PRINTER'S NO. 1969
No. 1606 Session of 1975
INTRODUCED BY HEPFORD AND BENNETT, JULY 9, 1975
REFERRED TO COMMITTEE ON BUSINESS AND COMMERCE, JULY 14, 1975
AN ACT
1 Amending the act of April 6, 1951 (P.L.69, No.20), entitled "An
2 act relating to the rights, obligations and liabilities of
3 landlord and tenant and of parties dealing with them and
4 amending, revising, changing and consolidating the law
5 relating thereto," changing the interest on escrow funds in
6 certain cases.
7 The General Assembly of the Commonwealth of Pennsylvania
8 hereby enacts as follows:
9 Section 1. Subsection (a) of section 511.2, act of April 6,
10 1951 (P.L.69, No.20), known as "The Landlord and Tenant Act of
11 1951," added December 29, 1972 (P.L.1698, No.363), is amended to
12 read:
13 Section 511.2. Interest on Escrow Funds Held More Than Two
14 Years.--(a) Except as otherwise provided in this section, all
15 funds over [one hundred dollars ($100)] two hundred dollars
16 ($200) deposited with a lessor to secure the execution of a
17 rental agreement on residential property in accordance with
18 section 511.1 and pursuant to any lease newly executed or
19 reexecuted after the effective date of this act shall be
20 deposited in an escrow account of an institution regulated by
1 the Federal Reserve Board, the Federal Home Loan Bank Board,
2 Comptroller of the Currency, or the Pennsylvania Department of
3 Banking. When any funds are deposited in any escrow account,
4 interest-bearing or noninterest-bearing, the lessor shall
5 thereupon notify in writing each of the tenants making any such
6 deposit, giving the name and address of the banking institution
7 in which such deposits are held, and the amount of such
8 deposits.
9 * * *
10 Section 2. This act shall take effect January 1, 1976.
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