An Act amending Title 7 (Banks and Banking) of the Pennsylvania Consolidated Statutes, providing for licensing and regulation of shared equity providers and shared equity agreements and for duties of Department of Banking and Securities; and imposing penalties.

Summary

The bill adds a new chapter to the state’s banking laws that makes any person or company offering shared‑equity agreements on residential homes obtain a license from the Department of Banking and Securities. It defines the types of agreements covered, lists exemptions for banks, credit unions and similar institutions, and gives the department authority to enforce the rules and impose penalties. The goal is to protect homeowners and bring oversight to these equity‑sharing deals.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share