Regulatory Alerts2001-12-27
Exemption From Licensing and Office Requirements for Maryland State-Chartered Bank
The Pennsylvania Department of Banking confirmed that a Maryland state-chartered bank is exempt from licensing and office establishment requirements under the MBBCEPA and SMLA when originating residential mortgage loans to Pennsylvania residents. The Department determined that the bank may conduct closings at Pennsylvania attorney or title company offices without establishing a physical presence, provided no soliciting or deposit acceptance occurs at those locations. The Department declined to opine on the Associations Code qualification requirement, directing the bank to contact the Pennsylvania Department of State for that determination.
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