HB2120

Pennsylvania HB2120 amends the Loan Interest and Protection Law to regulate shared equity providers and agreements.

Pennsylvania HB2120 amends the Loan Interest and Protection Law to include shared equity agreements within the definition of "residential mortgage." It also establishes licensing and regulation for shared equity providers and imposes penalties for violations. The bill defines "shared appreciation agreement" as a transaction where an individual receives money or value in exchange for an interest in a dwelling or residential property. The act aims to protect debtors by providing for disclosure, notice of foreclosure, and a right to cure defaults.