Before qualifying commercial property may be subject to an assessment under the program and begin a local financing or an owner financing of a qualified project, the following shall occur: (1) Any financial institution holding a lien, mortgage or security interest in or other encumbrance of the qualifying commercial property that secures a current, future or contingent payment obligation must be given written notice of the qualifying commercial property owner's intention to participate in the program and acknowledge in writing to the property owner and municipality or county that established the program that they have received such notice. (2) Any financial institution required to be given notice under paragraph (1) must provide written consent to the property owner and municipality or county that established the program that the property may participate in the program. (July 7, 2022, P.L.470, No.43, eff. 60 days) 2022 Amendment. Act 43 amended the intro par. and par. (1).
Pennsylvania Legal Code