALTH AGENCIES).
A (relating to practice and procedure of Commonwealth agencies).
(C) INJUNCTIONS.--THE DEPARTMENT MAY MAINTAIN AN ACTION FOR AN INJUNCTION OR OTHER PROCESS AGAINST A PERSON TO RESTRAIN AND PREVENT THE PERSON FROM ENGAGING IN AN ACTIVITY THAT VIOLATES THIS CHAPTER.
(c) Injunctions.--The department may maintain an action for an injunction or other process against a person to restrain and prevent the person from engaging in an activity that violates this chapter.
(D) FINAL ORDERS.--A DECISION OF THE COMMISSION OR AN UNAPPEALED ORDER OF THE DEPARTMENT SHALL CONSTITUTE A FINAL ORDER OF THE DEPARTMENT AND SHALL BE ENFORCEABLE IN A COURT OF COMPETENT JURISDICTION.
(d) Final orders.--A decision of the commission or an unappealed order of the department shall constitute a final order of the department and shall be enforceable in a court of competent jurisdiction.
SUBJECT TO REDACTION OR MODIFICATION NECESSARY TO PRESERVE CONFIDENTIALITY, THE DEPARTMENT MAY PUBLISH A FINAL ADJUDICATION ISSUED UNDER THIS SECTION.
Subject to redaction or modification necessary to preserve confidentiality, the department may publish a final adjudication issued under this section.
THE DEPARTMENT SHALL REGULARLY REPORT VIOLATIONS OF THIS CHAPTER, ENFORCEMENT ACTIONS AND OTHER RELEVANT INFORMATION TO THE MULTISTATE LICENSING SYSTEM IF THE DEPARTMENT PARTICIPATES IN THE SYSTEM UNDER SECTION 6312(E) (RELATING TO APPLICATION FOR LICENSE).
The 20260HB2120PN3478 - 12 - department shall regularly report violations of this chapter, enforcement actions and other relevant information to the multistate licensing system if the department participates in the system under section 6312(e) (relating to application for license).
(E) APPEALS.--A PERSON AGGRIEVED BY A DECISION OF THE COMMISSION MAY APPEAL THE DECISION UNDER 2 PA.C.S.
(e) Appeals.--A person aggrieved by a decision of the commission may appeal the decision under 2 Pa.C.S.
CH.
Ch.
7 SUBCH.
7 Subch.
20260HB2120PN3280 - 14 - A (RELATING TO JUDICIAL REVIEW OF COMMONWEALTH AGENCY ACTION).
A (relating to judicial review of Commonwealth agency action).
(F) REPORTS.--NO LATER THAN 12 MONTHS AFTER THE EFFECTIVE DATE OF THIS SUBSECTION, AND ANNUALLY THEREAFTER, THE DEPARTMENT SHALL SUBMIT A REPORT DETAILING THE COMPLIANCE OF LICENSEES WITH SUBCHAPTER C (RELATING TO SHARED EQUITY AGREEMENTS).
(f) Reports.--No later than 12 months after the effective date of this subsection, and annually thereafter, the department shall submit a report detailing the compliance of licensees with Subchapter C (relating to shared equity agreements).
THE DEPARTMENT SHALL SUBMIT THE REPORT TO THE CHAIRPERSON AND MINORITY CHAIRPERSON OF THE BANKING AND INSURANCE COMMITTEE OF THE SENATE AND THE CHAIRPERSON AND MINORITY CHAIRPERSON OF THE COMMERCE COMMITTEE OF THE HOUSE OF REPRESENTATIVES.
The department shall submit the report to the chairperson and minority chairperson of the Banking and Insurance Committee of the Senate and the chairperson and minority chairperson of the Commerce Committee of the House of Representatives.
SUBCHAPTER C SHARED EQUITY AGREEMENTS SEC.
SUBCHAPTER C SHARED EQUITY AGREEMENTS Sec.
REQUIREMENTS FOR SHARED EQUITY AGREEMENTS.
Requirements for shared equity agreements.
DISCLOSURE REQUIREMENTS.
Disclosure requirements.
ADDITIONAL PROTECTIVE PROVISIONS.
Additional protective provisions.
PROHIBITED TERMS AND PRACTICES.
Prohibited terms and practices.
REQUIREMENTS FOR SHARED EQUITY AGREEMENTS.
Requirements for shared equity agreements.
A SHARED EQUITY PROVIDER MAY NOT ENTER INTO A SHARED EQUITY AGREEMENT UNLESS ALL OF THE FOLLOWING APPLY:
A shared equity provider may not enter into a shared equity agreement unless all of the following apply:
(1) THE HOMEOWNER IS GIVEN AT LEAST THREE BUSINESS DAYS TO RESCIND ACCEPTANCE OF THE SHARED EQUITY AGREEMENT BEFORE THE AGREEMENT BECOMES EFFECTIVE AND BINDING ON THE HOMEOWNER.
(1) The homeowner is given at least three business days to rescind acceptance of the shared equity agreement before the agreement becomes effective and binding on the homeowner.
THE HOMEOWNER MAY EXERCISE THE RIGHT OF RESCISSION BY PROVIDING WRITTEN NOTICE TO THE SHARED EQUITY PROVIDER WITHIN THE RESCISSION PERIOD.
The homeowner may exercise the right of rescission by 20260HB2120PN3478 - 13 - providing written notice to the shared equity provider within the rescission period.
(2) EXCEPT IN CONNECTION WITH A HOME PURCHASE TRANSACTION, THE HOMEOWNER'S STARTING HOME EQUITY IS EQUAL TO OR GREATER THAN 10%.
(2) Except in connection with a home purchase transaction, the homeowner's starting home equity is equal to or greater than 10%.
IF A PORTION OF THE TRANSACTION AMOUNT WILL BE USED TO PAY DOWN AN EXISTING OBLIGATION SECURED BY THE RESIDENTIAL PROPERTY, THE HOMEOWNER'S STARTING HOME 20260HB2120PN3280 - 15 - EQUITY SHALL BE CALCULATED AFTER APPLICATION OF THAT PORTION OF THE TRANSACTION AMOUNT TO THE OBLIGATION.
If a portion of the transaction amount will be used to pay down an existing obligation secured by the residential property, the homeowner's starting home equity shall be calculated after application of that portion of the transaction amount to the obligation.
(3) THE STARTING HOME VALUE AND ENDING HOME VALUE DETERMINED BY AN APPRAISAL OR OTHER VALUATION REPORT THAT COMPLIES WITH THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE ON THE EFFECTIVE DATE OF THIS PARAGRAPH.
(3) The starting home value and ending home value determined by an appraisal or other valuation report that complies with the Uniform Standards of Professional Appraisal Practice on the effective date of this paragraph.
(4) THE HOMEOWNER IS GIVEN A COPY OF EACH APPRAISAL OR VALUATION REPORT USED TO DETERMINE THE STARTING HOME VALUE AND ENDING HOME VALUE.
(4) The homeowner is given a copy of each appraisal or valuation report used to determine the starting home value and ending home value.
(5) THE SETTLEMENT PAYMENT DOES NOT EXCEED THE TOTAL PRINCIPAL AND INTEREST THAT THE HOMEOWNER WOULD HAVE LAWFULLY PAID OVER THE SAME PERIOD IF THE TRANSACTION AMOUNT HAD BEEN THE PRINCIPAL BALANCE ON A FORWARD RESIDENTIAL MORTGAGE LOAN SUBJECT TO THE MAXIMUM LAWFUL RATE OF INTEREST UNDER SECTION 3 OF THE ACT OF JANUARY 30, 1974 (P.L.13, NO.6), REFERRED TO AS THE LOAN INTEREST AND PROTECTION LAW, AT THE TIME OF THE TRANSACTION.
(5) The settlement payment does not exceed the total principal and interest that the homeowner would have lawfully paid over the same period if the transaction amount had been the principal balance on a forward residential mortgage loan subject to the maximum lawful rate of interest under section <-- 3 ARTICLE III of the act of January 30, 1974 (P.L.13, No.6), <-- referred to as the Loan Interest and Protection Law, at the time of the transaction.
(6) THE HOMEOWNER COMPLETES INDEPENDENT SHARED EQUITY AGREEMENT COUNSELING BY A COUNSELOR APPROVED BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT TO PROVIDE COUNSELING FOR A HOME EQUITY CONVERSION MORTGAGE OR BY ANOTHER PERSON AUTHORIZED BY THE DEPARTMENT UNDER CRITERIA ESTABLISHED BY THE DEPARTMENT BY REGULATION.
(6) The homeowner completes independent shared equity agreement counseling by a counselor approved by the United States Department of Housing and Urban Development to provide counseling for a Home Equity Conversion Mortgage or by another person authorized by the department under criteria established by the department by regulation.
THE CRITERIA SHALL INCLUDE COUNSELOR QUALIFICATIONS, THE CONTENT OF THE COUNSELING SESSION, THE MANNER IN WHICH COUNSELING SHALL BE PROVIDED AND DOCUMENTATION AND RECORDKEEPING REQUIREMENTS.
The criteria 20260HB2120PN3478 - 14 - shall include counselor qualifications, the content of the counseling session, the manner in which counseling shall be provided and documentation and recordkeeping requirements.
(7) THE SHARED EQUITY PROVIDER HAS EVALUATED THE HOMEOWNER'S WILLINGNESS AND CAPACITY TO TIMELY MEET THE HOMEOWNER'S FINANCIAL OBLIGATIONS AND COMPLY WITH THE REQUIREMENTS OF THE SHARED EQUITY AGREEMENT AND HAS 20260HB2120PN3280 - 16 - DETERMINED THAT THE SHARED EQUITY AGREEMENT REPRESENTS A SUSTAINABLE SOLUTION TO THE HOMEOWNER'S FINANCIAL CIRCUMSTANCES.
(7) The shared equity provider has evaluated the homeowner's willingness and capacity to timely meet the homeowner's financial obligations and comply with the requirements of the shared equity agreement and has determined that the shared equity agreement represents a sustainable solution to the homeowner's financial circumstances.
IN MAKING THE EVALUATION, THE SHARED EQUITY PROVIDER SHALL CONDUCT A FINANCIAL ASSESSMENT CONSISTENT WITH THE ASSESSMENT REQUIRED TO DETERMINE WHETHER AND TO WHAT EXTENT A HOME EQUITY CONVERSION MORTGAGE WILL BE SUBJECT TO A LOAN EXPECTANCY SET ASIDE UNDER 24 CFR 206.205(B) (RELATING TO PROPERTY CHARGES), AS REFLECTED IN THE HOME EQUITY CONVERSION MORTGAGE FINANCIAL ASSESSMENT AND PROPERTY CHARGE GUIDE, REVISED JULY 13, 2016.
In making the evaluation, the shared equity provider shall conduct a financial assessment consistent with the assessment required to determine whether and to what extent a Home Equity Conversion Mortgage will be subject to a Loan Expectancy Set Aside under 24 CFR 206.205(b) (relating to property charges), as reflected in the Home Equity Conversion Mortgage Financial Assessment and Property Charge Guide, revised July 13, 2016.
IF THE SHARED EQUITY PROVIDER DETERMINES THAT THE HOMEOWNER'S INCOME IS INSUFFICIENT TO MEET THE HOMEOWNER'S NEEDS AND COMPLY WITH THE REQUIREMENTS IMPOSED BY THE SHARED EQUITY AGREEMENT, INCLUDING ANY OTHER MORTGAGE PAYMENT AND PAYMENTS FOR PROPERTY TAXES AND HOMEOWNER'S INSURANCE, THE SHARED EQUITY PROVIDER MAY NOT ENTER INTO THE SHARED EQUITY AGREEMENT.
If the shared equity provider determines that the homeowner's income is insufficient to meet the homeowner's needs and comply with the requirements imposed by the shared equity agreement, including any other mortgage payment and payments for property taxes and homeowner's insurance, the shared equity provider may not enter into the shared equity agreement.
(8) THE SHARED EQUITY PROVIDER HAS PROVIDED THE DISCLOSURES REQUIRED UNDER 15 U.S.C.
(8) The shared equity provider has provided the disclosures required under 15 U.S.C.
CH.
Ch.
41 SUBCH.
41 Subch.
I (RELATING TO CONSUMER CREDIT COST DISCLOSURE) AND 12 U.S.C.
I (relating to consumer credit cost disclosure) and 12 U.S.C.
CH.
Ch.
27 (RELATING TO REAL ESTATE SETTLEMENT PROCEDURES), AND REGULATIONS PROMULGATED THEREUNDER.
27 (relating to real estate settlement procedures), and regulations promulgated thereunder.
(9) THE SHARED EQUITY PROVIDER HAS DISCLOSED ON THE FIRST PAGE OF THE SHARED EQUITY AGREEMENT THE MAXIMUM AMOUNT, STATED IN DOLLARS, THAT THE HOMEOWNER MAY BE REQUIRED TO PAY UNDER THE SHARED EQUITY AGREEMENT.
(9) The shared equity provider has disclosed on the first page of the shared equity agreement the maximum amount, 20260HB2120PN3478 - 15 - stated in dollars, that the homeowner may be required to pay under the shared equity agreement.
(10) EACH APPRAISAL OF THE RESIDENTIAL PROPERTY HAS BEEN CONDUCTED BY A CERTIFIED OR LICENSED APPRAISER IN ACCORDANCE WITH THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE ON THE EFFECTIVE DATE OF THIS PARAGRAPH AND BY AN APPRAISER THAT IS NOT AFFILIATED WITH THE SHARED EQUITY PROVIDER.
(10) Each appraisal of the residential property has been conducted by a certified or licensed appraiser in accordance with the Uniform Standards of Professional Appraisal Practice on the effective date of this paragraph and by an appraiser that is not affiliated with the shared equity provider.
20260HB2120PN3280 - 17 - (11) THE SHARED EQUITY PROVIDER HAS RECEIVED DOCUMENTATION THAT THE HOMEOWNER COMPLETED COUNSELING FROM A COUNSELOR APPROVED BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT TO PROVIDE COUNSELING FOR A HOME EQUITY CONVERSION MORTGAGE OR BY ANOTHER PERSON AUTHORIZED BY THE DEPARTMENT.
(11) The shared equity provider has received documentation that the homeowner completed counseling from a counselor approved by the United States Department of Housing and Urban Development to provide counseling for a Home Equity Conversion Mortgage or by another person authorized by the department.
THE DOCUMENTATION MUST SHOW THAT THE HOMEOWNER RECEIVED COUNSELING ON THE COST, AFFORDABILITY AND RISKS OF THE SHARED EQUITY AGREEMENT AND THAT, BY THE TIME OF THE COUNSELING SESSION, THE COUNSELOR HAD RECEIVED A COPY OF THE SHARED EQUITY AGREEMENT AND A COST DISCLOSURE FORM COMPARABLE TO THE DISCLOSURES REQUIRED UNDER SECTION 6322 (RELATING TO DISCLOSURE REQUIREMENTS).
The documentation must show that the homeowner received counseling on the cost, affordability and risks of the shared equity agreement and that, by the time of the counseling session, the counselor had received a copy of the shared equity agreement and a cost disclosure form comparable to the disclosures required under section 6322 (relating to disclosure requirements).
(12) AT THE TIME THE SHARED EQUITY AGREEMENT IS EXECUTED, THE SHARED EQUITY PROVIDER PROVIDES THE HOMEOWNER CONTEMPORANEOUS ACCESS TO A KNOWLEDGEABLE REPRESENTATIVE OF THE SHARED EQUITY PROVIDER WHO IS ABLE TO ANSWER THE HOMEOWNER'S QUESTIONS ABOUT THE TRANSACTION.
(12) At the time the shared equity agreement is executed, the shared equity provider provides the homeowner contemporaneous access to a knowledgeable representative of the shared equity provider who is able to answer the homeowner's questions about the transaction.
(13) THE SHARED EQUITY PROVIDER HAS COMPLIED WITH SECTION 6322.
(13) The shared equity provider has complied with section 6322.
DISCLOSURE REQUIREMENTS.
Disclosure requirements.
(A) DISCLOSURE REQUIRED.--A SHARED EQUITY PROVIDER SHALL PROVIDE THE DISCLOSURES REQUIRED UNDER THIS SECTION TO THE HOMEOWNER IN A FORM DETERMINED BY THE DEPARTMENT AND IN A FORM THAT THE HOMEOWNER MAY KEEP.
(a) Disclosure required.--A shared equity provider shall provide the disclosures required under this section to the homeowner in a form determined by the department and in a form 20260HB2120PN3478 - 16 - that the homeowner may keep.
THE FINAL DISCLOSURE UNDER SUBSECTION (C) SHALL BE PROVIDED AT LEAST 30 BUSINESS DAYS BEFORE THE HOMEOWNER ENTERS INTO A SHARED EQUITY AGREEMENT.
The final disclosure under subsection (c) shall be provided at least 30 business days before the homeowner enters into a shared equity agreement.
(B) INITIAL DISCLOSURE.--WITHIN THREE BUSINESS DAYS AFTER A HOMEOWNER INQUIRES ABOUT A SHARED EQUITY AGREEMENT, A SHARED EQUITY PROVIDER SHALL GIVE THE HOMEOWNER AN INITIAL DISCLOSURE, IN A FORM DETERMINED BY THE DEPARTMENT, STATING ALL OF THE 20260HB2120PN3280 - 18 - FOLLOWING:
(b) Initial disclosure.--Within three business days after a homeowner inquires about a shared equity agreement, a shared equity provider shall give the homeowner an initial disclosure, in a form determined by the department, stating all of the following:
(1) A MORTGAGE LIEN WILL BE PLACED ON THE RESIDENTIAL PROPERTY.
(1) A mortgage lien will be placed on the residential property.
(2) FAILURE TO COMPLY WITH THE TERMS OF THE SHARED EQUITY AGREEMENT, OR INABILITY TO SETTLE THE SHARED EQUITY AGREEMENT, MAY RESULT IN THE HOMEOWNER LOSING THE RESIDENTIAL PROPERTY.
(2) Failure to comply with the terms of the shared equity agreement, or inability to settle the shared equity agreement, may result in the homeowner losing the residential property.
(3) THE HOMEOWNER SHOULD CONSIDER OBTAINING THE ADVICE OF AN ATTORNEY BEFORE ENTERING INTO THE SHARED EQUITY AGREEMENT.
(3) The homeowner should consider obtaining the advice of an attorney before entering into the shared equity agreement.
(C) FINAL DISCLOSURE.--AT LEAST 30 BUSINESS DAYS BEFORE A HOMEOWNER ENTERS INTO A SHARED EQUITY AGREEMENT, A SHARED EQUITY PROVIDER SHALL GIVE THE HOMEOWNER A FINAL DISCLOSURE, IN A FORM DETERMINED BY THE DEPARTMENT, THAT THE HOMEOWNER MAY KEEP AND THAT INCLUDES ALL OF THE FOLLOWING IN THE FOLLOWING ORDER:
(c) Final disclosure.--At least 30 business days before a homeowner enters into a shared equity agreement, a shared equity provider shall give the homeowner a final disclosure, in a form determined by the department, that the homeowner may keep and that includes all of the following in the following order:
(1) A CLEAR AND CONSPICUOUS STATEMENT OF ALL OF THE FOLLOWING:
(1) A clear and conspicuous statement of all of the following:
(I) THE MAXIMUM DOLLAR AMOUNT THAT THE HOMEOWNER MAY BE REQUIRED TO PAY UNDER THE SHARED EQUITY AGREEMENT.
(i) The maximum dollar amount that the homeowner may be required to pay under the shared equity agreement.
(II) THE CONDITIONS THAT TRIGGER THE OBLIGATION TO MAKE A SETTLEMENT PAYMENT.
(ii) The conditions that trigger the obligation to make a settlement payment.
(III) THE MANNER IN WHICH THE SETTLEMENT PAYMENT WILL BE CALCULATED.
(iii) The manner in which the settlement payment will be calculated.
(IV) THAT, ALTHOUGH THE HOMEOWNER IS NOT REQUIRED TO MAKE PERIODIC PAYMENTS TO THE SHARED EQUITY PROVIDER DURING THE TERM OF THE SHARED EQUITY AGREEMENT, THE HOMEOWNER REMAINS RESPONSIBLE FOR PAYMENTS DUE UNDER ANY OTHER MORTGAGE AND FOR PROPERTY TAXES, HOMEOWNER'S INSURANCE AND HOMEOWNERS ASSOCIATION FEES, IF APPLICABLE.
20260HB2120PN3478 - 17 - (iv) That, although the homeowner is not required to make periodic payments to the shared equity provider during the term of the shared equity agreement, the homeowner remains responsible for payments due under any other mortgage and for property taxes, homeowner's insurance and homeowners association fees, if applicable.
(V) THE REQUIREMENT TO COMPLETE COUNSELING BEFORE 20260HB2120PN3280 - 19 - ENTERING INTO THE SHARED EQUITY AGREEMENT.
(v) The requirement to complete counseling before entering into the shared equity agreement.
(VI) THAT THE HOMEOWNER MAY REJECT OR CANCEL THE OFFER UNTIL THREE BUSINESS DAYS AFTER CLOSING AND THE MANNER IN WHICH THE HOMEOWNER MAY EXERCISE THAT RIGHT.
(vi) That the homeowner may reject or cancel the offer until three business days after closing and the manner in which the homeowner may exercise that right.
(VII) THE TRANSACTION AMOUNT, EXPRESSED AS A PERCENTAGE OF THE VALUE OF THE RESIDENTIAL PROPERTY AS DETERMINED BY APPRAISAL OR OTHER VALUATION.
(vii) The transaction amount, expressed as a percentage of the value of the residential property as determined by appraisal or other valuation.
(VIII) THE MAXIMUM SETTLEMENT AMOUNT, EXPRESSED AS A PERCENTAGE OF THE VALUE OF THE RESIDENTIAL PROPERTY AS DETERMINED BY APPRAISAL OR OTHER VALUATION, THAT MAY BE PAYABLE TO THE SHARED EQUITY PROVIDER ON TERMINATION OF THE SHARED EQUITY AGREEMENT.
(viii) The maximum settlement amount, expressed as a percentage of the value of the residential property as determined by appraisal or other valuation, that may be payable to the shared equity provider on termination of the shared equity agreement.
(2) A COPY OF EACH DOCUMENT THAT THE HOMEOWNER WILL BE REQUIRED TO SIGN TO ENTER INTO THE SHARED EQUITY AGREEMENT, INCLUDING ALL OF THE FOLLOWING:
(2) A copy of each document that the homeowner will be required to sign to enter into the shared equity agreement, including all of the following:
(I) THE SHARED EQUITY AGREEMENT.
(i) The shared equity agreement.
(II) EACH DISCLOSURE REQUIRED BY 15 U.S.C.
(ii) Each disclosure required by 15 U.S.C.
CH.
Ch.
41 SUBCH.
41 Subch.
I (RELATING TO CONSUMER CREDIT COST DISCLOSURE) AND 12 U.S.C.
I (relating to consumer credit cost disclosure) and 12 U.S.C.
CH.
Ch.
27 (RELATING TO REAL ESTATE SETTLEMENT PROCEDURES), AND REGULATIONS PROMULGATED THEREUNDER.
27 (relating to real estate settlement procedures), and regulations promulgated thereunder.
(III) ANY OTHER DISCLOSURE OR DOCUMENT REQUIRED BY THE DEPARTMENT.
(iii) Any other disclosure or document required by the department.
ADDITIONAL PROTECTIVE PROVISIONS.
Additional protective provisions.
(A) DUTIES.--WITH RESPECT TO RESIDENTIAL PROPERTY, A SHARED EQUITY PROVIDER SHALL HAVE THE FOLLOWING DUTIES:
20260HB2120PN3478 - 18 - (a) Duties.--With respect to residential property, a shared equity provider shall have the following duties:
(1) PROVIDE THE DISCLOSURES REQUIRED UNDER 15 U.S.C.
(1) Provide the disclosures required under 15 U.S.C.
CH.
Ch.
41 SUBCH.
41 Subch.
I (RELATING TO CONSUMER CREDIT COST DISCLOSURE) AND 12 U.S.C.
I (relating to consumer credit cost disclosure) and 12 U.S.C.
CH.
Ch.
27 (RELATING TO REAL ESTATE SETTLEMENT PROCEDURES), AND REGULATIONS PROMULGATED THEREUNDER.
27 (relating to real estate settlement procedures), and regulations promulgated thereunder.
(2) PROVIDE THE HOMEOWNER AT LEAST 90 DAYS' WRITTEN 20260HB2120PN3280 - 20 - NOTICE OF AN ACTION REQUIRED OF THE HOMEOWNER UNDER THE TERMS OF THE SHARED EQUITY AGREEMENT IF FAILURE TO TIMELY TAKE THE ACTION WILL AFFECT THE RIGHTS OR INTERESTS OF THE HOMEOWNER UNDER THE AGREEMENT.
(2) Provide the homeowner at least 90 days' written notice of an action required of the homeowner under the terms of the shared equity agreement if failure to timely take the action will affect the rights or interests of the homeowner under the agreement.
(3) PROVIDE THE HOMEOWNER, WITHIN THREE BUSINESS DAYS AFTER THE HOMEOWNER REQUESTS IT AND AT NO COST TO THE HOMEOWNER, A PAYOFF QUOTE ITEMIZING EACH AMOUNT THAT THE HOMEOWNER IS LIABLE TO PAY TO THE SHARED EQUITY PROVIDER.
(3) Provide the homeowner, within three business days after the homeowner requests it and at no cost to the homeowner, a payoff quote itemizing each amount that the homeowner is liable to pay to the shared equity provider.
(4) PROVIDE THE HOMEOWNER, WITHIN THREE BUSINESS DAYS AFTER THE HOMEOWNER REQUESTS IT, A WRITTEN DESCRIPTION OF THE PROCESS FOR TERMINATING THE SHARED EQUITY AGREEMENT.
(4) Provide the homeowner, within three business days after the homeowner requests it, a written description of the process for terminating the shared equity agreement.
(5) PROVIDE CREDIT FOR AN IMPROVEMENT MADE BY THE HOMEOWNER TO THE PROPERTY SECURING THE SHARED EQUITY AGREEMENT IN AN AMOUNT EQUAL TO THE GREATER OF THE FUNDS PAID FOR THE IMPROVEMENT OR THE INCREASE IN APPRAISED VALUE RESULTING FROM THE IMPROVEMENT.
(5) Provide credit for an improvement made by the homeowner to the property securing the shared equity agreement in an amount equal to the greater of the funds paid for the improvement or the increase in appraised value resulting from the improvement.
(6) ENSURE THAT AN ADJUSTMENT FOR LACK OF MAINTENANCE OR FOR AN IMPROVEMENT IS DETERMINED BY A PROPERTY APPRAISAL THAT COMPLIES WITH THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE ON THE EFFECTIVE DATE OF THIS PARAGRAPH.
(6) Ensure that an adjustment for lack of maintenance or for an improvement is determined by a property appraisal that complies with the Uniform Standards of Professional Appraisal Practice on the effective date of this paragraph.
(7) BRING AN ACTION TO ENFORCE A SHARED EQUITY AGREEMENT RELATING TO RESIDENTIAL PROPERTY LOCATED IN THIS COMMONWEALTH IN A COURT OF COMPETENT JURISDICTION AND COMPLY WITH THE PENNSYLVANIA RULES OF CIVIL PROCEDURE GOVERNING MORTGAGE FORECLOSURE ACTIONS.
(7) Bring an action to enforce a shared equity agreement relating to residential property located in this Commonwealth in a court of competent jurisdiction and comply with the 20260HB2120PN3478 - 19 - Pennsylvania Rules of Civil Procedure governing mortgage foreclosure actions.
(B) NOTICE BEFORE LEGAL PROCEEDINGS.--BEFORE COMMENCING A LEGAL PROCEEDING TO RECOVER RESIDENTIAL PROPERTY, A SHARED EQUITY PROVIDER SHALL GIVE THE HOMEOWNER AT LEAST 30 DAYS' WRITTEN NOTICE OF THE SHARED EQUITY PROVIDER'S INTENTION TO DO SO.
(b) Notice before legal proceedings.--Before commencing a legal proceeding to recover residential property, a shared equity provider shall give the homeowner at least 30 days' written notice of the shared equity provider's intention to do so.
20260HB2120PN3280 - 21 - (C) FORM AND CONTENTS OF NOTICE.--A NOTICE UNDER SUBSECTION (B) SHALL BE IN WRITING AND SENT TO THE HOMEOWNER BY REGISTERED OR CERTIFIED MAIL AT THE HOMEOWNER'S LAST KNOWN ADDRESS AND, IF DIFFERENT, AT THE RESIDENCE THAT IS THE SUBJECT TO THE SHARED EQUITY AGREEMENT.
(c) Form and contents of notice.--A notice under subsection (b) shall be in writing and sent to the homeowner by registered or certified mail at the homeowner's last known address and, if different, at the residence that is the subject to the shared equity agreement.
THE NOTICE SHALL CLEARLY AND CONSPICUOUSLY STATE ALL OF THE FOLLOWING:
The notice shall clearly and conspicuously state all of the following:
(1) THE PARTICULAR OBLIGATION OR REAL ESTATE SECURITY INTEREST.
(1) The particular obligation or real estate security interest.
(2) THE NATURE OF THE CLAIMED DEFAULT.
(2) The nature of the claimed default.
(3) THE RIGHT OF THE HOMEOWNER TO CURE THE DEFAULT UNDER SUBSECTION (D) AND EXACTLY WHAT PERFORMANCE, INCLUDING THE AMOUNT OF MONEY, IF ANY, MUST BE TENDERED TO CURE THE DEFAULT.
(3) The right of the homeowner to cure the default under subsection (d) and exactly what performance, including the amount of money, if any, must be tendered to cure the default.
(4) THE TIME WITHIN WHICH THE HOMEOWNER MUST CURE THE DEFAULT.
(4) The time within which the homeowner must cure the default.
(5) THE METHOD BY WHICH THE HOMEOWNER'S OWNERSHIP OR POSSESSION OF THE REAL ESTATE MAY BE TERMINATED.
(5) The method by which the homeowner's ownership or possession of the real estate may be terminated.
(6) THE RIGHT OF THE HOMEOWNER, IF ANY, TO TRANSFER THE REAL ESTATE TO ANOTHER PERSON SUBJECT TO THE SECURITY INTEREST OR TO REFINANCE THE OBLIGATION AND THE RIGHT OF THE TRANSFEREE, IF ANY, TO CURE THE DEFAULT.
(6) The right of the homeowner, if any, to transfer the real estate to another person subject to the security interest or to refinance the obligation and the right of the transferee, if any, to cure the default.
(D) CURE OF DEFAULT.--AFTER A NOTICE UNDER SUBSECTION (B) HAS BEEN GIVEN, THE HOMEOWNER OR ANOTHER PERSON ACTING ON THE HOMEOWNER'S BEHALF MAY, AT ANY TIME NOT LATER THAN ONE HOUR BEFORE THE COMMENCEMENT OF BIDDING AT A SHERIFF SALE OR OTHER JUDICIAL SALE OF THE RESIDENTIAL PROPERTY AND NOT MORE THAN THREE TIMES IN A CALENDAR YEAR, CURE THE DEFAULT AND PREVENT SALE OR OTHER DISPOSITION OF THE REAL ESTATE AND AVOID ACCELERATION, IF ANY, BY TENDERING THE AMOUNT OR PERFORMANCE SPECIFIED IN SUBSECTION (E).
(d) Cure of default.--After a notice under subsection (b) has been given, the homeowner or another person acting on the 20260HB2120PN3478 - 20 - homeowner's behalf may, at any time not later than one hour before the commencement of bidding at a sheriff sale or other judicial sale of the residential property and not more than three times in a calendar year, cure the default and prevent sale or other disposition of the real estate and avoid acceleration, if any, by tendering the amount or performance specified in subsection (e).
20260HB2120PN3280 - 22 - (E) REQUIREMENTS TO CURE DEFAULT.--TO CURE A DEFAULT UNDER SUBSECTION (D), THE HOMEOWNER SHALL ENGAGE IN ALL OF THE FOLLOWING:
(e) Requirements to cure default.--To cure a default under subsection (d), the homeowner shall engage in all of the following:
(1) PAY OR TENDER, IN THE FORM OF CASH, CASHIER'S CHECK OR CERTIFIED CHECK, ALL SUMS THAT WOULD HAVE BEEN DUE AT THE TIME OF PAYMENT OR TENDER IN THE ABSENCE OF DEFAULT AND THE EXERCISE OF AN ACCELERATION CLAUSE, IF ANY.
(1) Pay or tender, in the form of cash, cashier's check or certified check, all sums that would have been due at the time of payment or tender in the absence of default and the exercise of an acceleration clause, if any.
(2) PERFORM ANY OTHER OBLIGATION THAT THE HOMEOWNER WOULD HAVE BEEN BOUND TO PERFORM IN THE ABSENCE OF DEFAULT.
(2) Perform any other obligation that the homeowner would have been bound to perform in the absence of default.
(3) PAY OR TENDER ANY REASONABLE FEE ALLOWED UNDER SECTION 6324(7) (RELATING TO PROHIBITED TERMS AND PRACTICES) AND THE REASONABLE COST OF PROCEEDING TO FORECLOSURE, AS SPECIFIED IN WRITING BY THE SHARED EQUITY PROVIDER, ACTUALLY INCURRED TO THE DATE OF PAYMENT.
(3) Pay or tender any reasonable fee allowed under section 6324(7) (relating to prohibited terms and practices) and the reasonable cost of proceeding to foreclosure, as specified in writing by the shared equity provider, actually incurred to the date of payment.
(4) PAY ANY REASONABLE LATE PENALTY, IF PROVIDED FOR IN THE SECURITY DOCUMENT.
(4) Pay any reasonable late penalty, if provided for in the security document.
(F) EFFECT OF CURE.--CURE OF A DEFAULT UNDER SUBSECTION (D) RESTORES THE HOMEOWNER TO THE SAME POSITION AS IF THE DEFAULT HAD NOT OCCURRED.
(f) Effect of cure.--Cure of a default under subsection (d) restores the homeowner to the same position as if the default had not occurred.
(G) PREPAYMENT.--A SHARED EQUITY AGREEMENT ENTERED INTO ON OR AFTER THE EFFECTIVE DATE OF THIS SUBSECTION MAY BE PREPAID, WITHOUT PENALTY OR OTHER CHARGE FOR PREPAYMENT, AT ANY TIME BEFORE THE END OF THE TERM OF THE AGREEMENT.
(g) Prepayment.--A shared equity agreement entered into on or after the effective date of this subsection may be prepaid, without penalty or other charge for prepayment, at any time before the end of the term of the agreement.
(H) CONFESSION OF JUDGMENT.--A PLAINTIFF MAY NOT LEVY, EXECUTE OR GARNISH ON THE BASIS OF A JUDGMENT OR DECREE ON CONFESSION, WHETHER BY AMICABLE ACTION OR OTHERWISE, ON A SHARED EQUITY AGREEMENT OR OTHER SIMILAR INSTRUMENT IN WRITING CONFESSING JUDGMENT UNTIL THE PLAINTIFF, IN ACCORDANCE WITH THE PENNSYLVANIA RULES OF CIVIL PROCEDURE, FILES AN APPROPRIATE ACTION AND PROCEEDS TO JUDGMENT OR DECREE AGAINST THE DEFENDANT 20260HB2120PN3280 - 23 - AS IN AN ORIGINAL ACTION.
20260HB2120PN3478 - 21 - (h) Confession of judgment.--A plaintiff may not levy, execute or garnish on the basis of a judgment or decree on confession, whether by amicable action or otherwise, on a shared equity agreement or other similar instrument in writing confessing judgment until the plaintiff, in accordance with the Pennsylvania Rules of Civil Procedure, files an appropriate action and proceeds to judgment or decree against the defendant as in an original action.
THE COURT SHALL MODIFY THE JUDGMENT BY CONFESSION AS APPROPRIATE BY A JUDGMENT, ORDER OR DECREE ENTERED IN THE ACTION.
The court shall modify the judgment by confession as appropriate by a judgment, order or decree entered in the action.
AFTER THE ORIGINAL ACTION HAS BEEN PROSECUTED AND A JUDGMENT OBTAINED, THAT JUDGMENT SHALL MERGE WITH THE CONFESSED JUDGMENT, THE CONFESSED JUDGMENT SHALL BE CONFORMED AS TO AMOUNT AND EXECUTION SHALL BE HAD ON THE CONFESSED JUDGMENT.
After the original action has been prosecuted and a judgment obtained, that judgment shall merge with the confessed judgment, the confessed judgment shall be conformed as to amount and execution shall be had on the confessed judgment.
THE PARTIES TO THE ACTION SHALL HAVE THE SAME RIGHTS AS PARTIES TO ANOTHER ORIGINAL PROCEEDING.
The parties to the action shall have the same rights as parties to another original proceeding.
NOTHING IN THIS SUBSECTION SHALL PROHIBIT A SHARED EQUITY PROVIDER FROM PROCEEDING BY MORTGAGE FORECLOSURE ACTION IN LIEU OF CONFESSION OF JUDGMENT.
Nothing in this subsection shall prohibit a shared equity provider from proceeding by mortgage foreclosure action in lieu of confession of judgment.
(I) EXCESS SETTLEMENT PAYMENT.--IF A SETTLEMENT PAYMENT EXCEEDS THE AMOUNT PERMITTED BY THIS CHAPTER, THE HOMEOWNER SHALL NOT BE REQUIRED TO PAY THE EXCESS OVER THE MAXIMUM SETTLEMENT PAYMENT UNDER SECTION 6321(5), AND THE HOMEOWNER MAY RETAIN AND DEDUCT THE EXCESS FROM THE AMOUNT OF THE DEBT.
(i) Excess settlement payment.--If a settlement payment exceeds the amount permitted by this chapter, the homeowner shall not be required to pay the excess over the maximum settlement payment under section 6321(5), and the homeowner may retain and deduct the excess from the amount of the debt.
(J) WAIVER PROHIBITED.--A PROVISION OF THIS CHAPTER MAY NOT BE WAIVED BY AN ORAL OR WRITTEN AGREEMENT.
(j) Waiver prohibited.--A provision of this chapter may not be waived by an oral or written agreement.
PROHIBITED TERMS AND PRACTICES.
Prohibited terms and practices.
A SHARED EQUITY PROVIDER MAY NOT:
A shared equity provider may not:
(1) CHARGE A PENALTY FOR SETTLEMENT OF A SHARED EQUITY AGREEMENT BEFORE THE END OF THE STATED TERM OF THE AGREEMENT.
(1) Charge a penalty for settlement of a shared equity agreement before the end of the stated term of the agreement.
(2) USE A RISK ADJUSTMENT TO CALCULATE THE APPRECIATION OF RESIDENTIAL PROPERTY.
(2) Use a risk adjustment to calculate the appreciation of residential property.
(3) PROHIBIT A HOMEOWNER FROM, OR PENALIZE A HOMEOWNER FOR, RENTING OR OTHERWISE USING RESIDENTIAL PROPERTY AS THE HOMEOWNER CHOOSES IF THE USE COMPLIES WITH APPLICABLE LAW.
20260HB2120PN3478 - 22 - (3) Prohibit a homeowner from, or penalize a homeowner for, renting or otherwise using residential property as the homeowner chooses if the use complies with applicable law.
(4) AGREE TO A PROPERTY VALUATION THAT DIFFERS FROM THE VALUE DETERMINED BY APPRAISAL UNDER SECTION 6321(10) (RELATING TO REQUIREMENTS FOR SHARED EQUITY AGREEMENTS).
(4) Agree to a property valuation that differs from the value determined by appraisal under section 6321(10) (relating to requirements for shared equity agreements).
(5) INCLUDE IN A SHARED EQUITY AGREEMENT ANY OF THE 20260HB2120PN3280 - 24 - FOLLOWING:
(5) Include in a shared equity agreement any of the following:
(I) AN ARBITRATION CLAUSE.
(i) An arbitration clause.
(II) A CLAUSE THAT CONSTITUTES OR CONTAINS A COGNOVIT, CONFESSION OF JUDGMENT, WARRANT OF ATTORNEY OR OTHER WAIVER OF THE RIGHT TO NOTICE AND THE OPPORTUNITY TO BE HEARD IN THE EVENT OF SUIT OR PROCESS THEREON.
(ii) A clause that constitutes or contains a cognovit, confession of judgment, warrant of attorney or other waiver of the right to notice and the opportunity to be heard in the event of suit or process thereon.
(III) A CLAUSE THAT PURPORTS TO AUTHORIZE THE SHARED EQUITY PROVIDER TO OBTAIN A POWER OF ATTORNEY FROM THE HOMEOWNER AND SELL THE RESIDENTIAL PROPERTY.
(iii) A clause that purports to authorize the shared equity provider to obtain a power of attorney from the homeowner and sell the residential property.
(IV) A CLAUSE THAT PURPORTS TO LIMIT THE HOMEOWNER'S RIGHT TO A JURY TRIAL.
(iv) A clause that purports to limit the homeowner's right to a jury trial.
(6) INCLUDE IN A SHARED EQUITY AGREEMENT A PROVISION THAT PROHIBITS THE HOMEOWNER FROM REFINANCING A MORTGAGE OR OTHER LIEN ON RESIDENTIAL PROPERTY THAT IS THE HOMEOWNER'S PRIMARY RESIDENCE.
(6) Include in a shared equity agreement a provision that prohibits the homeowner from refinancing a mortgage or other lien on residential property that is the homeowner's primary residence.
(7) CONTRACT FOR OR RECEIVE ATTORNEY FEES THAT ARE INCONSISTENT WITH THE ATTORNEY FEES ALLOWED UNDER SECTION 406 OF THE ACT OF JANUARY 30, 1974 (P.L.13, NO.6), REFERRED TO AS THE LOAN INTEREST AND PROTECTION LAW.
(7) Contract for or receive attorney fees that are inconsistent with the attorney fees allowed under section 406 of the act of January 30, 1974 (P.L.13, No.6), referred to as the Loan Interest and Protection Law.
(8) CHARGE AN AMOUNT TO SETTLE A SHARED EQUITY AGREEMENT THAT EXCEEDS THE AMOUNT PERMITTED UNDER SECTION 6321(5).
(8) Charge an amount to settle a shared equity agreement that exceeds the amount permitted under section 6321(5).
(9) INCLUDE IN A SHARED EQUITY AGREEMENT A PROVISION THAT ALLOWS THE SHARED EQUITY PROVIDER TO REQUIRE A SETTLEMENT PAYMENT LESS THAN 30 YEARS AFTER THE DATE OF EXECUTION OF THE AGREEMENT.
(9) Include in a shared equity agreement a provision that allows the shared equity provider to require a 20260HB2120PN3478 - 23 - settlement payment less than 30 years after the date of execution of the agreement.
SUBCHAPTER D ENFORCEMENT SEC.
SUBCHAPTER D ENFORCEMENT Sec.
SUSPENSION, REVOCATION OR REFUSAL.
Suspension, revocation or refusal.
HOMEOWNER REMEDIES.
Homeowner remedies.
20260HB2120PN3280 - 25 - § 6331.
§ 6331.
SUSPENSION, REVOCATION OR REFUSAL.
Suspension, revocation or refusal.
(A) DEPARTMENTAL ACTION.--THE DEPARTMENT MAY SUSPEND, REVOKE OR REFUSE TO ISSUE OR RENEW A LICENSE IF A LICENSEE OR A DIRECTOR, OFFICER, PARTNER, EMPLOYEE OR OWNER OF A LICENSEE HAS DONE ANY OF THE FOLLOWING:
(a) Departmental action.--The department may suspend, revoke or refuse to issue or renew a license if a licensee or a director, officer, partner, employee or owner of a licensee has done any of the following:
(1) MADE A MATERIAL MISSTATEMENT IN AN APPLICATION OR IN A REPORT OR SUBMISSION REQUIRED BY THIS CHAPTER OR BY A REGULATION, STATEMENT OF POLICY OR ORDER OF THE DEPARTMENT.
(1) Made a material misstatement in an application or in a report or submission required by this chapter or by a regulation, statement of policy or order of the department.
(2) FAILED TO COMPLY WITH OR VIOLATED A PROVISION OF THIS CHAPTER OR A REGULATION, STATEMENT OF POLICY OR ORDER PROMULGATED OR ISSUED BY THE DEPARTMENT UNDER THIS CHAPTER.
(2) Failed to comply with or violated a provision of this chapter or a regulation, statement of policy or order promulgated or issued by the department under this chapter.
(3) ENGAGED IN DISHONEST, FRAUDULENT OR ILLEGAL CONDUCT IN A BUSINESS OR UNFAIR OR UNETHICAL CONDUCT IN CONNECTION WITH THE BUSINESS OF MAKING, HOLDING OR SERVICING SHARED EQUITY AGREEMENTS.
(3) Engaged in dishonest, fraudulent or illegal conduct in a business or unfair or unethical conduct in connection with the business of making, holding or servicing shared equity agreements.
(4) BEEN CONVICTED OF OR PLEADED GUILTY OR NOLO CONTENDERE TO A FELONY OR A CRIME INVOLVING MORAL TURPITUDE.
(4) Been convicted of or pleaded guilty or nolo contendere to a felony or a crime involving moral turpitude.
(5) BEEN PERMANENTLY OR TEMPORARILY ENJOINED BY A COURT OF COMPETENT JURISDICTION FROM ENGAGING IN OR CONTINUING CONDUCT OR A PRACTICE INVOLVING THE BUSINESS OF MAKING, HOLDING OR SERVICING SHARED EQUITY AGREEMENTS.
(5) Been permanently or temporarily enjoined by a court of competent jurisdiction from engaging in or continuing conduct or a practice involving the business of making, holding or servicing shared equity agreements.
(6) BECOME THE SUBJECT OF AN ORDER OF THE DEPARTMENT DENYING, SUSPENDING OR REVOKING A LICENSE APPLIED FOR OR ISSUED UNDER THIS CHAPTER.
(6) Become the subject of an order of the department denying, suspending or revoking a license applied for or 20260HB2120PN3478 - 24 - issued under this chapter.
(7) BECOME THE SUBJECT OF A FRAUD ORDER OF THE UNITED STATES POSTAL SERVICE.
(7) Become the subject of a fraud order of the United States Postal Service.
(8) FAILED TO COMPLY WITH THE REQUIREMENTS OF THIS CHAPTER TO MAKE AND KEEP RECORDS REQUIRED BY REGULATION, STATEMENT OF POLICY OR ORDER OF THE DEPARTMENT, TO PRODUCE RECORDS REQUIRED BY THE DEPARTMENT OR TO FILE FINANCIAL 20260HB2120PN3280 - 26 - REPORTS OR OTHER INFORMATION THAT THE DEPARTMENT REQUIRES BY REGULATION, STATEMENT OF POLICY OR ORDER.
(8) Failed to comply with the requirements of this chapter to make and keep records required by regulation, statement of policy or order of the department, to produce records required by the department or to file financial reports or other information that the department requires by regulation, statement of policy or order.
(9) BECOME THE SUBJECT OF AN ORDER OF THE DEPARTMENT DENYING, SUSPENDING OR REVOKING A LICENSE UNDER ANOTHER LAW ADMINISTERED BY THE DEPARTMENT.
(9) Become the subject of an order of the department denying, suspending or revoking a license under another law administered by the department.
(10) DEMONSTRATED NEGLIGENCE OR INCOMPETENCE IN PERFORMING AN ACT FOR WHICH THE LICENSEE IS REQUIRED TO HOLD A LICENSE UNDER THIS CHAPTER.
(10) Demonstrated negligence or incompetence in performing an act for which the licensee is required to hold a license under this chapter.
(11) BECOME INSOLVENT, MEANING THAT THE LIABILITIES OF THE APPLICANT OR LICENSEE EXCEED THE ASSETS OF THE APPLICANT OR LICENSEE, THAT THE APPLICANT OR LICENSEE CANNOT MEET OBLIGATIONS AS THEY MATURE OR THAT THE APPLICANT OR LICENSEE IS IN SUCH FINANCIAL CONDITION THAT THE APPLICANT OR LICENSEE CANNOT CONTINUE IN BUSINESS WITH SAFETY TO CUSTOMERS.
(11) Become insolvent, meaning that the liabilities of the applicant or licensee exceed the assets of the applicant or licensee, that the applicant or licensee cannot meet obligations as they mature or that the applicant or licensee is in such financial condition that the applicant or licensee cannot continue in business with safety to customers.
(12) FAILED TO COMPLY WITH THE TERMS OF AN AGREEMENT UNDER WHICH THE DEPARTMENT AUTHORIZES A LICENSEE TO MAINTAIN RECORDS AT A PLACE OTHER THAN THE LICENSEE'S PRINCIPAL PLACE OF BUSINESS.
(12) Failed to comply with the terms of an agreement under which the department authorizes a licensee to maintain records at a place other than the licensee's principal place of business.
(B) REINSTATEMENT.--THE DEPARTMENT MAY REINSTATE A LICENSE PREVIOUSLY SUSPENDED, REVOKED OR DENIED RENEWAL IF ALL OF THE FOLLOWING APPLY:
(b) Reinstatement.--The department may reinstate a license previously suspended, revoked or denied renewal if all of the following apply:
(1) THE CONDITION THAT WARRANTED THE ORIGINAL ACTION HAS BEEN CORRECTED TO THE SATISFACTION OF THE DEPARTMENT.
(1) The condition that warranted the original action has been corrected to the satisfaction of the department.
(2) THE DEPARTMENT HAS REASON TO BELIEVE THAT THE CONDITION IS NOT LIKELY TO RECUR.
20260HB2120PN3478 - 25 - (2) The department has reason to believe that the condition is not likely to recur.
(3) THE LICENSEE SATISFIES ALL OTHER REQUIREMENTS OF THIS CHAPTER.
(3) The licensee satisfies all other requirements of this chapter.
(C) PENALTIES.--A PERSON SUBJECT TO THIS CHAPTER THAT IS NOT LICENSED BY THE DEPARTMENT AND THAT VIOLATES A PROVISION OF THIS CHAPTER OR COMMITS AN ACT THAT WOULD SUBJECT A LICENSEE TO 20260HB2120PN3280 - 27 - SUSPENSION, REVOCATION OR REFUSAL TO RENEW UNDER THIS SECTION MAY BE FINED BY THE DEPARTMENT UP TO $10,000 FOR EACH OFFENSE.
(c) Penalties.--A person subject to this chapter that is not licensed by the department and that violates a provision of this chapter or commits an act that would subject a licensee to suspension, revocation or refusal to renew under this section may be fined by the department up to $10,000 for each offense.
A PERSON LICENSED UNDER THIS CHAPTER, OR A DIRECTOR, OFFICER, OWNER, PARTNER, EMPLOYEE OR AGENT OF A LICENSEE, THAT VIOLATES A PROVISION OF THIS CHAPTER OR COMMITS AN ACT THAT WOULD SUBJECT THE LICENSEE TO SUSPENSION, REVOCATION OR REFUSAL TO RENEW UNDER THIS SECTION MAY BE FINED BY THE DEPARTMENT UP TO $10,000 FOR EACH OFFENSE.
A person licensed under this chapter, or a director, officer, owner, partner, employee or agent of a licensee, that violates a provision of this chapter or commits an act that would subject the licensee to suspension, revocation or refusal to renew under this section may be fined by the department up to $10,000 for each offense.
HOMEOWNER REMEDIES.
Homeowner remedies.
(A) CIVIL ACTION.--A HOMEOWNER AFFECTED BY A VIOLATION OF SECTION 6321 (RELATING TO REQUIREMENTS FOR SHARED EQUITY AGREEMENTS), 6322 (RELATING TO DISCLOSURE REQUIREMENTS), 6323 (RELATING TO ADDITIONAL PROTECTIVE PROVISIONS) OR 6324 (RELATING TO PROHIBITED TERMS AND PRACTICES) MAY BRING AN ACTION IN COURT OF COMPETENT JURISDICTION FOR DAMAGES ARISING FROM THE VIOLATION, INCLUDING PUNITIVE DAMAGES, COSTS, REASONABLE ATTORNEY FEES AND OTHER RELIEF TO WHICH THE HOMEOWNER MAY BE ENTITLED UNDER LAW OR EQUITY.
(a) Civil action.--A homeowner affected by a violation of section 6321 (relating to requirements for shared equity agreements), 6322 (relating to disclosure requirements), 6323 (relating to additional protective provisions) or 6324 (relating to prohibited terms and practices) may bring an action in court of competent jurisdiction for damages arising from the violation, including punitive damages, costs, reasonable attorney fees and other relief to which the homeowner may be entitled under law or equity.
(B) TREBLE DAMAGES.--IN ADDITION TO THE REMEDIES UNDER SUBSECTION (A), A HOMEOWNER THAT HAS MADE A SETTLEMENT PAYMENT IN AN AMOUNT THAT EXCEEDS THE AMOUNT PERMITTED BY THIS CHAPTER OR OTHER LAW, OR THAT HAS PAID A CHARGE PROHIBITED BY OR IN EXCESS OF THE AMOUNT ALLOWED BY THIS CHAPTER OR OTHER LAW, MAY RECOVER THREE TIMES THE AMOUNT OF THE EXCESS SETTLEMENT PAYMENT OR CHARGE FROM THE PERSON THAT COLLECTED THE EXCESS SETTLEMENT PAYMENT OR CHARGE.
(b) Treble damages.--In addition to the remedies under subsection (a), a homeowner that has made a settlement payment in an amount that exceeds the amount permitted by this chapter or other law, or that has paid a charge prohibited by or in excess of the amount allowed by this chapter or other law, may 20260HB2120PN3478 - 26 - recover three times the amount of the excess settlement payment or charge from the person that collected the excess settlement payment or charge.
(C) COSTS AND ATTORNEY FEES.--IF A HOMEOWNER PREVAILS IN AN ACTION UNDER THIS CHAPTER, THE HOMEOWNER SHALL RECOVER COSTS AND EXPENSES THAT THE COURT DETERMINES WERE REASONABLY INCURRED IN CONNECTION WITH THE PROSECUTION OF THE ACTION, TOGETHER WITH A 20260HB2120PN3280 - 28 - REASONABLE ATTORNEY FEE.
(c) Costs and attorney fees.--If a homeowner prevails in an action under this chapter, the homeowner shall recover costs and expenses that the court determines were reasonably incurred in connection with the prosecution of the action, together with a reasonable attorney fee.
(D) CONSTRUCTION.--NOTHING IN THIS CHAPTER SHALL BE CONSTRUED TO LIMIT THE RIGHT OF A HOMEOWNER TO BRING AN ACTION UNDER ANY OTHER APPLICABLE FEDERAL OR STATE LAW FOR A VIOLATION OF THIS CHAPTER.
(d) Construction.--Nothing in this chapter shall be construed to limit the right of a homeowner to bring an action under any other applicable Federal or State law for a violation of this chapter.
SUBCHAPTER E MISCELLANEOUS PROVISIONS SEC.
SUBCHAPTER E MISCELLANEOUS PROVISIONS Sec.
TEMPORARY MORATORIUM.
Temporary moratorium.
REGULATIONS.
Regulations.
TEMPORARY MORATORIUM.
Temporary moratorium.
(A) PROHIBITION.--A PERSON MAY NOT OFFER, ARRANGE, NEGOTIATE, ENTER INTO OR MAKE A SHARED EQUITY AGREEMENT WITH A HOMEOWNER RELATING TO RESIDENTIAL PROPERTY IN THIS COMMONWEALTH BEFORE THE EFFECTIVE DATE OF SUBCHAPTER C (RELATING TO SHARED EQUITY AGREEMENTS).
(a) Prohibition.--A person may not offer, arrange, negotiate, enter into or make a shared equity agreement with a homeowner relating to residential property in this Commonwealth before the effective date of Subchapter C (relating to shared equity agreements).
(B) CONSTRUCTION.--NOTHING IN THIS SECTION SHALL BE CONSTRUED TO IMPAIR THE ENFORCEMENT OF A SHARED EQUITY AGREEMENT LAWFULLY ENTERED INTO BEFORE THE EFFECTIVE DATE OF THIS SUBSECTION.
(b) Construction.--Nothing in this section shall be construed to impair the enforcement of a shared equity agreement lawfully entered into before the effective date of this subsection.
REGULATIONS.
Regulations.
THE DEPARTMENT SHALL PROMULGATE REGULATIONS AS NECESSARY TO ADMINISTER AND ENFORCE THIS CHAPTER.
The department shall promulgate regulations as necessary to administer and enforce this chapter.
SECTION 2.
20260HB2120PN3478 - 27 - Section 2.
THIS ACT SHALL TAKE EFFECT AS FOLLOWS:
This act shall take effect as follows:
(1) THE FOLLOWING SHALL TAKE EFFECT IMMEDIATELY:
(1) The following shall take effect immediately:
THE ADDITION OF 7 PA.C.S.
The addition of 7 Pa.C.S.
CH.
Ch.
63 SUBCHS.
63 Subchs.
A AND E.
A and E.
THIS SECTION.
This section.
(2) THE ADDITION OF 7 PA.C.S.
(2) The addition of 7 Pa.C.S.
CH.
Ch.
63 SUBCH.
63 Subch.
B SHALL TAKE EFFECT IN 180 DAYS.
B shall take effect in 180 days.
(3) THE REMAINDER OF THIS ACT SHALL TAKE EFFECT IN 60 20260HB2120PN3280 - 29 - DAYS.
(3) The remainder of this act shall take effect in 60 days.
20260HB2120PN3280 - 30 -
20260HB2120PN3478 - 28 -
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How this bill changes current law

2 changes Share ↗

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill expands the definition of 'residential mortgage' to include 'shared appreciation agreements.'

  • Section 101

    "Shared appreciation agreement" means as follows: (a) A writing evidencing a transaction or any option, future, or any other derivative between a person and an individual under which the individual receives money or another item of value in exchange for either of the following: (1) An interest, contingent interest or future interest in a dwelling or residential real property located within this Commonwealth that is secured by a lien upon the dwelling or residential real property located within this Commonwealth. (2) Another future obligation, secured by a lien upon a dwelling or residential real property located within this Commonwealth, to make a payment calculated in whole or in part by reference to the value, equity or proceeds of the dwelling or residential real property located within this Commonwealth upon the occurrence of any of the following events: (i) The transfer of ownership. (ii) A repayment maturity date. (iii) The death of the individual. (iv) Another event contemplated by the writing. (b) The term shall not include a home secured loan guaranteed, insured or otherwise offered by a government agency or government-sponsored enterprise.

    This addition introduces the concept of shared appreciation agreements into the Loan Interest and Protection Law.

  • Section 101

    means an obligation to pay a sum of money in an original bona fide principal amount of the base figure or less, evidenced by a security document and secured by a lien upon real property located within this Commonwealth containing two or fewer residential units or on which two or fewer residential units are to be constructed and shall include such an obligation on a residential condominium unit. → "Residential mortgage" means an obligation to pay a sum of money in an original bona fide principal amount of the base figure or less, evidenced by a security document and secured by a lien upon real property located within this Commonwealth containing two or fewer residential units or on which two or fewer residential units are to be constructed and shall include such an obligation on a residential condominium unit. The term includes a shared appreciation agreement.

    This revision clarifies that the definition of residential mortgage now explicitly includes shared appreciation agreements.

Action History

  1. Referred to Banking & Insurance

  2. Third consideration and final passage

  3. Re-reported as amended

  4. Re-committed to Appropriations

  5. Second consideration

  6. Removed from table

  7. Laid on the table

  8. First consideration

  9. Reported as amended

  10. Referred to Commerce

Sponsors

Sponsorship breakdown

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1 sponsors · 20 co-sponsors · 232 not signed on · 95 voted No

Sponsors (1)

Co-sponsors (20)

Not signed on (232)

232 members have not signed on to this bill.

Show all 232 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

FINAL PASSAGE

Passed 190 Yea · 11 Nay
Party YeaNayPresentNot Voting
Democratic 102000
Republican 881100
Total 1901100
% of votes cast 95%5%0%0%
How each member voted (201)
Member Party Vote
Abigail Salisbury Democratic Yea
Aerion Abney Democratic Yea
Amen Brown Democratic Yea
Ana Tiburcio Democratic Yea
Andre D. Carroll Democratic Yea
Anita Astorino Kulik Democratic Yea
Anthony A. Bellmon Democratic Yea
Arvind Venkat Democratic Yea
Ben Waxman Democratic Yea
Benjamin V. Sanchez Democratic Yea
Brandon J. Markosek Democratic Yea
Brian Munroe Democratic Yea
Bridget M. Kosierowski Democratic Yea
Carol Hill-Evans Democratic Yea
Carol Kazeem Democratic Yea
Chris Pielli Democratic Yea
Christina D. Sappey Democratic Yea
Christopher M. Rabb Democratic Yea
Dan Frankel Democratic Yea
Dan Goughnour Democratic Yea
Dan K. Williams Democratic Yea
Daniel J. Deasy Democratic Yea
Danielle Friel Otten Democratic Yea
Danilo Burgos Democratic Yea
Darisha K. Parker Democratic Yea
Dave Madsen Democratic Yea
David M. Delloso Democratic Yea
Ed Neilson Democratic Yea
Eddie Day Pashinski Democratic Yea
Elizabeth Fiedler Democratic Yea
Emily Kinkead Democratic Yea
Frank Burns Democratic Yea
G. Roni Green Democratic Yea
Gina H. Curry Democratic Yea
Greg Scott Democratic Yea
Greg Vitali Democratic Yea
Heather Boyd Democratic Yea
Ismail Smith-Wade-El Democratic Yea
Jacklyn Rusnock Democratic Yea
Jared G. Solomon Democratic Yea
Jason Dawkins Democratic Yea
Jeanne McNeill Democratic Yea
Jen Mazzocco Democratic Yea
Jennifer O'Mara Democratic Yea
Jessica Benham Democratic Yea
Jim Haddock Democratic Yea
Jim Prokopiak Democratic Yea
Joanna E. McClinton Democratic Yea
Joe Ciresi Democratic Yea
Joe McAndrew Democratic Yea
Joe Webster Democratic Yea
Johanny Cepeda-Freytiz Democratic Yea
John C. Inglis III Democratic Yea
Jordan A. Harris Democratic Yea
Jose Giral Democratic Yea
Joseph C. Hohenstein Democratic Yea
Justin C. Fleming Democratic Yea
Keith S. Harris Democratic Yea
Kristine C. Howard Democratic Yea
Kyle Donahue Democratic Yea
Kyle J. Mullins Democratic Yea
La'Tasha D. Mayes Democratic Yea
Leanne Krueger Democratic Yea
Lindsay Powell Democratic Yea
Lisa A. Borowski Democratic Yea
Liz Hanbidge Democratic Yea
Malcolm Kenyatta Democratic Yea
Mandy Steele Democratic Yea
Manuel Guzman Democratic Yea
Mary Jo Daley Democratic Yea
MaryLouise Isaacson Democratic Yea
Matthew D. Bradford Democratic Yea
Maureen E. Madden Democratic Yea
Melissa Cerrato Democratic Yea
Melissa L. Shusterman Democratic Yea
Michael H. Schlossberg Democratic Yea
Morgan Cephas Democratic Yea
Nancy Guenst Democratic Yea
Napoleon J. Nelson Democratic Yea
Nathan Davidson Democratic Yea
Nikki Rivera Democratic Yea
Pat Gallagher Democratic Yea
Patrick J. Harkins Democratic Yea
Paul Friel Democratic Yea
Paul Takac Democratic Yea
Perry S. Warren Democratic Yea
Peter Schweyer Democratic Yea
Regina G. Young Democratic Yea
Rick Krajewski Democratic Yea
Robert E. Merski Democratic Yea
Robert F. Matzie Democratic Yea
Robert Freeman Democratic Yea
Ryan A. Bizzarro Democratic Yea
Scott Conklin Democratic Yea
Sean Dougherty Democratic Yea
Steve Samuelson Democratic Yea
Steven R. Malagari Democratic Yea
Tarah Probst Democratic Yea
Tarik Khan Democratic Yea
Tim Brennan Democratic Yea
Tim Briggs Democratic Yea
Tina M. Davis Democratic Yea
Aaron Bernstine Republican Yea
Abby Major Republican Yea
Alec J. Ryncavage Republican Yea
Andrea C. Verobish Republican Yea
Andrew Kuzma Republican Yea
Ann Flood Republican Yea
Barbara Gleim Republican Nay
Brad Roae Republican Yea
Brenda M. Pugh Republican Yea
Brett R. Miller Republican Yea
Brian C. Rasel Republican Yea
Brian Smith Republican Yea
Bryan Cutler Republican Yea
Bud Cook Republican Yea
Carl Walker Metzgar Republican Yea
Catherine I Wallen Republican Yea
Chad G. Reichard Republican Yea
Charity Grimm Krupa Republican Yea
Clint Owlett Republican Yea
Craig T. Staats Republican Yea
Craig Williams Republican Yea
Dallas Kephart Republican Nay
Dan Moul Republican Yea
Dane Watro Republican Yea
David H. Rowe Republican Yea
David H. Zimmerman Republican Nay
David M. Maloney Republican Nay
Donna Scheuren Republican Yea
Doyle Heffley Republican Yea
Eric Davanzo Republican Yea
Eric J. Weaknecht Republican Yea
Eric R. Nelson Republican Yea
Gary W. Day Republican Yea
Jack Rader Republican Yea
Jacob D. Banta Republican Yea
James B. Struzzi Republican Yea
Jamie Barton Republican Yea
Jamie L. Flick Republican Yea
Jamie Walsh Republican Yea
Jason Ortitay Republican Yea
Jeff Olsommer Republican Yea
Jeremy Shaffer Republican Yea
Jesse Topper Republican Yea
Jill N. Cooper Republican Yea
Jim Rigby Republican Yea
Joanne Stehr Republican Yea
Joe Emrick Republican Yea
Joe Hamm Republican Nay
Joe Hogan Republican Yea
Joe Kerwin Republican Yea
John A. Lawrence Republican Yea
John A. Schlegel Republican Yea
Jonathan Fritz Republican Yea
Joseph D'Orsie Republican Yea
Josh Bashline Republican Yea
Joshua D. Kail Republican Yea
Kate A. Klunk Republican Yea
Kathleen C. Tomlinson Republican Yea
Kathy L. Rapp Republican Yea
Keith J. Greiner Republican Yea
Kerry A. Benninghoff Republican Yea
Kristin Marcell Republican Yea
Leslie Rossi Republican Yea
Marc S. Anderson Republican Yea
Marci Mustello Republican Yea
Mark M. Gillen Republican Yea
Marla Brown Republican Yea
Martin T. Causer Republican Yea
Martina A. White Republican Nay
Michael Stender Republican Yea
Mike Armanini Republican Yea
Mike Jones Republican Yea
Milou Mackenzie Republican Yea
Mindy Fee Republican Yea
Natalie Mihalek Republican Yea
Parke Wentling Republican Yea
Perry A. Stambaugh Republican Nay
R. Lee James Republican Yea
Rich Irvin Republican Yea
Rob W. Kauffman Republican Yea
Robert Leadbeter Republican Nay
Roman Kozak Republican Yea
Russ Diamond Republican Yea
Ryan Warner Republican Yea
Scott Barger Republican Yea
Shelby Labs Republican Yea
Sheryl M. Delozier Republican Yea
Stephanie Borowicz Republican Nay
Steven C. Mentzer Republican Yea
Thomas H. Kutz Republican Yea
Thomas L. Mehaffie Republican Yea
Tim Twardzik Republican Yea
Timothy J. O'Neal Republican Nay
Timothy R. Bonner Republican Yea
Tina Pickett Republican Yea
Tom Jones Republican Yea
Valerie S. Gaydos Republican Yea
Wendy Fink Republican Nay
Zachary Mako Republican Yea

Official roll call →

Committee vote (Appropriations): Adopt Amendment

Passed 37 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democratic 22000
Republican 15000
Total 37000
% of votes cast 100%0%0%0%
How each member voted (37)
Member Party Vote
Abigail Salisbury Democratic Yea
Aerion Abney Democratic Yea
Anthony A. Bellmon Democratic Yea
Ben Waxman Democratic Yea
Benjamin V. Sanchez Democratic Yea
Bridget M. Kosierowski Democratic Yea
Dave Madsen Democratic Yea
Emily Kinkead Democratic Yea
Gina H. Curry Democratic Yea
Joe Webster Democratic Yea
Jordan A. Harris Democratic Yea
Justin C. Fleming Democratic Yea
Kyle Donahue Democratic Yea
Kyle J. Mullins Democratic Yea
La'Tasha D. Mayes Democratic Yea
Manuel Guzman Democratic Yea
Pat Gallagher Democratic Yea
Paul Friel Democratic Yea
Regina G. Young Democratic Yea
Steven R. Malagari Democratic Yea
Tarik Khan Democratic Yea
Tim Brennan Democratic Yea
Ann Flood Republican Yea
Chad G. Reichard Republican Yea
Charity Grimm Krupa Republican Yea
Eric Davanzo Republican Yea
Eric R. Nelson Republican Yea
James B. Struzzi Republican Yea
Jamie Barton Republican Yea
Jeff Olsommer Republican Yea
Jim Rigby Republican Yea
Joshua D. Kail Republican Yea
Kristin Marcell Republican Yea
Marci Mustello Republican Yea
Marla Brown Republican Yea
Thomas H. Kutz Republican Yea
Zachary Mako Republican Yea

Official roll call →

Committee vote (Appropriations): Re-report Bill As Amended

Passed 37 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democratic 22000
Republican 15000
Total 37000
% of votes cast 100%0%0%0%
How each member voted (37)
Member Party Vote
Abigail Salisbury Democratic Yea
Aerion Abney Democratic Yea
Anthony A. Bellmon Democratic Yea
Ben Waxman Democratic Yea
Benjamin V. Sanchez Democratic Yea
Bridget M. Kosierowski Democratic Yea
Dave Madsen Democratic Yea
Emily Kinkead Democratic Yea
Gina H. Curry Democratic Yea
Joe Webster Democratic Yea
Jordan A. Harris Democratic Yea
Justin C. Fleming Democratic Yea
Kyle Donahue Democratic Yea
Kyle J. Mullins Democratic Yea
La'Tasha D. Mayes Democratic Yea
Manuel Guzman Democratic Yea
Pat Gallagher Democratic Yea
Paul Friel Democratic Yea
Regina G. Young Democratic Yea
Steven R. Malagari Democratic Yea
Tarik Khan Democratic Yea
Tim Brennan Democratic Yea
Ann Flood Republican Yea
Chad G. Reichard Republican Yea
Charity Grimm Krupa Republican Yea
Eric Davanzo Republican Yea
Eric R. Nelson Republican Yea
James B. Struzzi Republican Yea
Jamie Barton Republican Yea
Jeff Olsommer Republican Yea
Jim Rigby Republican Yea
Joshua D. Kail Republican Yea
Kristin Marcell Republican Yea
Marci Mustello Republican Yea
Marla Brown Republican Yea
Thomas H. Kutz Republican Yea
Zachary Mako Republican Yea

Official roll call →

A3126

Failed 99 Yea · 102 Nay
Party YeaNayPresentNot Voting
Democratic 010200
Republican 99000
Total 9910200
% of votes cast 49%51%0%0%
How each member voted (201)
Member Party Vote
Abigail Salisbury Democratic Nay
Aerion Abney Democratic Nay
Amen Brown Democratic Nay
Ana Tiburcio Democratic Nay
Andre D. Carroll Democratic Nay
Anita Astorino Kulik Democratic Nay
Anthony A. Bellmon Democratic Nay
Arvind Venkat Democratic Nay
Ben Waxman Democratic Nay
Benjamin V. Sanchez Democratic Nay
Brandon J. Markosek Democratic Nay
Brian Munroe Democratic Nay
Bridget M. Kosierowski Democratic Nay
Carol Hill-Evans Democratic Nay
Carol Kazeem Democratic Nay
Chris Pielli Democratic Nay
Christina D. Sappey Democratic Nay
Christopher M. Rabb Democratic Nay
Dan Frankel Democratic Nay
Dan Goughnour Democratic Nay
Dan K. Williams Democratic Nay
Daniel J. Deasy Democratic Nay
Danielle Friel Otten Democratic Nay
Danilo Burgos Democratic Nay
Darisha K. Parker Democratic Nay
Dave Madsen Democratic Nay
David M. Delloso Democratic Nay
Ed Neilson Democratic Nay
Eddie Day Pashinski Democratic Nay
Elizabeth Fiedler Democratic Nay
Emily Kinkead Democratic Nay
Frank Burns Democratic Nay
G. Roni Green Democratic Nay
Gina H. Curry Democratic Nay
Greg Scott Democratic Nay
Greg Vitali Democratic Nay
Heather Boyd Democratic Nay
Ismail Smith-Wade-El Democratic Nay
Jacklyn Rusnock Democratic Nay
Jared G. Solomon Democratic Nay
Jason Dawkins Democratic Nay
Jeanne McNeill Democratic Nay
Jen Mazzocco Democratic Nay
Jennifer O'Mara Democratic Nay
Jessica Benham Democratic Nay
Jim Haddock Democratic Nay
Jim Prokopiak Democratic Nay
Joanna E. McClinton Democratic Nay
Joe Ciresi Democratic Nay
Joe McAndrew Democratic Nay
Joe Webster Democratic Nay
Johanny Cepeda-Freytiz Democratic Nay
John C. Inglis III Democratic Nay
Jordan A. Harris Democratic Nay
Jose Giral Democratic Nay
Joseph C. Hohenstein Democratic Nay
Justin C. Fleming Democratic Nay
Keith S. Harris Democratic Nay
Kristine C. Howard Democratic Nay
Kyle Donahue Democratic Nay
Kyle J. Mullins Democratic Nay
La'Tasha D. Mayes Democratic Nay
Leanne Krueger Democratic Nay
Lindsay Powell Democratic Nay
Lisa A. Borowski Democratic Nay
Liz Hanbidge Democratic Nay
Malcolm Kenyatta Democratic Nay
Mandy Steele Democratic Nay
Manuel Guzman Democratic Nay
Mary Jo Daley Democratic Nay
MaryLouise Isaacson Democratic Nay
Matthew D. Bradford Democratic Nay
Maureen E. Madden Democratic Nay
Melissa Cerrato Democratic Nay
Melissa L. Shusterman Democratic Nay
Michael H. Schlossberg Democratic Nay
Morgan Cephas Democratic Nay
Nancy Guenst Democratic Nay
Napoleon J. Nelson Democratic Nay
Nathan Davidson Democratic Nay
Nikki Rivera Democratic Nay
Pat Gallagher Democratic Nay
Patrick J. Harkins Democratic Nay
Paul Friel Democratic Nay
Paul Takac Democratic Nay
Perry S. Warren Democratic Nay
Peter Schweyer Democratic Nay
Regina G. Young Democratic Nay
Rick Krajewski Democratic Nay
Robert E. Merski Democratic Nay
Robert F. Matzie Democratic Nay
Robert Freeman Democratic Nay
Ryan A. Bizzarro Democratic Nay
Scott Conklin Democratic Nay
Sean Dougherty Democratic Nay
Steve Samuelson Democratic Nay
Steven R. Malagari Democratic Nay
Tarah Probst Democratic Nay
Tarik Khan Democratic Nay
Tim Brennan Democratic Nay
Tim Briggs Democratic Nay
Tina M. Davis Democratic Nay
Aaron Bernstine Republican Yea
Abby Major Republican Yea
Alec J. Ryncavage Republican Yea
Andrea C. Verobish Republican Yea
Andrew Kuzma Republican Yea
Ann Flood Republican Yea
Barbara Gleim Republican Yea
Brad Roae Republican Yea
Brenda M. Pugh Republican Yea
Brett R. Miller Republican Yea
Brian C. Rasel Republican Yea
Brian Smith Republican Yea
Bryan Cutler Republican Yea
Bud Cook Republican Yea
Carl Walker Metzgar Republican Yea
Catherine I Wallen Republican Yea
Chad G. Reichard Republican Yea
Charity Grimm Krupa Republican Yea
Clint Owlett Republican Yea
Craig T. Staats Republican Yea
Craig Williams Republican Yea
Dallas Kephart Republican Yea
Dan Moul Republican Yea
Dane Watro Republican Yea
David H. Rowe Republican Yea
David H. Zimmerman Republican Yea
David M. Maloney Republican Yea
Donna Scheuren Republican Yea
Doyle Heffley Republican Yea
Eric Davanzo Republican Yea
Eric J. Weaknecht Republican Yea
Eric R. Nelson Republican Yea
Gary W. Day Republican Yea
Jack Rader Republican Yea
Jacob D. Banta Republican Yea
James B. Struzzi Republican Yea
Jamie Barton Republican Yea
Jamie L. Flick Republican Yea
Jamie Walsh Republican Yea
Jason Ortitay Republican Yea
Jeff Olsommer Republican Yea
Jeremy Shaffer Republican Yea
Jesse Topper Republican Yea
Jill N. Cooper Republican Yea
Jim Rigby Republican Yea
Joanne Stehr Republican Yea
Joe Emrick Republican Yea
Joe Hamm Republican Yea
Joe Hogan Republican Yea
Joe Kerwin Republican Yea
John A. Lawrence Republican Yea
John A. Schlegel Republican Yea
Jonathan Fritz Republican Yea
Joseph D'Orsie Republican Yea
Josh Bashline Republican Yea
Joshua D. Kail Republican Yea
Kate A. Klunk Republican Yea
Kathleen C. Tomlinson Republican Yea
Kathy L. Rapp Republican Yea
Keith J. Greiner Republican Yea
Kerry A. Benninghoff Republican Yea
Kristin Marcell Republican Yea
Leslie Rossi Republican Yea
Marc S. Anderson Republican Yea
Marci Mustello Republican Yea
Mark M. Gillen Republican Yea
Marla Brown Republican Yea
Martin T. Causer Republican Yea
Martina A. White Republican Yea
Michael Stender Republican Yea
Mike Armanini Republican Yea
Mike Jones Republican Yea
Milou Mackenzie Republican Yea
Mindy Fee Republican Yea
Natalie Mihalek Republican Yea
Parke Wentling Republican Yea
Perry A. Stambaugh Republican Yea
R. Lee James Republican Yea
Rich Irvin Republican Yea
Rob W. Kauffman Republican Yea
Robert Leadbeter Republican Yea
Roman Kozak Republican Yea
Russ Diamond Republican Yea
Ryan Warner Republican Yea
Scott Barger Republican Yea
Shelby Labs Republican Yea
Sheryl M. Delozier Republican Yea
Stephanie Borowicz Republican Yea
Steven C. Mentzer Republican Yea
Thomas H. Kutz Republican Yea
Thomas L. Mehaffie Republican Yea
Tim Twardzik Republican Yea
Timothy J. O'Neal Republican Yea
Timothy R. Bonner Republican Yea
Tina Pickett Republican Yea
Tom Jones Republican Yea
Valerie S. Gaydos Republican Yea
Wendy Fink Republican Yea
Zachary Mako Republican Yea

Official roll call →

Committee vote (Commerce): Report Bill As Amended

Passed 26 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democratic 14000
Republican 12000
Total 26000
% of votes cast 100%0%0%0%
How each member voted (26)
Member Party Vote
Amen Brown Democratic Yea
Andre D. Carroll Democratic Yea
Anthony A. Bellmon Democratic Yea
Benjamin V. Sanchez Democratic Yea
Brian Munroe Democratic Yea
Chris Pielli Democratic Yea
Christopher M. Rabb Democratic Yea
Darisha K. Parker Democratic Yea
Johanny Cepeda-Freytiz Democratic Yea
Keith S. Harris Democratic Yea
Malcolm Kenyatta Democratic Yea
Morgan Cephas Democratic Yea
Napoleon J. Nelson Democratic Yea
Scott Conklin Democratic Yea
Barbara Gleim Republican Yea
Donna Scheuren Republican Yea
Jeff Olsommer Republican Yea
Jeremy Shaffer Republican Yea
John A. Lawrence Republican Yea
Joseph D'Orsie Republican Yea
Kristin Marcell Republican Yea
Marla Brown Republican Yea
Scott Barger Republican Yea
Shelby Labs Republican Yea
Tim Twardzik Republican Yea
Valerie S. Gaydos Republican Yea

Official roll call →

Committee vote (Commerce): Adopt Amendment

Passed 26 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democratic 14000
Republican 12000
Total 26000
% of votes cast 100%0%0%0%
How each member voted (26)
Member Party Vote
Amen Brown Democratic Yea
Andre D. Carroll Democratic Yea
Anthony A. Bellmon Democratic Yea
Benjamin V. Sanchez Democratic Yea
Brian Munroe Democratic Yea
Chris Pielli Democratic Yea
Christopher M. Rabb Democratic Yea
Darisha K. Parker Democratic Yea
Johanny Cepeda-Freytiz Democratic Yea
Keith S. Harris Democratic Yea
Malcolm Kenyatta Democratic Yea
Morgan Cephas Democratic Yea
Napoleon J. Nelson Democratic Yea
Scott Conklin Democratic Yea
Barbara Gleim Republican Yea
Donna Scheuren Republican Yea
Jeff Olsommer Republican Yea
Jeremy Shaffer Republican Yea
John A. Lawrence Republican Yea
Joseph D'Orsie Republican Yea
Kristin Marcell Republican Yea
Marla Brown Republican Yea
Scott Barger Republican Yea
Shelby Labs Republican Yea
Tim Twardzik Republican Yea
Valerie S. Gaydos Republican Yea

Official roll call →

Subjects

finance
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Frequently asked questions

Who sponsors HB 2120?
HB 2120 is sponsored by Arvind Venkat (Democratic), Tim Twardzik (Republican), Lindsay Powell (Democratic), Ben Waxman (Democratic), Carol Hill-Evans (Democratic), Benjamin V. Sanchez (Democratic), Maureen E. Madden (Democratic), Johanny Cepeda-Freytiz (Democratic), Tarah Probst (Democratic), Joe Webster (Democratic), Paul Takac (Democratic), Ismail Smith-Wade-El (Democratic), Steven R. Malagari (Democratic), John C. Inglis III (Democratic), Tim Brennan (Democratic), Gina H. Curry (Democratic), Jack Rader (Republican), Chris Pielli (Democratic), Jeremy Shaffer (Republican), Nikki Rivera (Democratic), and Dave Madsen (Democratic).
What is the current status of HB 2120?
This bill has passed the House. Introduced January 07, 2026. It now moves to the second chamber.
Where can I track HB 2120?
Track HB 2120 free on One Click Politics — get push/email alerts when it moves.

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