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PRINTER'S NO. 1768
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
1429
Session of
2019
INTRODUCED BY GALLOWAY, HILL-EVANS, FREEMAN, SCHLOSSBERG, RABB,
CALTAGIRONE, YOUNGBLOOD, CIRESI, JOHNSON-HARRELL, KINSEY,
MADDEN AND M. K. KELLER, MAY 8, 2019
REFERRED TO COMMITTEE ON COMMERCE, MAY 8, 2019
AN ACT
Amending the act of January 30, 1974 (P.L.13, No.6), entitled
"An act regulating agreements for the loan or use of money;
establishing a maximum lawful interest rate in the
Commonwealth; providing for a legal rate of interest;
detailing exceptions to the maximum lawful interest rate for
residential mortgages and for any loans in the principal
amount of more than fifty thousand dollars and Federally
insured or guaranteed loans and unsecured, noncollateralized
loans in excess of thirty-five thousand dollars and business
loans in excess of ten thousand dollars; providing
protections to debtors to whom loans are made including the
provision for disclosure of facts relevant to the making of
residential mortgages, providing for notice of intention to
foreclose and establishment of a right to cure defaults on
residential mortgage obligations, provision for the payment
of attorney's fees with regard to residential mortgage
obligations and providing for certain interest rates by banks
and bank and trust companies; clarifying the substantive law
on the filing of and execution on a confessed judgment;
prohibiting waiver of provisions of this act, specifying
powers and duties of the Secretary of Banking, and
establishing remedies and providing penalties for violations
of this act," in protective provisions, further providing for
notice of intention to foreclose.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 403(a) of the act of January 30, 1974
(P.L.13, No.6), referred to as the Loan Interest and Protection
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Law, is amended to read:
Section 403. Notice of Intention to Foreclose.--(a)
[Before] In each and every instance, before any residential
mortgage lender may accelerate the maturity of any residential
mortgage obligation, commence or pursue any legal action
including mortgage foreclosure to recover under such obligation,
or take possession of any security of the residential mortgage
debtor for such residential mortgage obligation, such person
shall give the residential mortgage debtor notice of such
intention at least thirty days in advance as provided in this
section.
* * *
Section 2. This act shall take effect in 60 days.
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