LENDING LAW SIMPLIFICATION - THE PENNSYLVANIA STORY

Pennsylvania's new Simplification and Availability of Bank Credit Act governs the terms and conditions of certain loans and other credit products offered by Pennsylvania-chartered banks, savings banks, and savings associations. The authors give the Act very high marks for its provisions relating to credit card fees; they argue that the Act may remove many of the grounds under which Pennsylvania consumers have challenged the terms of consumer loan products offered to Pennsylvania residents by foreign banks. But overall, they find more ambiguity than simplification in the provisions of the new law.