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; imposing duties on the Department of Banking and Securities; and imposing penalties.

Summary

This bill creates a licensing and regulatory framework for shared equity providers in Pennsylvania. It affects companies offering shared equity agreements, which allow homeowners to get cash in exchange for a share of their home's future value. The legislation aims to protect consumers by requiring state oversight and imposing penalties for non-compliance.

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