The bill amends Title 7 of the Pennsylvania Consolidated Statutes, specifically focusing on the licensing requirements for the mortgage loan industry and enhancing consumer protection measures. A new requirement is introduced for licensees who accept applications for reverse mortgage loans. They must provide in-person, face-to-face housing counseling from a HUD-approved agency, which will offer advice 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 retain this certificate for the duration of the loan. This legislation aims to ensure that consumers receive adequate guidance and support when considering 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