Pennsylvania Statutes Title 63 P.S. Professions and Occupations (State Licensed) § 456.502. Legislative findings

(1) All citizens are entitled to fair access to credit and the ability to share in the American dream of homeownership, including those whose financial or other personal circumstances make them vulnerable to predatory lenders who could take advantage of them by making or arranging high-cost loans that borrowers may not be able to repay and by refinancing mortgage loans with added fees that result in the borrower's equity being stripped.

(2) The subprime lending market provides loans to many borrowers who have impaired credit, and this lending market performs a significant service to citizens of this Commonwealth, particularly those in distressed urban areas.

(3) Legislation affecting the subprime market should not be overly broad and should restrict only those relatively few lenders who are purposefully engaged in patterns and practices of unfair treatment to vulnerable consumers commonly referred to as predatory lending.

(4) The legitimate conventional and subprime markets should not be subject to the same restrictions, prohibitions, remedies and penalties as the high-cost loans which meet thresholds that distinguish them from loans in other markets.