Pennsylvania Code & Bulletin
COMMONWEALTH OF PENNSYLVANIA

• No statutes or acts will be found at this website.

The Pennsylvania Code website reflects the Pennsylvania Code changes effective through 53 Pa.B. 8238 (December 30, 2023).

10 Pa. Code § 13.32. Renegotiable rate or rollover mortgage loans.

§ 13.32. Renegotiable rate or rollover mortgage loans.

 A savings bank may make, purchase or participate in renegotiable rate or rollover mortgages. The interval between the making of the loan and the first renegotiation of the loan shall be deemed the term of the loan, and each subsequent renewal of the loan shall be deemed a separate term. Requirements of section 505(a)(i)(B) of the act (7 P. S. §  505(a)(i)(B)) that ‘‘the terms of the loan require payments which are substantially equal except for the last payment’’ is satisfied with respect to such renegotiable rate or rollover mortgages if the payments during each term are substantially equal, except for the final payment, even though the payments during one such term are different from those during other such terms.

Source

   The provisions of this §  13.32 adopted December 5, 1980, effective December 6, 1980, 10 Pa.B. 4592.



No part of the information on this site may be reproduced for profit or sold for profit.


This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.