reglab/statecodes huggingface dataset:
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 59 - MORTGAGE SERVICING › Section 59.11 - Early intervention requirements for certain borrowers

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
Live
				contact.
Except as otherwise provided in this section, a servicer
				shall establish or make good faith efforts to establish a live single point of
				contact with a delinquent borrower no later than the 36th day of a borrower's
				delinquency and again no later than 36 days after each payment due date so long
				as the borrower remains delinquent. Promptly after establishing live contact
				with a borrower, the servicer shall inform the borrower about the availability
				of loss mitigation options, if appropriate, and take the actions described in
				subsection (e), if applicable.
(b)
Written notice.
(1)
Notice required.
Except as otherwise provided in this
				section, a servicer shall provide to a delinquent borrower a written notice
				with the information set forth in paragraph (b)(2) of this section no later
				than the 45th day of the borrower's delinquency and again no later than 45 days
				after each payment due date so long as the borrower remains delinquent. A
				servicer is not required to provide the written notice, however, more than once
				during any 180-day period. If a borrower is 45 days or more delinquent at the
				end of any 180-day period after the servicer has provided the written notice, a
				servicer must provide the written notice again no later than 180 days after the
				provision of the prior written notice. If a borrower is less than 45 days
				delinquent at the end of any 180-day period after the servicer has provided the
				written notice, a servicer must provide the written notice again no later than
				45 days after the payment due date for which the borrower remains
				delinquent.
(2)
Content of
				the written notice.
The notice required by paragraph (b)(1) of this
				section shall include:
(i) A statement
				encouraging the borrower to contact the servicer;
(ii) The telephone number to access servicer
				personnel assigned pursuant to §
											59.12(a)
				(relating to continuity of contact) and the servicer's mailing
				address;
(iii) If applicable, a
				statement providing a brief description of examples of loss mitigation options
				that may be available from the servicer;
(iv) If applicable, either application
				instructions or a statement informing the borrower how to obtain more
				information about loss mitigation options from the servicer; and
(v) The Web site to access either the
				Consumer Financial Protection Bureau list or the HUD list of homeownership
				counselors or counseling organizations, and the HUD toll-free telephone number
				to access homeownership counselors or counseling
				organizations.
(3)
Model clauses.
Model clauses MS-4(A), MS-4(B), and MS-4(C),
				in appendix MS-4 to 12 CFR Part 1024 , Subpart C (relating to mortgage
				servicing) may be used to comply with the requirements of this paragraph
				(b).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 59 - MORTGAGE SERVICING › Section 59.12 - Continuity of contact

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
In general.
A servicer shall maintain policies and procedures
				that are reasonably designed to achieve the following objectives:
(1) Assign personnel to a delinquent borrower
				by the time the servicer provides the borrower with the written notice required
				by §
										59.11(b)
				(relating to early intervention requirements for certain borrowers), but in any
				event, not later than the 45th day of the borrower's delinquency.
(2) Make available to a delinquent borrower,
				via telephone, personnel assigned to the borrower as described in paragraph
				(a)(1) of this section to respond to the borrower's inquiries, and as
				applicable, assist the borrower with available loss mitigation options until
				the borrower has made, without incurring a late charge, two consecutive
				mortgage payments in accordance with the terms of a permanent loss mitigation
				agreement.
(3) If a borrower
				contacts the personnel assigned to the borrower as described in paragraph
				(a)(1) of this section and does not immediately receive a live response from
				such personnel, ensure that the servicer can provide a live response in a
				timely manner.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 59 - MORTGAGE SERVICING › Section 59.14 - Coordination with existing law

Current through Register Vol. 54, No. 28, July 13, 2024
Nothing in this chapter pre-empts or alters the requirements
				  of the act of January 30, 1974 (P.L. 13, No. 6) (Act 6) (41 P.S.
				  §§
										101-605), and the regulations in
				  Chapter 7 (relating to residential real estate transactions), or the
				  requirements of the act of December 23, 1983 (P.L. 385, No. 91) (Act 91), the
				  Homeowners' Emergency Mortgage Assistance Program and regulations in 12 Pa.
				  Code Chapter 31 (relating to Housing Finance Agency). All mortgage servicing
				  licensees must comply with Acts 6 and 91.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 59 - MORTGAGE SERVICING › Section 59.15 - Additional notices

Current through Register Vol. 54, No. 28, July 13, 2024
All licensees must comply with the notices required under the
				  act of January 30, 1974 (P.L. 13, No. 6) (41 P.S. §§
										101-605), found in §
									7.4 (relating to notice of
				  intention to foreclose mortgage), and the notice required by the act of
				  December 23, 1983 (P.L. 385, No. 91), the Homeowners' Emergency Mortgage
				  Assistance Program regulation in 12 Pa. Code §
									31.309 (relating to other program
				  requirements).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 61 - GENERAL PROVISIONS › Section 61.3 - Change of place of business

Current through Register Vol. 54, No. 28, July 13, 2024
(a) If a
				licensed pawnbroker seeks to retain its current license upon the relocation of
				its business, the relocation shall be within the same municipality where its
				currently licensed office is located. Any change of place of business of a
				licensed pawnbroker within the same municipality requires prior approval of the
				Department, which will be granted upon the Department being satisfied that the
				requirements of this section have been met.
(b) The new place of business shall be in the
				same municipality for which the license was originally issued.
(c) A licensee who wishes to change the place
				of business to a municipality other than that indicated on the current license
				shall obtain a new license by filing a new application and bond and paying the
				license fee.
(d) Application for
				approval of a change of address shall be filed in writing with the Department
				at least 15 days prior to the intended date of change. Leases for new quarters
				may not be signed until the Department has approved the change of address. The
				Department will act on the application within 14 days. Failure of the
				Department to act on the application within 14 days constitutes approval,
				unless the Department requests additional information, which stops the 14-day
				review period from proceeding until the information requested by the Department
				is received from the licensee.
(e)
				The current license certificate should be forwarded to the Department with any
				request for approval of a proposed change in the place of business.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 61 - GENERAL PROVISIONS › Section 61.4 - Partnerships

Current through Register Vol. 54, No. 28, July 13, 2024
(a) A license
				issued to a partnership shall automatically expire when one of the partners
				dies or withdraws from the partnership. A new license shall be obtained
				immediately by the surviving partners desiring to continue the business which
				had been conducted under the expired license. A new license shall also be
				required when one or more new partners are admitted to a partnership.
(b) Any change in a partnership occurring
				during a license year and requiring a new license shall require the payment of
				a new license fee.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 61 - GENERAL PROVISIONS › Section 61.5 - Fictitious names and other name usage

Current through Register Vol. 54, No. 28, July 13, 2024
(a) The conduct of business by a licensee
				under an assumed or fictitious trade name is prohibited unless the following
				conditions are met:
(1) The licensee has
				complied with 54 Pa.C.S. (relating to names), as applicable.
(2) The assumed or fictitious trade name has
				been filed with the Department.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 61 - GENERAL PROVISIONS › Section 61.6 - Examinations

Current through Register Vol. 54, No. 28, July 13, 2024
(a) The Department
				will make periodic examinations of the business and records of licensees at any
				time without prior notice to licensees.
(b) The cost of examinations shall be borne
				by the licensee. Such costs shall consist of the salary and expenses of the
				examiner.
(c) In case of
				nonpayment, the Department is authorized to recover the cost of examination
				from the following:
(1) The surety on the
				bond.
(2) The institution of court
				action against the licensee.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 61 - GENERAL PROVISIONS › Section 61.7 - Annual report

Current through Register Vol. 54, No. 28, July 13, 2024
(a) Licensees
				shall, on or before March 1 of each year, file with the Department a report of
				operations for the previous calendar year. Such reports shall be filed under
				oath and on forms furnished by the Department.
(b) Licensees shall be liable for a fine of
				$10 for each calendar day the report is overdue.
(c) The Department may require additional
				reports from any licensee.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 61 - GENERAL PROVISIONS › Section 61.8 - Stolen property

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
				Licensees receiving stolen property in pledge shall surrender such property to
				the established rightful owner when directed to do so in writing by a properly
				constituted police official having jursidiction in the situation, or by the
				Department, if such owner tenders payment of the principal amount loaned
				exclusive of any charges which may have accrued.
(b) Licensees receiving stolen property in
				pledge shall, when directed to do so by a properly constituted police official,
				or by the Department, place a "stop" against the pledge. Such a "stop" order
				shall have the following provisions:
(1) The
				licensee shall not surrender or sell the property until there has been a legal
				determination of ownership, or until the "stop" order has been
				rescinded.
(2) When legal ownership
				has been adjudicated, the rightful owner shall not be required to pay either
				the principal amount loaned or any charges which may have accrued.
(3) The order shall automatically lapse at
				the expiration of 90 days unless extended by the issuing authority, or unless
				legal action has been taken to determine legal ownership.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 61 - GENERAL PROVISIONS › Section 61.9 - Adverse claims

Current through Register Vol. 54, No. 28, July 13, 2024
Whenever more than one person claims the right to redeem a
				  pledge, licensees shall incur no liability for refusing to deliver the pledge
				  to either claimant until the respective rights of the claimants have been
				  determined by a court of competent jurisdiction.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 61 - GENERAL PROVISIONS › Section 61.10 - Care of pledge

Current through Register Vol. 54, No. 28, July 13, 2024
(a) Licensees
				shall be liable for partial or total loss of, or damage to, a pledge, when
				caused by failure of the licensee to exercise reasonable care.
(b) Licensees shall be liable for loss or
				damage due to fire, theft or burglary resulting from lack of reasonable care by
				the licensee.
(c) The burden of
				proof to establish reasonable care shall be upon the licensee.
(d) Licensees shall carry adequate insurance
				or take other reasonable precautions to protect pledges against loss, damage or
				destruction when the financial responsibility of the pawnbroker cannot assure
				adequate protection to the pledgor in case of loss.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 63 - CHARGES, PAYMENT AND RECORDS › CHARGES › Section 63.1 - Interest and charges

Current through Register Vol. 54, No. 28, July 13, 2024
The prescribed maximum total charges, including interest,
					 shall be equivalent to an aggregate rate of 3% per month on that part of the
					 unpaid principal balance of any loan.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 63 - CHARGES, PAYMENT AND RECORDS › CHARGES › Section 63.2 - Computation

Current through Register Vol. 54, No. 28, July 13, 2024
(a) Charges shall
				  be computed only on the principal balance due, for the actual time elapsed from
				  the date of the loan to the date of payment.
(b) On defaulted loans in which the pledges
				  are sold, the charges shall be computed only to the date of sale.
(c) Licensees may compute for a full month
				  when a fractional part of a month elapses.
(d) Charges shall not be collected or
				  deducted in advance and shall not be compounded.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 63 - CHARGES, PAYMENT AND RECORDS › CHARGES › Section 63.3 - Minimum charges

Current through Register Vol. 54, No. 28, July 13, 2024
(a) On
				  original loans, minimum charges shall be permitted in accordance with the
				  following table:
Amount of Loan (in dollars)
Minimum
								Charges (in dollars)
0.01 to 3.99
0.25
4.00 to 6.99
0.50
7.00 to 9.99
0.75
10.00 to 14.99
1.00
15.00 and up
1.50
(b)
				  Minimum charges shall not be permitted on renewal loans.
(c) When a pledgor has paid a minimum charge
				  on an original loan, and it is renewed, credit shall be given to the pledgor
				  for the amount by which the minimum charge he has paid exceeds the accrued
				  charges. This credit shall be applied against charges thereafter accruing on
				  the renewal loan.
(d) Licensees
				  shall not induce or persuade a pledgor to increase the amount of the loan
				  originally requested by the pledgor for the purpose of enabling the pawnbroker
				  to collect the higher minimum charge.
This section cited in 10 Pa. Code §
												65.1 (relating to
						form).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 63 - CHARGES, PAYMENT AND RECORDS › CHARGES › Section 63.4 - Limitation on charges

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
				  Charges on a loan shall not be allowed to accrue after the expiration of a
				  12-month period from the due date of such a loan, for the purposes of renewal
				  or redemption of the pledge after the expiration of the 12-month
				  period.
(b) When a pledge is sold
				  for default after the expiration of 6 months from the due date, charges shall
				  be limited to the amount of charges accrued within such 6-month period after
				  the due date for the purpose of computing surplus due the pledgor.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 63 - CHARGES, PAYMENT AND RECORDS › CHARGES › Section 63.5 - Charge for reports to police

Current through Register Vol. 54, No. 28, July 13, 2024
A $1 charge per pledge may be assessed and collected by a
					 licensee to cover only those governmental reporting costs pertaining to reports
					 required to be issued by a licensee to the local or State police pertaining to
					 that pledge, or as otherwise permitted by the Secretary. The $1 fee may be
					 collected at the time the loan is made, or may be financed as part of the loan,
					 in which latter case interest and charges on the $1 may be made by the licensee
					 consistent with the act.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 63 - CHARGES, PAYMENT AND RECORDS › PAYMENT AND RENEWALS › Section 63.11 - Receipts

Current through Register Vol. 54, No. 28, July 13, 2024
(a) Licensees shall
				  furnish to the pledgor, or to the person making payment on a loan, a receipt
				  showing all of the following information:
(1)
				  Serial number of the pawn ticket upon which payment is made.
(2) Date of payment.
(3) Amount paid on principal of the
				  loan.
(4) Total amount paid for
				  charges, including interest, fees for storage, insurance, investigation and
				  other services.
(5) The amounts, if
				  any, paid to the licensee for cleaning, pressing, repairing or other similar
				  services to the pledged property, which were requested by the pledgor. The
				  amounts shall be itemized and identified.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 63 - CHARGES, PAYMENT AND RECORDS › PAYMENT AND RENEWALS › Section 63.12 - Minimum maturity

Current through Register Vol. 54, No. 28, July 13, 2024
Licensees shall have the right to retain the pledge for 48
					 hours after the loan is made. After the 48-hour period, the pledgor shall have
					 the privilege of redeeming the pledge at any time by paying the amount of the
					 loan and accrued charges.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 63 - CHARGES, PAYMENT AND RECORDS › PAYMENT AND RENEWALS › Section 63.14 - Eight-month renewal

Current through Register Vol. 54, No. 28, July 13, 2024
(a) When
				  the due date on an original loan is less than 8 months from the date of the
				  loan, licensees shall renew the loan at the request of the pledgor so that the
				  renewed due date shall be at least 8 months from the date of the original
				  loan.
(b) In order to invoke the
				  provisions of subsection (a), the pledgor shall be granted a renewal request
				  only if he has paid the charges accrued to the date of renewal.
(c) Licensees shall have the option to renew
				  any loan which has been in force for a period of 8 months or more from the date
				  of the original loan.
(d) A new
				  pawn ticket shall be issued to the pledgor on all renewal loans.
This section cited in 10 Pa. Code §
												65.1 (relating to
						form).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 63 - CHARGES, PAYMENT AND RECORDS › PAYMENT AND RENEWALS › Section 63.15 - Partial payments

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
				  Partial payments on account of accrued charges may be accepted. If such a
				  partial payment is made, receipt shall be shown by either:
(1) entering the receipt on the reverse side
				  of the pledgor's copy of the pawn ticket and on the licensee's records;
				  or
(2) issuance of a renewal pawn
				  ticket.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 63 - CHARGES, PAYMENT AND RECORDS › RECORDS › Section 63.21 - Minimum requirements

Current through Register Vol. 54, No. 28, July 13, 2024
The following shall be the minimum records to be kept by
					 licensees:
(1) A journal, which shall
				  contain a chronological record of all receipts and all disbursements of the
				  business of the licensee.
(2) A
				  general ledger, which shall be of the double entry type, and shall contain
				  appropriate accounts for all of the following:
(i) Assets.
(ii) Liabilities.
(iii) Incomes.
(iv) Expenses.
(v) Capital or net worth.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 63 - CHARGES, PAYMENT AND RECORDS › RECORDS › Section 63.22 - Entries and postings

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
				  Entries in the loan register, loan receipts book, pledge sales book, journal,
				  and postings to the individual loan record, shall be made on a daily
				  basis.
(b) Postings to the journal
				  of the totals from the loan register, loan receipts book, and pledge sales
				  book, shall be made on a monthly basis.
(c) Postings from the journal to the general
				  ledger shall be made on a monthly basis.
(d) A trial balance, or a balance sheet and
				  profit and loss statement, shall be prepared after the monthly postings have
				  been made to the general ledger.
(e) All records shall be either typewritten
				  or written legibly in ink.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 63 - CHARGES, PAYMENT AND RECORDS › RECORDS › Section 63.23 - Retention

Current through Register Vol. 54, No. 28, July 13, 2024
All records shall be retained for either:
(1) Not less than 2 years after the dates of
				  payment of loans.
(2) Not less than
				  2 years after the date of sale of pledges.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 63 - CHARGES, PAYMENT AND RECORDS › RECORDS › Section 63.24 - Description of pledgor

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
				  Licensees, at the time of granting a loan, shall prepare a record of the
				  description of the pledgor. Such description shall contain all of the
				  following:
(1) Name and address.
(2) Age.
(3) Race.
(4) Sex.
(5) Color of hair.
(6) Identifying marks, if any.
(7) Either the pledgor's motor vehicle
				  operator number or the pledgor's social security number.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 65 - PAWN TICKETS › Section 65.1 - Form

Current through Register Vol. 54, No. 28, July 13, 2024
Pawn tickets shall contain all of the following
				  information:
(1) Serial number of the
				loan, which shall be printed at or near the top of the ticket.
(2) Name and address of licensee.
(3) Name and address of pledgor.
(4) Name and address of disclosed principal,
				if any.
(5) Description of the
				pledge, which shall be as accurate as possible.
(6) Date of loan.
(7) Amount actually loaned.
(8) Due date of loan.
(9) Total amount of principal and charges
				required to redeem the pledge on the due date.
(10) A statement that the loan may be repaid
				before the due date, and that charges shall be collected only for the time from
				the date of loan to the date of redemption.
(11) A statement that the pledge may be sold
				by the licensee 90 days after the due date if not redeemed on or before that
				time.
(12) Amount fixed by the
				pledge as the minimum price for which the pledge may be sold by the licensee at
				private sale in case of default. This amount shall be at least 125% of the
				amount of the loan.
(13) A
				statement of the minimum charges on loans, as provided in §
									63.3(a) 
				(relating to minimum charges).
(14)
				A statement that minimum charges shall not be made on renewal loans.
(15) A statement that when a minimum charge
				is paid and the loan is renewed, the pledgor shall receive credit on account of
				future charges for the amount by which the minimum charge exceeds the charges
				accrued.
(16) A statement of the
				eight-month renewal provision, described in §
									63.14 (relating to eight-month
				renewal).
(17) A statement that no
				notice of the contemplated sale of a pledge shall be furnished the pledgor when
				the original loan granted was less than seven dollars.
(18) The pawn ticket shall show the following
				information on renewal or renewed loans for cross-reference record:
(i) Serial number of last previous
				loan.
(ii) Serial number of next
				subsequent loan.
(iii) Date of
				original loan.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 65 - PAWN TICKETS › Section 65.2 - Reverse-side form

Current through Register Vol. 54, No. 28, July 13, 2024
On the reverse side of the pawn ticket provision may be made
				  to record partial payments on accounts of charges. The following data shall be
				  included:
(1) Date of partial payment
				of charges.
(2) Amount received in
				partial payment of charges.
(3)
				Signature or initials of person receiving payment.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 65 - PAWN TICKETS › Section 65.3 - Issuance

Current through Register Vol. 54, No. 28, July 13, 2024
(a) Pawn tickets
				shall be furnished to every pledgor at the time a loan is granted and at the
				time of any subsequent renewal thereof. Licensees shall not retain at any time
				any pledgor's copy of an unredeemed pawn ticket.
(b) The serial number on the pawn ticket
				shall correspond exactly to the number on the record of the licensee for the
				same loan in the loan register.
(c)
				Duplicate copies of pawn tickets with printed serial numbers corresponding to
				the original pawn ticket shall be retained by the licensee for his record. The
				copy retained by the licensee shall contain all the identical data appearing on
				the copy delivered to the pledgor and either copy may be prepared as a carbon
				copy. Both copies shall be entirely legible.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 65 - PAWN TICKETS › Section 65.4 - Unused tickets

Current through Register Vol. 54, No. 28, July 13, 2024
When a pawn ticket form has been spoiled or rendered useless
				  it shall be retained in serial number order in a separate container or file
				  labeled "Unused Tickets." The reason for the non-use of each spoiled pawn
				  ticket shall be noted in the loan register.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 65 - PAWN TICKETS › Section 65.5 - Surrendered tickets

Current through Register Vol. 54, No. 28, July 13, 2024
When the pledge is released or the loan is renewed, the
				  licensee shall require the pledgor to surrender the copy delivered to the
				  pledgor, except as otherwise provided in §
									65.6 (relating to loss of
				  pledgor's copy). The pledgor's copies of surrendered pawn tickets shall be
				  filed in the order of the dates of redemption. To facilitate posting to the
				  individual loan record and auditing, the tickets for each day should be
				  arranged in numerical order. The copies of the pawn tickets retained by the
				  licensee may be filed in such systematic order as the licensee may
				  determine.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 65 - PAWN TICKETS › Section 65.6 - Loss of pledgor's copy

Current through Register Vol. 54, No. 28, July 13, 2024
(a) When the
				pledgor's copy of a pawn ticket is lost, destroyed, or stolen the pledgor shall
				notify the licensee by registered mail or in person. Upon such notice, the
				licensee shall either:
(1) Issue a "stop
				ticket."
(2) Issue a duplicate
				ticket.
(3) Redeem the
				pledge.
(4) Pay any surplus from
				the sale of a pledge upon receipt of an affidavit or written statement, as
				provided in subsection (c).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 65 - PAWN TICKETS › Section 65.7 - Negotiability

Current through Register Vol. 54, No. 28, July 13, 2024
Pawn tickets may be transferred merely by delivery. Licensees
				  shall be required to deliver the pledge described in the ticket to the person
				  presenting the ticket, upon payment of the principal and charges due, except
				  when the licensee has been previously notified of loss, destruction, or theft,
				  as provided in §
									65.6 (relating to loss of
				  pledgor's copy).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 65 - PAWN TICKETS › Section 65.8 - Ticket alteration

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
				Whenever the copy of a pawn ticket delivered to the pledgor has been altered,
				the pledge shall be delivered according to the terms of the ticket as
				originally issued, as disclosed by the unaltered copy of the same ticket
				retained by the licensee.
(b)
				Licensees shall report immediately to the Department any controversy with a
				pledgor concerning or arising from an altered pawn ticket.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 65 - PAWN TICKETS › Section 65.9 - Counterfeit ticket

Current through Register Vol. 54, No. 28, July 13, 2024
Whenever a counterfeit pawn ticket is presented to a
				  licensee, the licensee may seize and retain the ticket. Upon seizure of a
				  counterfeit pawn ticket, the licensee shall immediately notify the Department
				  and local police authorities.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 67 - SALE OF PLEDGE › GENERAL PROVISIONS › Section 67.1 - Notice

Current through Register Vol. 54, No. 28, July 13, 2024
(a) Notice of
				  contemplated sale of a pledge on a defaulted loan of 7 dollars or more shall be
				  mailed to the last known address of the pledgor at least 30 days prior to the
				  date of sale.
(b) The notice of
				  sale shall show the total amounts of principal and charges due on the loan as
				  of the date of the notice.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 67 - SALE OF PLEDGE › GENERAL PROVISIONS › Section 67.2 - Time

Current through Register Vol. 54, No. 28, July 13, 2024
(a) Pledges may not
				  be sold prior to the expiration of 90 days after the due date of the loan,
				  except as otherwise provided in subsection (b).
(b) The pledgor may authorize the sale of a
				  pledge prior to the expiration of the 90-day period, if such authorization is
				  one of the following:
(1) In
				  writing.
(2) Given subsequent to
				  the due date of the loan.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 67 - SALE OF PLEDGE › GENERAL PROVISIONS › Section 67.3 - Conditions

Current through Register Vol. 54, No. 28, July 13, 2024
(a) A pledge shall
				  not be sold at a private sale unless the pledgor has agreed to the minimum
				  amount for which the pledge shall be sold. This price shall be stipulated on
				  the pawn ticket.
(b) The private
				  sale price shall be subject to the following conditions:
(1) Sale price shall be at least 125% of the
				  original amount of the loan.
(2)
				  Pledgor shall not be compelled to set a minimum price.
(3) Pledgor may fix a price at an amount in
				  excess of 125% of the amount of the loan.
(4) Licensees shall not influence the pledgor
				  in determining the amount of the price.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 67 - SALE OF PLEDGE › PROCEEDS AND SURPLUS › Section 67.11 - Application

Current through Register Vol. 54, No. 28, July 13, 2024
(a) The proceeds
				  from the sale of a pledge shall be applied as follows:
(1) Payment of the charges of the auctioneer,
				  if sold at public sale.
(2) Payment
				  of selling commission, not to exceed 5.0%, if sold at private sale.
(3) Payment of principal and charges on the
				  loan.
(4) Payment of postage for
				  mailing notice of sale and notice of surplus.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 67 - SALE OF PLEDGE › PROCEEDS AND SURPLUS › Section 67.12 - Notice of surplus

Current through Register Vol. 54, No. 28, July 13, 2024
Notice of any surplus from the sale of a pledge amounting
					 to 50¢ or more shall be mailed to the last known address of the pledgor
					 within 10 days after the date of the sale. It is recommended that pawnbrokers
					 obtain from the post office a "certificate of mailing" as evidence of mailing
					 of the notice of surplus.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part V - Pawnbrokers › Chapter 67 - SALE OF PLEDGE › PROCEEDS AND SURPLUS › Section 67.13 - Reversion

Current through Register Vol. 54, No. 28, July 13, 2024
If a surplus remaining from the sale of a pledge is not
					 paid to, or claimed by, the pledgor within one year from the date of sale, the
					 surplus shall revert to the licensee, if he has complied with the provisions of
					 this part.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VI - Check Cashers › Chapter 81 - CHECK CASHER LICENSING-STATEMENT OF POLICY › GENERAL › Section 81.1 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
The following words and terms, when used in this part, have
					 the following meanings, unless the context clearly indicates otherwise:
Act
-The Check Casher Licensing Act
					 (63
					 P. S. §§
											2301-2334).
Department
-The Department of Banking and
					 Securities of the Commonwealth.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VI - Check Cashers › Chapter 81 - CHECK CASHER LICENSING-STATEMENT OF POLICY › GENERAL › Section 81.2 - Purpose

Current through Register Vol. 54, No. 28, July 13, 2024
(a) The act
				  contains license application requirements, limitations on check casher rates, a
				  prohibition on a licensee cashing postdated checks and examination authority of
				  the Department, among other licensing and enforcement provisions.
(b) This chapter is necessary to provide
				  adequate guidance to the check cashing industry in this Commonwealth regarding
				  licensure, compliance and enforcement issues affecting the conduct of the
				  industry and its interaction with consumers and the Department.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VI - Check Cashers › Chapter 81 - CHECK CASHER LICENSING-STATEMENT OF POLICY › INITIAL LICENSE APPLICATION PROCESS › Section 81.11 - Application forms, confidentiality and financial statements

Current through Register Vol. 54, No. 28, July 13, 2024
(a) A check casher
				  initial application form will be provided to a prospective applicant by the
				  Department. Upon completion and submission of the application by the applicant,
				  the marked pages of the application form will be made available by the
				  Department for public inspection, upon request, under section 304(b)(3) of the
				  act (63 P. S. §
											2314(b)(3)). The remaining
				  pages of the application form, regarding financial and other information
				  provided by the applicant, will be deemed confidential by the Department and
				  will not be made available for public inspection, unless otherwise required by
				  law. The Department retains the right to contest or deny a request for the
				  confidential pages of the application form.
(b) The applicant for a check casher license
				  will be requested by the Department to provide financial statements prepared by
				  the applicant or the applicant's accountant.
(c) The financial statements should include a
				  balance sheet and income and expense statement prepared in accordance with
				  generally accepted accounting principles.
(d) The Department may require additional
				  information with the application as provided in section 301(c) of the act
				  (63
				  P. S. §
											2311(c)).
(e) The application forms shall be mailed to
				  the Department as specified in the application instructions that accompany the
				  forms.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VI - Check Cashers › Chapter 81 - CHECK CASHER LICENSING-STATEMENT OF POLICY › INITIAL LICENSE APPLICATION PROCESS › Section 81.12 - Check cashers in business by April 19, 1998

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
Submission of application by an
				  existing check casher
. For any check casher license application
				  received by the Department from an applicant engaged in the check casher
				  business by April 19, 1998 (existing check casher), the Department will have 60
				  days from receipt of a complete application to approve or deny the application.
				  Initial applications shall be filed by existing check cashers with the
				  Department by April 18, 1999, but may be filed any time prior to that date at
				  the discretion of the applicant.
(b)
No public comment
				  period
. There is no public comment period applicable to a license
				  application from an existing check casher.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VI - Check Cashers › Chapter 81 - CHECK CASHER LICENSING-STATEMENT OF POLICY › LICENSE RENEWAL APPLICATION PROCESS › Section 81.31 - Renewal

Current through Register Vol. 54, No. 28, July 13, 2024
(a) A license
				  issued by the Department shall be renewed on May 1 of each year upon payment of
				  the annual renewal fee by the applicant, filing by the applicant of a completed
				  renewal application and determination by the Department that the licensee is
				  conducting business in accordance with the act.
(b) Since the Department has 60 days from
				  receipt to process the application, timely issuance of a renewal application is
				  conditioned on the Department receiving from the applicant the application fee
				  and a renewal application on or before March 1 of each year. No refund of any
				  portion of the license fee will be made if therenewal application is withdrawn
				  or the license is voluntarily surrendered to the Department or suspended or
				  revoked by the Department prior to its expiration date.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VI - Check Cashers › Chapter 81 - CHECK CASHER LICENSING-STATEMENT OF POLICY › LICENSE RENEWAL APPLICATION PROCESS › Section 81.32 - Additional information from applicants for renewal licenses

Current through Register Vol. 54, No. 28, July 13, 2024
The Department may request the filing of additional
					 information to be received by the Department in conjunction with the renewal
					 application. This information will assist the Department in evaluating whether
					 the renewal applicant is financially stable and conducting business in a manner
					 which provides a beneficial check cashing service to the public as stated in
					 section 102 of the act (63 P. S. §
											2302). The additional information that the
					 Department requests with the renewal application may include financial
					 statements prepared by the applicant or the applicant's accountant, prepared in
					 accordance with generally accepted accounting principles such as a balance
					 sheet and an income and expense statement.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VI - Check Cashers › Chapter 81 - CHECK CASHER LICENSING-STATEMENT OF POLICY › EXAMINATION AND RECORDS › Section 81.41 - Examination of records

Current through Register Vol. 54, No. 28, July 13, 2024
Under sections 104(2) and 506 of the act (63 P. S.
					 §§
											2304(2) and
					 2326), the Department has
					 authority to examine the records of a check casher and to prescribe the records
					 that will enable the Department to determine whether the check casher is
					 complying with the act. A check casher operating two or more locations may
					 maintain a consolidated or combined set of books and records at its principal
					 office location in this Commonwealth. The books and records should reflect
					 separate figures for each location. The books, accounts and records of the
					 check casher shall be maintained for 5 years under section 506(a) of the act
					 (63
					 P. S. §
											2326(a)) and
					 should be made available to Department examiners. The records should include
					 the following:
(1)
Receipts
. The check casher should maintain a copy of the
				  receipts provided to consumers for each check cashing transaction. The receipts
				  should indicate the name and address of the check casher, transaction date,
				  customer's name, address and type of identification used, item number, date and
				  amount of check cashed, fee charged and the employe's initials. In lieu of
				  placing the customer's name, address and type of identification on the receipt,
				  the check casher may assign an identification number to the customer, if a log
				  is maintained by the check casher at the examination site.
(2)
Daily record of checks
				  cashed
. The check casher should maintain a daily record of all checks
				  cashed which should be reconciled to the deposit records received from each
				  depository used by the check casher.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VI - Check Cashers › Chapter 81 - CHECK CASHER LICENSING-STATEMENT OF POLICY › POSTING NOTICE OF FEES AND CHARGES › Section 81.51 - Posting of fees and charges

Current through Register Vol. 54, No. 28, July 13, 2024
Check cashers should post a notice of exact fees and
					 charges, which shall be within the maximum prescribed in the act. The notice
					 should be in plain view and in a location readily apparent to the consumer
					 transacting business at each check casher location.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VI - Check Cashers › Chapter 81 - CHECK CASHER LICENSING-STATEMENT OF POLICY › RESTRICTIONS ON BUSINESS › Section 81.61 - Prohibition on cashing certain checks

Current through Register Vol. 54, No. 28, July 13, 2024
Under section 505(a) of the act (63 P. S. §
											2325(a)), a licensee may not
					 cash or advance any money on a postdated check. A written or verbal, express or
					 implied,agreement between the licensee and a customer to delay the processing
					 and presentment of a check, even if the check is not postdated, constitutes a
					 violation of the section 505(a) of the act.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VI - Check Cashers › Chapter 81 - CHECK CASHER LICENSING-STATEMENT OF POLICY › RESTRICTIONS ON BUSINESS › Section 81.62 - Report of certain transactions

Current through Register Vol. 54, No. 28, July 13, 2024
(a) Under section 505(b) of the act
				  (63
				  P. S. §
											2325(b)), a
				  licensee shall report to the Department each transaction involving a check
				  drawn on a personal account of the maker which is also payable to the maker in
				  accordance with the Federal money laundering statutes and regulations
				  (including 31 U.S.C.A.
				  §
											5316, and
				  31 CFR
				  103.11 and
				  103.22 (relating to meaning of
				  terms; and reports of currency transactions)).
(b) The report shall be forwarded to the
				  Department within 10 days of the transaction and shall include the name and
				  address of the person on whose account the check was drawn and the date of the
				  transaction, and should include the amount of the check.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart A - Definitions › Chapter 101 - GENERAL PROVISIONS › Section 101.000 - Statutory references

Current through Register Vol. 54, No. 28, July 13, 2024
The references in this part to statutory provisions or to
					 provisions of the act are, unless the context otherwise requires, references to
					 the Pennsylvania Securities Act of 1972 (70 P. S.
					 §§
											1-101-1-704). This part is keyed
					 to the provisions of the act. For example, the provisions of §§
										203.011-203.171 (relating to nonissuer
					 transactions; and liquidations, dividends and distributions) relate to section
					 203 of the act (70 P. S. §
											1-203).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart A - Definitions › Chapter 102 - DEFINITIONS › Section 102.031 - Reserved

Current through Register Vol. 54, No. 28, July 13, 2024
The provisions of this §
												102.031 reserved under section
						202.C of the Department of Banking and Securities Code (71 P.S. §
													733-202.C); section 609(a) of the
						Pennsylvania Securities Act of 1972 (70 P.S. §
													1-609(a)); and section 9(b)
						of the Takeover Disclosure Law (70 P.S. §
													79(b)).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart A - Definitions › Chapter 102 - DEFINITIONS › Section 102.041 - Reserved

Current through Register Vol. 54, No. 28, July 13, 2024
The provisions of this §
												102.041 amended under sections
						102(d), (k) and (t) and 609(a) of the Pennsylvania Securities Act of 1972
						(70
						P.S. §§
													1-102(d), (k) and
						(t) and
						1-609(a)); reserved under
						section 202.C of the Department of Banking and Securities Code (71 P.S. §
													733-202.C); section 609(a) of the
						Pennsylvania Securities Act of 1972 (70 P.S. §
													1-609(a)); and section 9(b)
						of the Takeover Disclosure Law (70 P.S. §
													79(b)).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart A - Definitions › Chapter 102 - DEFINITIONS › Section 102.050 - Reserved

Current through Register Vol. 54, No. 28, July 13, 2024
The provisions of this §
												102.050 reserved under section
						202.C of the Department of Banking and Securities Code (71 P.S. §
													733-202.C); section 609(a) of the
						Pennsylvania Securities Act of 1972 (70 P.S. §
													1-609(a)); and section 9(b)
						of the Takeover Disclosure Law (70 P.S. §
													79(b)).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart A - Definitions › Chapter 102 - DEFINITIONS › Section 102.060 - Reserved

Current through Register Vol. 54, No. 28, July 13, 2024
The provisions of this §
												102.060 reserved under section
						202.C of the Department of Banking and Securities Code (71 P.S. §
													733-202.C); section 609(a) of the
						Pennsylvania Securities Act of 1972 (70 P.S. §
													1-609(a)); and section 9(b)
						of the Takeover Disclosure Law (70 P.S. §
													79(b)).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart A - Definitions › Chapter 102 - DEFINITIONS › Section 102.111 - Reserved

Current through Register Vol. 54, No. 28, July 13, 2024
The provisions of this §
												102.111 amended under sections
						102(d), (k) and (t) and 609(a) of the Pennsylvania Securities Act of 1972
						(70
						P.S. §§
													1-102(d), (k) and
						(t) and
						6-609(a)); reserved under
						section 202.C of the Department of Banking and Securities Code (71 P.S. §
													733-202.C); section 609(a) of the
						Pennsylvania Securities Act of 1972 (70 P.S. §
													1-609(a)); and section 9(b)
						of the Takeover Disclosure Law (70 P.S. §
													79(b)).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart A - Definitions › Chapter 102 - DEFINITIONS › Section 102.112 - Reserved

Current through Register Vol. 54, No. 28, July 13, 2024
The provisions of this §
												102.112 issued under sections
						102(d), (k) and (t) and 609(a) of the Pennsylvania Securities Act of 1972
						(70
						P.S. §§
													1-102(d), (k) and
						(t) and
						1-609(a)); reserved under
						section 202.C of the Department of Banking and Securities Code (71 P.S. §
													733-202.C); section 609(a) of the
						Pennsylvania Securities Act of 1972 (70 P.S. §
													1-609(a)); and section 9(b)
						of the Takeover Disclosure Law (70 P.S. §
													79(b)).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart A - Definitions › Chapter 102 - DEFINITIONS › Section 102.201 - Reserved

Current through Register Vol. 54, No. 28, July 13, 2024
The provisions of this §
												102.201 reserved under section
						202.C of the Department of Banking and Securities Code (71 P.S. §
													733-202.C); section 609(a) of the
						Pennsylvania Securities Act of 1972 (70 P.S. §
													1-609(a)); and section 9(b)
						of the Takeover Disclosure Law (70 P.S. §
													79(b)).