Current through Register Vol. 54, No. 37, September 14, 2024
Section 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.