Regulatory Alerts2001-08-01
Licensing Requirements for Independent Contractor Insurance Agents
The Pennsylvania Department of Banking determined that independent contractor insurance agents must be licensed to originate or broker residential mortgage loans. Under the Mortgage Bankers and Brokers Act and the Secondary Mortgage Loan Act, the exemption for employees of federally-chartered savings banks does not extend to 1099 independent contractors. Consequently, these agents are required to obtain licenses if they originate or broker more than two loans in a calendar year.
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