Pennsylvania Act 1986-53 — BANKS - NOTIFICATION OF PAID MORTGAGE

Act text

BANKS - NOTIFICATION OF PAID MORTGAGE
                   Act of May 9, 1986, P.L. 165, No. 53               Cl. 68
                                  AN ACT

     Requiring banks and other lending institutions to notify the
        mortgagor when the mortgage has been paid.

        The General Assembly of the Commonwealth of Pennsylvania
     hereby enacts as follows:

     Section 1.  Notice requirement.
        A bank, savings bank, savings and loan association or other
     lending institution holding a residential mortgage shall send
     written notification by first class mail to the mortgagor when
     the mortgage has been fully paid. Any moneys remaining in any
     escrow account established for the payment of taxes or insurance
     premiums shall be returned within 30 days to the mortgagor.
     Section 2.  Effective date.
        This act shall take effect in 60 days.