PRINTER'S NO. 2137
No. 1747 Session of 1979
INTRODUCED BY GOEBEL, COHEN, NOYE, PERZEL AND LETTERMAN,
SEPTEMBER 25, 1979
REFERRED TO COMMITTEE ON BUSINESS AND COMMERCE,
SEPTEMBER 25, 1979
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," further providing for escrow funds.
6 The General Assembly of the Commonwealth of Pennsylvania
7 hereby enacts as follows:
8 Section 1. Subsection (a) of section 511.2, act of April 6,
9 1951 (P.L.69, No.20), known as "The Landlord and Tenants Act of
10 1951," added December 29, 1972 (P.L.1698, No.363), is amended to
11 read:
12 Section 511.2. Interest on Escrow Funds Held More Than Two
13 Years.--(a) Except as otherwise provided in this section, all
14 funds [over one hundred dollars ($100)] deposited with a lessor
15 to secure the execution of a rental agreement on residential
16 property in accordance with section 511.1 and pursuant to any
17 lease newly executed or reexecuted after the effective date of
18 this act shall be deposited in an escrow account of an
1 institution regulated by the Federal Reserve Board, the Federal
2 Home Loan Bank Board, Comptroller of the Currency, or the
3 Pennsylvania Department of Banking. When any funds are deposited
4 in any escrow account, interest-bearing or noninterest-bearing,
5 the lessor shall thereupon notify in writing each of the tenants
6 making any such deposit, giving the name and address of the
7 banking institutions in which such deposits are held, and the
8 amount of such deposits.
9 * * *
10 Section 2. This act shall take effect in 60 days and shall
11 apply to leases newly executed or reexecuted on and after that
12 date.
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