An Act amending Title 7 (Banks and Banking) of the Pennsylvania Consolidated Statutes, in mortgage loan industry licensing and consumer protection, further providing for general requirements.

This bill requires mortgage lenders in Pennsylvania who offer reverse mortgages to provide housing counseling to applicants before approving a loan. The counseling must be conducted in person by an agency approved by the U.S. Department of Housing and Urban Development, though telephone or video calls are permitted if an in-person meeting is not feasible. Lenders must also issue a signed certificate documenting the counseling session and keep it on file for the entire duration of the loan. These rules directly affect mortgage loan industry licensees and consumers seeking reverse mortgage products.