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BankersOnline.com Forums State-Specific Compliance Issues Pennsylvania Skip a Payment
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#1453514 - 10/08/10 04:21 PM Skip a Payment
DCollins Offline
Platinum Poster
DCollins
Joined: Oct 2001
Posts: 707
Is there a PA state law that limits the number of skip a payments we can offer on one loan?

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#1453679 - 10/08/10 07:03 PM Re: Skip a Payment DCollins
Ready to Retire Offline
Diamond Poster
Joined: Aug 2005
Posts: 2,313
Living in the land of Oz
Are you talkinga about an extension? Look at section 310 of the PA. Banking Code. I believe you are allowed one in a calendar year and 5 during the term of the loan for real estate secured loans.

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#1459168 - 10/25/10 07:35 PM Re: Skip a Payment Ready to Retire
Comply Wren Offline
Member
Joined: Dec 2009
Posts: 72
You may want to check with the State Dept. of Banking. I talked to someone who pointed me to section 322 of the Banking Code, and indicated no limit to the number of "extensions" permitted under this section of the Code.

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