RULES AND REGULATIONS
DEPARTMENT OF BANKING
[ 10 PA. CODE CH. 44 ]
Mortgage Bankers and Brokers and Consumer Equity Protection
[40 Pa.B. 2940]
[Saturday, June 5, 2010]
The Department of Banking (Department), under the authority in 7 Pa.C.S. § 6138(a)(4) (relating to authority of department), rescinds §§ 44.1—44.5 to read as set forth in Annex A.
The Department determined that the existing regulations are preempted by statute and thus obsolete.
On November 5, 2008, Chapter 3 of the Mortgage Bankers and Brokers and Consumer Equity Protection Act was repealed by operation of law and replaced by 7 Pa.C.S. Chapter 61 (relating to Mortgage Licensing Act). On August 5, 2009, 7 Pa.C.S. Chapter 61 was amended to include more stringent education requirements for mortgage licensees. See 7 Pa.C.S. § 6131.1 (relating to prelicensing and continuing education). The rescission was made, in part, to conform to the new Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (12 U.S.C.A. §§ 5101—5116), which mandates minimum education requirements for mortgage loan originators. Based on the new statutory requirements, §§ 44.1—44.5 have been superseded by statute and thus obsolete.
Cost and Paperwork Requirement
Rescinding §§ 44.1—44.5 will have no effect on costs or paperwork requirements.
Rescinding §§ 44.1—44.5 will have no fiscal impact.
Notice of proposed rulemaking has been omitted under section 204(3) of the act of July 31, 1968 (P. L. 769, No. 240) (45 P. S. § 1204(3)), known as the Commonwealth Documents Law (CDL), which specifies that a regulation may be adopted without notice of proposed rulemaking if proposed rulemaking procedures are ''in the circumstances impracticable, unnecessary, or contrary to the public interest.'' The proposed rulemaking procedures in this instance are unnecessary because the Department is rescinding obsolete regulations that have been superseded by statute.
Under section 5.1(c) of the Regulatory Review Act (71 P. S. § 745.5a(c)), on March 25, 2010, the Department submitted a copy of the final-omitted rulemaking and a copy of a Regulatory Analysis Form to the Independent Regulatory Review Commission (IRRC) and to the House Committee on Commerce and the Senate Committee on Banking and Insurance (Committees). On the same date, the regulations were submitted to the Office of Attorney General for review and approval under the Commonwealth Attorneys Act (71 P. S. §§ 732-101—732-506).
Under section 5.1(j.2) of the Regulatory Review Act, on May 12, 2010, the final-omitted rulemaking was approved by the Committees. Under section 5.1(e) of the Regulatory Review Act, IRRC met on May 13, 2010, and approved the final-omitted rulemaking.
This final-omitted rulemaking will become effective upon publication in the Pennsylvania Bulletin.
Since this final-omitted rulemaking rescinds obsolete regulations, a sunset date is not necessary.
For an explanation of this final-omitted rulemaking, contact Lauren A. Sassani, Assistant Counsel, Department of Banking, 17 North Second Street, Suite 1300, Harrisburg, PA 17101, (717) 787-1471, pabankreg@state. pa.us; or Robert C. Lopez, Deputy Chief Counsel, Department of Banking, 17 North Second Street, Suite 1300, Harrisburg, PA 17101, (717) 787-1471, pabankreg@state. pa.us.
The Department finds that:
(1) The proposed rulemaking procedures in sections 201 and 202 of the CDL (45 P. S. §§ 1201 and 1202) are unnecessary because this final-omitted rulemaking rescinds obsolete regulations.
(2) Public notice of intention to adopt this rulemaking has been omitted under section 204 of the CDL and 1 Pa. Code § 7.4.
The Department orders that:
(a) The regulations of the Department, 10 Pa. Code Chapter 44, are amended by rescinding §§ 44.1—44.2 to read as set forth in Annex A.
(b) The Department shall submit this order and Annex A to the Office of Attorney General and the Office of General Counsel for approval as to legality as required by law.
(c) This order shall take effect upon publication in the Pennsylvania Bulletin.
(Editor's Note: For the text of the order of the Independent Regulatory Review Commission relating to this document, see 40 Pa.B. 2838 (May 29, 2010).)
Fiscal Note: 3-47. No fiscal impact; (8) recommends adoption.
TITLE 10. BANKS AND BANKING
PART IV. BUREAU OF CONSUMER CREDIT AGENCIES
CHAPTER 44. (Reserved)
§§ 44.1—44.5. (Reserved).
[Pa.B. Doc. No. 10-1035. Filed for public inspection June 4, 2010, 9:00 a.m.]
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