16 Pa. Stat. § 5201-A

Current through Pa Acts 2024-53, 2024-56 through 2024-92
Section 5201-A - Definitions

As used in this article the following words and phrases shall have, unless the context clearly indicates otherwise, the meanings given to them in this section:

"Authority." A Residential Finance Authority created and activated pursuant to section 2202-A.

"Bonds." Includes any evidence of indebtedness for money borrowed.

"Field of operation." The area within the territorial boundaries of a county, excluding any area lying within the boundaries of any city within such county: Provided, however, That any such city and any other city or county within the Commonwealth may, by resolution, elect to be included within the field of operation of the county.

"Lending institution." Any bank, trust company, bank and trust company, mortgage bank, savings bank, credit union, National banking association, savings and loan association, building and loan association, insurance company, or other financial institution authorized to transact business in the Commonwealth and which customarily lends, or provides service or other aids in lending, money for the purchase or improvement of residences located in the Commonwealth.

"Residential loan note." An interest-bearing obligation evidencing a loan of money made for the financing of the acquisition, construction, reconstruction, rehabilitation, renovation or improvement of a residence or the refinancing of costs previously incurred for the acquisition, construction, reconstruction, rehabilitation, renovation or improvement of a residence.

"Residence." The structure (or a condominium unit in a structure), including the appurtenant land, located within the authority's field of operation which is the dwelling place of an individual or one family, provided that, such term may, at the discretion of the board of an authority, include a structure in such field of operation containing more than one dwelling unit or other living arrangement, including personal care boarding homes, nursing homes, board and care homes or other protective oversight living arrangements which may have common areas, including eating, food preparation, recreation and lounge areas.

16 P.S. § 5201-A

1953, July 28, P.L. 723, No. 230, art. XXII-A, § 2201-A, added 1981 , Nov. 5, P.L. 330, No. 120, § 2, imd. effective. Amended 1990, Oct. 5, P.L. 519, 125, § 6, effective in 60 days. Affected 2007, July 25, P.L. 402, No. 56, §8(6), effective in 90 days [ 10/23/2007].