SB1402

Pennsylvania SB1402 regulates shared equity providers and agreements, requiring licensing, setting disclosure requirements, and imposing penalties.

Pennsylvania SB1402 establishes regulations for shared equity providers and agreements, requiring a license from the Department of Banking and Securities. The bill outlines application and renewal processes, including background checks and fees. It mandates specific disclosures to homeowners, including initial and final disclosures, and requires homeowners to receive counseling before entering into agreements. The bill also sets requirements for shared equity agreements, including a three-day rescission period and specific disclosure contents.