S0234B1286A05169 AJB:NLG 12/07/17 #90 A05169
AMENDMENTS TO SENATE BILL NO. 234
Sponsor: SENATOR RESCHENTHALER
Printer's No. 1286
Amend Bill, page 3, by inserting between lines 27 and 28
"Financial institution." Any person who in the ordinary
course of business extends credit based on a lien, mortgage or
security interest in real property or an encumbrance of real
property, or relies upon a lien, mortgage or security interest
in real property or an encumbrance of real property to secure a
current, contingent or future payment obligation. The term
includes, but is not limited to, the following:
(1) A bank, savings association, trust company, credit
union or a subsidiary or affiliate of a bank, savings
association, trust company or credit union.
(2) A person engaged in the mortgage lending business
subject to, or exempt from licensing under 7 Pa.C.S. Ch. 61
(relating to mortgage loan industry licensing and consumer
protection).
(3) A person subject to or exempt from licensing under
the act of February 19, 1980 (P.L.15, No.9), known as the
Real Estate Licensing and Registration Act.
(4) A person registered as a management company or unit
investment trust or treated as a business development company
under the Investment Company Act of 1940 (54 Stat. 789, 15
U.S.C. ยง 80a-1 et seq.) or is excluded from registration
under the Investment Company Act of 1940.
(5) An insurance company.
(6) A pension or employee health and welfare fund.
(7) An association engaged in construction or the
development or improvement of real property.
(8) A condominium or cooperative association or planned
community association.
(9) A Federal, State or local agency, authority or an
instrumentality of a government entity that is engaged in the
financing or supports the financing of real estate
development or the purchase or improvement of real estate.
Amend Bill, page 6, line 18, by striking out "mortgage" and
inserting
lien
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Amend Bill, page 6, lines 22 and 23, by striking out "The
holder of any first mortgage EXISTING lien on the REAL property "
and inserting
Any financial institution holding a lien, mortgage or
security interest in or other encumbrance of the REAL
property that secures a current, future or contingent payment
obligation,
Amend Bill, page 6, lines 28 and 29, by striking out "The
holder of the mortgage ANY EXISTING lien ON THE REAL PROPERTY "
and inserting
Any financial institution required to be given notice
under paragraph (1)
Amend Bill, page 8, lines 6 through 10, by striking out "An
IF A PROPERTY OWNER FAILS TO PAY" in line 6, all of lines 7
through 9 and "OBLIGATIONS, AN" in line 10 and inserting
An
Amend Bill, page 8, line 10, by inserting after "chapter"
, including past due amounts and required future payments
Amend Bill, page 8, line 22, by striking out the period after
"DISCHARGED" and inserting
; and
(4) may be discharged, compromised or abated in the same
manner as delinquent property tax obligations.
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See A05169 in
the context
of SB0234