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Bill > HB1792
PA HB1792
PA HB1792In preliminary provisions, further providing for definitions; and, in protective provisions, providing for truth in lending.
summary
Introduced
10/24/2023
10/24/2023
In Committee
10/24/2023
10/24/2023
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 Regular Session
Bill Summary
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 preliminary provisions, further providing for definitions; and, in protective provisions, providing for truth in lending.
AI Summary
This bill amends the Loan Interest and Protection Law to provide new definitions, including "provider" as a person or institution that extends commercial financing to a small business, and "small business" as a business with fewer than 500 employees. The bill also adds a new section requiring providers to disclose specific information to small businesses when offering commercial financing, such as the total amount of funds, total dollar cost, term, payment details, prepayment policies, and the total cost expressed as an annualized rate. This is intended to provide more transparency and truth in lending for small businesses.
Committee Categories
Business and Industry
Sponsors (11)
Kristine Howard (D)*,
Missy Cerrato (D),
Joe Ciresi (D),
Dave Delloso (D),
Roni Green (D),
Carol Hill-Evans (D),
Stephen Kinsey (D),
Maureen Madden (D),
Darisha Parker (D),
Ben Sanchez (D),
Dan Williams (D),
Last Action
Referred to COMMERCE (on 10/24/2023)
Bill Topics
Banking, Finance, and Domestic Commerce
- ‐ Banking System and Financial Institution Regulation and Reform
- ‐ Small Business
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.legis.state.pa.us/cfdocs/billinfo/bill_history.cfm?syear=2023&sind=0&body=H&type=B&bn=1792 | 10/24/2023 |
| BillText | https://www.legis.state.pa.us/cfdocs/legis/PN/Public/btCheck.cfm?txtType=PDF&sessYr=2023&sessInd=0&billBody=H&billTyp=B&billNbr=1792&pn=2202 | 10/24/2023 |
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