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 amends Pennsylvania's Landlord and Tenant Act to clarify rules for lease agreements and introduce a rent reporting program for larger residential properties. It maintains the requirement that leases lasting more than three years must be in writing, while allowing shorter leases to be created orally or in writing. Additionally, the bill establishes an opt-in system where landlords with fifteen or more units can share a tenant's on-time rent payment history with consumer reporting agencies like credit bureaus. Participation in this reporting program requires the tenant's affirmative consent, and landlords must provide written notice and a signed receipt to eligible tenants when entering into new leases.