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PA Bulletin, Doc. No. 98-1646

RULES AND REGULATIONS

Title 10--BANKING

DEPARTMENT OF BANKING

[10 PA. CODE CH. 7]

Corrective Amendment to 10 Pa. Code § 7.2

[28 Pa.B. 5094]

   The Department of Banking has discovered a discrepancy between the agency text of 10 Pa. Code § 7.2 as deposited with the Legislative Reference Bureau, and the official text as published at 5 Pa. B. 72 (January 11, 1975) and published in the Pennsylvania Code Reporter (Master Transmittal Sheet No. 33). When the section was reprinted in the August, 1988 Pennsylvania Code Reporter (Master Transmittal Sheet No. 165), and as currently appears in the Pennsylvania Code, the definition of ''performance'' was codified incorrectly.

   Therefore, under 45 Pa.C.S. § 901: The Department of Banking has deposited with the Legislative Reference Bureau a corrective amendment to 10 Pa. Code § 7.2. The corrective amendment to 10 Pa. Code § 7.2 is effective August 6, 1988, the date the defective official text was announced in the Pennsylvania Bulletin.

   The correct version of 10 Pa. Code § 7.2 appears in Annex A, with ellipses referring to the existing text of the regulation.

RICHARD C. RISHEL,   
Secretary

Annex A

TITLE 10.  BANKING

PART I.  GENERAL PROVISIONS

CHAPTER 7.  RESIDENTIAL REAL ESTATE TRANSACTIONS

§ 7.2.  Definitions and rules of construction.

   Unless the context indicates otherwise, the following definitions and rules of construction apply:

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   Performance--The term, for purposes of sections 403 and 404 of the act (41 P. S. §§ 403 and 404), includes, but is not limited to, a conspicuous designation as to where cure shall be tendered, if the designated location is one of the following:

   (i)  A regular place of business of the residential mortgage lender in the county where the real property is located or in a county contiguous thereto which is open during normal business hours.

   (ii)  For a period of time that the required notice provides the residential mortgage debtor with knowledge of a specific sum of money, payment of which during the period will constitute satisfactory tender of cure, an address at which tender of cure may be made by mail.

   (iii)  If the residential mortgage lender has no place of business as set forth in subparagraph (i), any designated location in the county where the real property is located, or in a county contiguous thereto, which is open during normal business hours. The designated location may be the office of an attorney. The residential mortgage lender may require that on the day of a scheduled sheriff's sale, tender of cure be limited to the place of the sale, provided that the residential mortgage debtor is given the name of the agent of the lender authorized to accept tender of cure and the agent is present at the place of sale at least 1 1/2 hours prior to commencement of the sale.

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[Pa.B. Doc. No. 98-1646. Filed for public inspection October 10, 1998, 9:00 a.m.]


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