§ 7.1. Scope.
This chapter implements the act one purpose of which is to assure that every citizen of the Commonwealth who has need for residential mortgage credit is given meaningful information with respect to the cost of that credit at a rate of interest reasonably related to market conditions. Relevant credit information shall be disclosed so that the borrower may readily compare the various credit terms available to him from various sources and avoid the uninformed use of credit. Other purposes of the act which this chapter touches include the provisions of the act as to foreclosure and the establishment of lawful interest rates for various types of transactions.
Source The provisions of this § 7.1 adopted March 22, 1974, effective March 23, 1974, 4 Pa.B. 509; amended January 10, 1975, effective January 11, 1975, 5 Pa.B. 72.
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