|Attorney General Shapiro recently launched the PA-CARE initiative which asks banks and financial institutions to step up and pledge to enact the following policies in this time of crisis:
This voluntary pledge is a wonderful first step and I applaud the initiative of the Attorney General, PNC Bank, and all the institutions which have signed on, however, to ensure an even playing field and that all Pennsylvanians have access to this lifesaving support, I am introducing legislation which will codify these same provisions whenever a statewide emergency disaster declaration is enacted. Please join me in supporting our constituents and helping them emerge from this and future crises with their credit scores intact and in firm possession of their homes.
- Expansion of small and medium business loan availability
- 90-day grace period for mortgages (at least)
- 90-day grace period for other consumer loans such as auto loans
- 90-day window for relief from fees and charges such as late, overdraft fees
- Foreclosure, eviction, or motor vehicle repossession moratorium for 60 days
- No adverse credit reporting for accessing relief on consumer loans