Finance
Pennsylvania's Act 6 of 1974 (Loan Interest and Protection Law) provides anti-predatory lending protections including:
AProhibiting all adjustable-rate mortgages
BLimiting prepayment penalties and providing borrower notice requirements before foreclosure✓ Correct
CCapping mortgage interest rates at 6%
DRequiring all mortgages to be assumable
Explanation
Pennsylvania's Act 6 is an anti-predatory lending law that limits certain high-cost loan terms, restricts prepayment penalties, and requires lenders to send a 30-day notice before initiating foreclosure proceedings on Act 6-covered loans.
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