§ 42.3. Registration required.
(a) On or after December 20, 1997, a person may not act as a loan broker in this Commonwealth without registering with the Department.
(b) To register as a loan broker, a person shall submit to the Department:
(1) A completed registration application provided by the Department.
(2) Payment to the Department of a nonrefundable registration fee of $300.
(c) Within 60 days of receipt of a registration application, the Department will do one of the following:
(1) Notify the applicant that the application is approved and the applicant is registered as a loan broker.
(2) Under § 42.5 (relating to disapproval of registration), notify the applicant that the applicants registration is disapproved and that the applicant is not registered as a loan broker.
(3) Notify the applicant that the registration application is incomplete and what additional information is required. In this case, the Department has 60 days from receipt of a completed registration application to notify the applicant under paragraph (1) or (2).
(d) An applicant shall be registered as a loan broker upon the Departments issuance of written notification to the applicant that the applicant has been registered by the Department as a loan broker.
(e) No abatement of the registration fee will be made for any reason, including a loan brokers initial registration period lasting for less than 1 year or the election by a loan broker to cancel its registration prior to the annual renewal date.
No part of the information on this site may be reproduced for profit or sold for profit.
This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.