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.