Regulatory Alerts2005-12-08
Letter Regarding Licensing Requirements Under MBBCEPA and SMLA
The Pennsylvania Department of Banking and Securities issued this letter to determine whether a company operating a consumer matching website must be licensed under state mortgage laws. The Department concluded that the company is engaged in the first and secondary mortgage loan business because it advertises and solicits loans for consideration based on transmitted consumer profiles. Consequently, the company is required to obtain licenses as both a mortgage broker under the MBBCEPA and a secondary mortgage loan broker under the SMLA.
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