An Act amending the act of July 10, 1987 (P.L.246, No.47), known as the Municipalities Financial Recovery Act, in receivership in municipalities, further providing for powers, duties and prohibited actions.

This bill amends Pennsylvania's Municipalities Financial Recovery Act to update how receivers manage distressed municipalities. It specifically requires that before a receiver can sell, lease, or dispose of a municipality's assets, they must obtain approval from 75% of the governing bodies of neighboring municipalities that share service agreements or rely on the distressed entity for water or sewer services. The law mandates that this approval be granted through a formal resolution passed by a majority vote at a public meeting, with results sent within 48 hours. These changes aim to ensure that communities directly affected by asset sales have a significant voice in the decision-making process.