Compliance News Alert: Nebraska Net Tangible Benefits Disclosure
Nov 10, 2020
The Pennsylvania Department of Banking and Securities has announced in 50 Pa.B. 6269 (Nov. 7, 2020) that they will be adjusting the “base figure” from $260,404 to $263,975 (see http://www.pacodeandbulletin.gov/Display/pabull?file=/secure/pabulletin/data/vol50/50-45/1544.html). The “base figure” is defined in 41 P.S. § 101 and is a factor in determining what types of loans certain mortgage lending rules apply to (e.g., the prepayment penalty restrictions promulgated under 41 Pa. Cons. Stat. Ann. § 405 and 10 Pa. Code § 7.8). This change takes effect on January 1, 2021.
We are currently reviewing this change to determine any impact, and evaluating any modifications, to our document library and/or systems. Any modifications we make as a result will be announced on our website.
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The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.