Pennsylvania lawmakers are moving to bring home equity investment (HEI) companies under state banking oversight, with a floor vote scheduled June 1.

The legislation, House Bill 2120, would subject shared appreciation agreements to similar regulations as those governing traditional lenders.

The proposed action comes as a state representative accuses one company of attempting to “mislead” the legislative process — by offering $50 Amazon gift cards to customers who submitted opposing testimony.

State Rep. Arvind Venkat (D) said during a Pennsylvania House hearing in March that Point, a company that markets shared appreciation agreements, emailed customers before the hearing to offer details ⇒

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