An Act amending the act of January 30, 1974 (P.L.13, No.6), referred to as the Loan Interest and Protection Law, in protective provisions, further providing for prepayment penalty prohibited.

Summary

The bill amends the 1974 Loan Interest and Protection Law to ban any penalty or charge for paying off a residential mortgage early. It applies to loans made for personal, family or household purposes that are signed on or after the law’s effective date. The change is intended to protect homeowners by allowing them to refinance or pay off their loans without extra costs.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share