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§ 4304. Notice to lien holder required for participation

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 12 Pa.C.S.A. Commerce and TradeEffective: September 6, 2022

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 12 Pa.C.S.A. Commerce and Trade (Refs & Annos)
Part III. Economic Development Programs
Chapter 43. Property Assessed Clean Energy Program
Effective: September 6, 2022
12 Pa.C.S.A. § 4304
§ 4304. Notice to lien holder required for participation
Currentness
Before qualifying commercial property may be subject to an assessment under the program and begin a local financing or an owner financing of a qualified project, the following shall occur:
(1) Any financial institution holding a lien, mortgage or security interest in or other encumbrance of the qualifying commercial property that secures a current, future or contingent payment obligation must be given written notice of the qualifying commercial property owner's intention to participate in the program and acknowledge in writing to the property owner and municipality or county that established the program that they have received such notice.
(2) Any financial institution required to be given notice under paragraph (1) must provide written consent to the property owner and municipality or county that established the program that the property may participate in the program.

Credits

2018, June 12, P.L. 198, No. 30, § 1, effective in 60 days [Aug. 13, 2018]. Amended 2022, July 7, P.L. 470, No. 43, § 3, effective in 60 days [Sept. 6, 2022].
12 Pa.C.S.A. § 4304, PA ST 12 Pa.C.S.A. § 4304
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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