The bill amends Title 7 of the Pennsylvania Consolidated Statutes, specifically focusing on the licensing and consumer protection within the mortgage loan industry. It introduces a new requirement for licensees who accept applications for reverse mortgage loans. These licensees must provide in-person, face-to-face housing counseling from a HUD-approved agency, which will advise applicants on reverse mortgage loans and alternatives. If an applicant cannot attend in person, the counseling can be conducted via telephone or video teleconference.

Additionally, after the counseling session, the licensee is required to issue a certificate to the applicant that includes signatures, the date of counseling, and contact information for both the applicant and the counseling agency. The licensee must maintain this certificate for the duration of the loan. This amendment aims to enhance consumer protection and ensure that applicants receive adequate guidance regarding reverse mortgage options. The act is set to take effect 60 days after its passage.

Statutes/Laws affected:
Printer's No. 1717 (May 14, 2025): 7-6121
Printer's No. 1973 (Jun 23, 2025): 7-6121