An Act amending the act of April 6, 1951 (P.L.69, No.20), known as The Landlord and Tenant Act of 1951, in creation of leases, statute of frauds and mortgaging of leaseholds, further providing for leases for not more than three years and for leases for more than three years and providing for notice of building credit through rent reporting program for residential leases; and providing for reporting rent payment information to consumer reporting agency program.

This bill updates Pennsylvania's Landlord and Tenant Act to clarify lease rules and introduce a rent reporting system for residential properties. It maintains the existing distinction that leases of three years or less can be oral, while requiring written contracts for any lease term longer than three years. Additionally, the legislation establishes a voluntary program where landlords can report on-time rent payments to consumer reporting agencies, such as credit bureaus, to help tenants build credit history. Landlords participating in a specific building credit program must provide written notice to tenants about the option to report their rent payments. These changes aim to provide clearer guidelines for lease agreements and offer tenants a potential way to improve their credit profiles through consistent rent payments.