Shown verbatim: the complete text as captured from the official page posted by the Pennsylvania General Assembly, fetched 2026-08-29. Where this bill amends existing law, language marked for deletion in the official page appears here in brackets. This is the current version. The official bill page.
PRIOR PRINTER'S NO. 1224 PRINTER'S NO. 1658 THE GENERAL ASSEMBLY OF PENNSYLVANIA HOUSE BILL No. 1103 Session of 2025 INTRODUCED BY CEPHAS, TWARDZIK, HILL-EVANS, POWELL, GUZMAN, WAXMAN, SANCHEZ, NEILSON, McANDREW, GIRAL, CEPEDA-FREYTIZ, HANBIDGE, MAYES, CERRATO, WARREN AND PARKER, APRIL 2, 2025 AS AMENDED ON SECOND CONSIDERATION, HOUSE OF REPRESENTATIVES, MAY 7, 2025 AN ACT Amending Title 7 (Banks and Banking) of the Pennsylvania Consolidated Statutes, in mortgage loan industry licensing and consumer protection, further providing for definitions and for powers conferred on certain licensees engaged in the mortgage loan business; and making repeals. The General Assembly of the Commonwealth of Pennsylvania hereby enacts as follows: Section 1. Section 6102 of Title 7 of the Pennsylvania Consolidated Statutes is amended by adding a definition to read: § 6102. 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: * * * "Discount points." Fees knowingly paid by the consumer for the purpose of reducing, and which in fact result in a bona fide reduction of, the interest rate or time-price differential applicable to the mortgage. * * * Section 2. Section 6122(a)(1) of Title 7 is amended to read: § 6122. Powers conferred on certain licensees engaged in the mortgage loan business. (a) Mortgage lenders.--If they are in compliance with the provisions of this chapter, mortgage lenders shall have the power and authority: (1) To make first and secondary mortgage loans and, subject to the limitations of this chapter, to charge and collect interest, points, discount points, origination fees and delinquency charges for the loans. * * * Section 3. Repeals are as follows: (1) The General Assembly declares that the repeals under paragraphs (2) and (3) are necessary to effectuate the addition of the definition of "discount points" in 7 Pa.C.S. § 6102 and the amendment of 7 Pa.C.S. § 6122(a)(1). (2) The definition of "discount points" in section 101 of the act of January 30, 1974 (P.L.13, No.6), referred to as the Loan Interest and Protection Law, is repealed. (3) Section 402 of the Loan Interest and Protection Law is repealed. Section 4. This act shall take effect in 60 days.
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