Pennsylvania Code & Bulletin

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The Pennsylvania Code website reflects the Pennsylvania Code changes effective through 52 Pa.B. 4384 (July 30, 2022).

10 Pa. Code § 42.3. Registration required.

§ 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 applicant’s 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 Department’s 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 broker’s 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.

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