Pennsylvania HB2391 prohibits prepayment penalties on residential mortgage loans.
Pennsylvania HB2391 amends the Loan Interest and Protection Law to prohibit prepayment penalties on residential mortgage loans made for personal, family, or household purposes. The bill ensures that borrowers can repay their loans early without incurring additional charges. This change aims to protect consumers by eliminating financial disincentives for early repayment. The act will take effect 60 days after its passage.
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