An Act amending the act of January 30, 1974 (P.L.13, No.6), referred to as the Loan Interest and Protection Law, in protective provisions, further providing for prepayment penalty prohibited.

This bill amends Pennsylvania's Loan Interest and Protection Law to ban prepayment penalties on residential mortgages taken out on or after its effective date. It directly affects homeowners with personal, family, or household loans by allowing them to pay off their mortgages early without incurring extra fees or charges. The law ensures that borrowers can clear their debt ahead of schedule without financial penalties, and the changes will become active 60 days after the bill is passed.