Regulatory Alerts2003-01-09
Added · Updated
Pennsylvania Department of Banking Response on Loan Broker License Requirements for Internet Company Brokering Business Loans
The Pennsylvania Department of Banking determined that an Internet company brokering business loans and equipment leases is generally not required to obtain a loan broker license under state statutes. This exemption applies provided the company does not charge fees to borrowers for referrals and avoids specific scenarios involving small non-corporate loans with high interest rates. The Department clarified that its analysis is limited to the referenced statutes and does not constitute legal advice for the company's broader business activities.