§ 303. Commitments to enter into residential mortgages
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 41 P.S. Interest
41 P.S. § 303
§ 303. Commitments to enter into residential mortgages
A residential mortgage commitment which provides for consummation within some future time following the issuance of the mortgage commitment may be consummated pursuant to the provisions, including interest rate, of such commitment notwithstanding the fact that the maximum lawful rate of interest at the time the residential mortgage is entered into is less than the commitment rate of interest, provided:
(2) The mortgage commitment when agreed to by the borrower shall constitute a legally binding obligation on the part of the residential mortgage lender to make a residential mortgage loan within a specified time period in the future at a rate of interest not exceeding the maximum lawful rate of interest effective as of the date of commitment offer.
Credits
1974, Jan. 30, P.L. 13, No. 6, § 303, imd. effective.
41 P.S. § 303, PA ST 41 P.S. § 303
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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