ISSUE:
When the Mortgage Lending Act (MLA) was passed it required that all entities that lend money be licensed and bonded, in order to protect the consumer. The MLA included Pennsylvania Manufactured Housing retailers, community owners and lenders. However, manufactured housing retailers, community owners and lenders were already held accountable for consumer protections under other banking laws. Therefore, manufactured housing retailers, community owners and lenders were paying duplicate fees for licenses and bonds.
SOLUTION:
Act 122 of 2010. Milliron Associates negotiated and was able to have legislation signed into law that minimizes the impact to the manufactured housing industry by removing the dual requirements of the MLA.