– Rep. Rob Mercuri (R-Allegheny) announced his bill, which would modernize Pennsylvania’s Banking Code to no longer restrict mortgage originations to within 100 miles of physical branch locations, was signed into law by Gov. Tom Wolf.
Under previous law, mortgage brokers are required to work out of a licensed physical location. During the pandemic, the governor issued emergency orders waiving the requirement to work from a licensed location to conduct business. Act 8 of 2022
, formerly House Bill 1588, makes this portion of the pandemic waiver program permanent. Mercuri says it will now be easier for employers and consumers to complete the process of obtaining loans.
“Nearly half of the Commonwealth’s citizens live in areas where there is not a readily accessible 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. I am pleased to see this legislation become law as we get one step closer to our ultimate goal.”