§ 401. Disclosure requirements.
§ 401.1. Photocopies of security documents.
§ 402. Discount points prohibited.
§ 403. Notice of intention to foreclose.
§ 404. Right to cure a default.
§ 405. Prepayment penalty prohibited.
§ 406. Attorney's fees payable.
§ 407. Confession of judgment.
§ 408. Waivers.
A residential mortgage lender shall provide to the residential mortgage debtor disclosures required by the "Truth in Lending Act," Title I, Public Law 90-321, 82 Stat. 146, and the "Real Estate Settlement Procedures Act of 1974" Public Law 93-533, 88 Stat. 1724, and regulations adopted pursuant thereto.
The copy of any security document required to be furnished to a residential mortgage debtor by the provisions of this act or any regulation promulgated pursuant thereto may be a photocopy thereof.
With the exception of those residential mortgages guaranteed or insured in whole or in part by the Federal Government, or agency thereof, as enumerated in section 302 of this act, and with the exception of any actual settlement costs (but not discount points, as defined in this act) paid by a seller of real estate, it shall be unlawful for a residential mortgage lender to charge to or receive from a seller of real estate directly or indirectly any discount points.
(a) Before any residential mortgage lender may accelerate the maturity of any residential mortgage obligation, commence 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.
(b) Notice of intention to take action as specified in subsection (a) of this section shall be in writing, sent to the residential mortgage debtor by registered or certified mail at his last known address and, if different, at the residence which is the subject of the residential mortgage.
(c) The written notice shall clearly and conspicuously state:
(d) The notice of intention to foreclose provided in this section shall not be required where the residential mortgage debtor, has abandoned or voluntarily surrendered the property which is the subject of a residential mortgage.
(a) Notwithstanding the provisions of any other law, after a notice of intention to foreclose has been given pursuant to section 403 of this act, at any time at least one hour prior to the commencement of bidding at a sheriff sale or other judicial sale on a residential mortgage obligation, the residential mortgage debtor or anyone in his behalf, not more than three times in any calendar year, may cure his default and prevent sale or other disposition of the real estate and avoid acceleration, if any, by tendering the amount or performance specified in subsection (b) of this section.
(b) To cure a default under this section, a residential mortgage debtor shall:
(c) Cure of a default pursuant to this section restores the residential mortgage debtor to the same position as if the default had not occurred.
Residential mortgage obligations contracted for on or after the effective date of this act may be prepaid without any penalty or other charge for such prepayment at any time before the end of the period of the loan.
With regard to residential mortgages, no residential mortgage lender shall contract for or receive attorney's fees from a residential mortgage debtor except as follows:
(a) As to any residential real property, a plaintiff shall not have the right to levy, execute or garnish on the basis of any judgment or decree on confession, whether by amicable action or otherwise, or on a note, bond or other instrument in writing confessing judgment until plaintiff, utilizing such procedures as may be provided in the Pennsylvania Rules of Civil Procedure, files an appropriate action and proceeds to judgment or decree against defendant as in any original action. The judgment by confession shall be changed as may be appropriate by a judgment, order or decree entered by the court in the action. After the above mentioned original action has been prosecuted and a judgment obtained, that judgment shall merge with the confessed judgment and the confessed judgment shall be conformed as to amount and execution shall be had on the confessed judgment. The parties to the action shall have the same rights as parties to other original proceedings. Nothing in this act shall prohibit a residential mortgage lender from proceeding by action in mortgage foreclosure in lieu of judgment by confession if the residential mortgaeg lender so desires.
(b) Any debtor who prevails in any action to remove, suspend or enforce a judgment entered by confession shall be entitled to recover reasonable attorney's fees and costs as determined by the court.
(c) Hereafter when any plaintiff has received payment in full for any judgment entered by confession he shall order the record in the proceeding marked satisfied within thirty days of the receipt thereof, and shall not require any action on the part of the defendant or any payment by him to cover the cost of satisfying the judgment.
Notwithstanding any other law, the provisions of this act may not be waived by any oral or written agreement executed by any person.
The complete Pennsylvania Statutes are not yet available on the web. However, selected portions have been made available and can be accessed by CLICKING HERE. These statutes, though available instantaneously over the web, may not be the current law. Court decisions overturning them, later statutes amending them, and a host of other factors come into play when interpreting them. They are provided here as a resource. They should provide some information about the state of the law. However, a competent lawyer, who from other sources will research the law to insure what is current, should always be employed in matters of importance.