Pennsylvania § 6124 Prohibited clauses in mortgage loan documents

Pennsylvania Statutes

§ 6124 — Prohibited clauses in mortgage loan documents

Pennsylvania·Title 7 BANKS AND BANKING·Part PART II·Ch. 61 MORTGAGE LOAN INDUSTRY LICENSING AND CONSUMER PROTECTION·Subch. MORTGAGE LOAN BUSINESS RESTRICTIONS AND REQUIREMENTS

No writing of any kind executed in connection with a mortgage loan shall contain:

(1)An agreement whereby the consumer waives any rights accruing to the consumer under the provisions of this chapter.

(2)An irrevocable wage assignment of, or order for the payment of, any salary, wages, commissions or any other compensation for services, or any part thereof, earned or to be earned.

(3)An agreement to pay any amount other than the unpaid balance of the mortgage loan agreement or promissory note or any other charge authorized by this chapter.

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No writing of any kind executed in connection with a mortgage loan shall contain:

(1) An agreement whereby the consumer waives any rights accruing to the consumer under the provisions of this chapter.

(2) An irrevocable wage assignment of, or order for the payment of, any salary, wages, commissions or any other compensation for services, or any part thereof, earned or to be earned.

(3) An agreement to pay any amount other than the unpaid balance of the mortgage loan agreement or promissory note or any other charge authorized by this chapter.

Pennsylvania § 6124 (Prohibited clauses in mortgage loan documents) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.