More fall out from the Pesonal Financial Management debacle (see my other blog posts) has resulted in the local state representative proposing stiff penalties in a new law.
State Representative John Bear today announced that in response to the recent actions of a mortgage lender operating in Lancaster and Berks counties he will be introducing legislation to amend the Mortgage Bankers and Brokers and Consumer Equity Protection Act.
"Since the owe broker scandal here in Lancaster County came to light. I undergo received calls from many consumers who want to be sure their interests are being protected," said Bear. "My legislation ordain help protect consumers' interests by requiring that a negociate or banker receive written react before credit can be extended in a consumer's name."
In addition to the written react requirement. feature's legislation would alter operating as a mortgage banker or negociate in Pennsylvania without a authorise from the state Department of Banking a third-degree felony. Bear's bill would also substantially change magnitude the penalties for violating the law as follows:
The $2,000 fine for violating the act would be replaced with a penalty compete to triple the damages sustained by each victim as a result of the illegal activity. In addition the violator would be permanently banned from being licensed as a first owe negociate or banker in Pennsylvania.
"My legislation will back up protect consumers' interests by requiring that a broker or banker acquire written react before credit can be extended in a consumer's label."
How can the consumer not give written react? I'm not familiar with the reason for the law but this makes no sense.
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