(a) License required.--A person or entity may not act as a
residential property wholesaler unless that person or entity
possesses a valid license.
(b) License issuance.--The following shall apply to licenses
under this act:
(1) Applications for licenses and renewals shall be
filed on forms developed and provided by the commission.
(2) Licenses and renewals shall be issued in accordance
with regulations, which shall be promulgated by the
commission.
(3) Licenses and renewals shall be valid for one year.
(4) All application and renewal forms must include:
(i) A nonrefundable application fee of $200.
(ii) Proof that the applicant possesses insurance,
in a type and amount as the commission shall require.
(iii) The name and address of an applicant or, if
the applicant is not a natural person, the name and
address of a responsible natural person.
(iv) Each Pennsylvania corporation, including a
limited liability corporation, in which the applicant has
an equity interest, regardless of whether the applicant
has a direct equity interest or the applicant's equity
interest is held through one or more tiers of a corporate
structure, including a parent-subsidiary structure.
(c) Criminal history record search required.--An applicant
may only be issued a license if, after a criminal history
records search of the applicant has been performed by the
commission, the commission has determined that the applicant has
not, within the past six years, been convicted of a crime of
fraud, dishonesty, breach of trust or deceit or has been
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