– Rep. Rob Mercuri (R-Allegheny) announced today his bill to update Pennsylvania’s Banking code to no longer restrict mortgage originations to within 100 miles of physical branch locations, passed the Senate Banking and Insurance Committee.
Under current law, mortgage brokers are required to work out of a licensed physical location. However, during the pandemic, Gov. Tom Wolf issued emergency orders waiving the requirement to work from a licensed location to conduct business.
Mercuri said the goal is to make parts of the pandemic waiver program permanent because it will help businesses and consumers in the long term.
“This Remote Mortgage Banking Bill, or House Bill 1588, updates Pennsylvania’s Banking Code to no longer restrict mortgage operations to within 100 miles of the physical branch location,” said Mercuri. “Nearly half of the Commonwealth citizens live in areas where there is not readily access to a physical branch location to originate their home loan.”
“As our economy and business practices change with the times, our laws and regulations must adapt and change as well,” Mercuri said. “This will allow Pennsylvania to not only continue to grow, but it will make our business environment more competitive and more efficient.”
To view Rep. Mercuri’s remarks, click here
The bill now heads to the full Senate for consideration.