PRINTER'S NO. 368
No. 365 Session of 2005
INTRODUCED BY COSTA, LOGAN, LAVALLE, MUSTO, KITCHEN AND WOZNIAK,
MARCH 10, 2005
REFERRED TO BANKING AND INSURANCE, MARCH 10, 2005
AN ACT
1 Amending Title 42 (Judiciary and Judicial Procedure) of the
2 Pennsylvania Consolidated Statutes, providing for mortgage
3 foreclosure actions.
4 The General Assembly of the Commonwealth of Pennsylvania
5 hereby enacts as follows:
6 Section 1. Title 42 of the Pennsylvania Consolidated
7 Statutes is amended by adding a section to read:
8 § 8105. Satisfaction judgment in mortgage foreclosure.
9 (a) Mortgagor's tender of payment.--Notwithstanding any
10 other provision of law to the contrary, neither the sheriff nor
11 the prothonotary shall accept a mortgagor's tender of amount
12 intended to satisfy judgment in a mortgage foreclosure action.
13 The mortgagor shall tender all amounts to satisfy judgment,
14 payoff or reinstate a mortgage loan directly to the mortgagee or
15 the mortgagee's representative.
16 (b) Satisfaction of judgment.--Upon the mortgagee's receipt
17 of payment of the amount required to satisfy judgment in a
18 mortgage foreclosure action, the mortgagee shall enter
1 satisfaction of the judgment pursuant to section 8104 (relating
2 to duty of judgment creditor to enter satisfaction).
3 Section 2. This act shall take effect in 60 days.
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