reglab/statecodes huggingface dataset:
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 31a - TRUST POWERS › Section 31a.6 - Funds awaiting investment or distribution

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
General.
Funds held in a
				fiduciary capacity by an association awaiting investment or distribution shall
				not be held uninvested or undistributed any longer than is reasonable for the
				proper management of the account.
(b)
Use by association in regular
				business.
(1) Funds held in trust by
				an association, including managing agency accounts, awaiting investment or
				distribution may, unless prohibited by the instrument creating the trust, be
				deposited in another department of the association if the association first
				sets aside under control of the trust department as collateral security one of
				the following:
(i) Direct obligations of the
				United States, the Commonwealth or other obligations fully guaranteed by the
				United States as to principal and interest.
(ii) Other readily marketable securities
				approved by the Department.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 31a - TRUST POWERS › Section 31a.7 - Investment of funds held as fiduciary

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
Private trusts.
Funds
				held by an association in a fiduciary capacity shall be invested in accordance
				with the instrument establishing the fiduciary relationship and State law. When
				such instrument does not specify the character or class of investments to be
				made and does not vest in the association, its directors, or its officers
				investment discretion in the matter, funds held under such instrument shall be
				invested in any investment in which the trust departments of Pennsylvania
				state-chartered banking institutions may invest.
(b)
Court trusts.
If
				corporate fiduciaries appointed by a court are permitted to exercise discretion
				in investments, or if an association acting as fiduciary under appointment by a
				court is vested with discretion in investments by an order of such court, funds
				of such accounts may be invested in any investments which are permitted by
				State law for trust departments of Pennsylvania state-chartered banking
				institutions. Otherwise, an association acting as fiduciary under appointment
				by a court must make all investments of funds in such accounts under an order
				of that court. Such orders in either case shall be preserved with the fiduciary
				records of the association.
(c)
Collective investment of trust funds.
The collective
				investment of funds received or held by an association as fiduciary is governed
				by §
									31a.11 (relating to collective
				investment).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 31a - TRUST POWERS › Section 31a.8 - Self-dealing

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
Purchase of obligations from association.
Unless lawfully
				authorized by the instrument creating the relationship or by court order, funds
				held by an association as fiduciary shall not be invested in obligations of or
				property acquired from the association or its directors, officers or employes;
				individuals with whom there exists such a connection; organizations in which
				there exists such an interest as might affect the exercise of the best judgment
				of the association in acquiring the property; or affiliates of the association
				or their directors, officers or employes.
(b)
Sale or transfer of trust assets
				to association.
Property held by an association as fiduciary shall not
				be sold or transferred, by loan or otherwise, to the association or its
				directors, officers or employes; to individuals with whom there exists such a
				connection; to organizations in which there exists such an interest as might
				affect the exercise of the best judgment of the association in selling or
				transferring such property, or to affiliates of the association or their
				directors, officers or employes, except as follows:
(1) When lawfully authorized by the
				instrument creating the relationship or by court order.
(2) As provided in §
										31a.11 (relating to collective
				investment).
(3) When required by
				the Department.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 31a - TRUST POWERS › Section 31a.9 - Custody of investments

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
Segregation of trust assets and joint custody.
The investments
				of each account shall be kept separate from the assets of the association and
				shall be placed in the joint custody or control of not fewer than two of the
				officers or employes of the association designated for that purpose either by
				the board of directors of the association or by one or more officers designated
				by the board of directors of the association, and all such officers and
				employes shall be adequately bonded. To the extent permitted by law, an
				association may permit the investments of a fiduciary account to be deposited
				elsewhere.
(b)
Segregation
				of accounts.
The investments of each account shall be one of the
				following:
(1) Kept separate from those of all
				other accounts, except as provided in §
										31a.11 (relating to collective
				investment).
(2) Adequately
				identified as the property of the relevant account.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 31a - TRUST POWERS › Section 31a.10 - Compensation of associations

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
General.
If the amount of the compensation for acting in a
				fiduciary capacity is not regulated by State law or provided for in the
				instrument creating the fiduciary relationship or otherwise agreed to by the
				parties, an association acting in such capacity may charge or deduct a
				reasonable compensation for its services. When the association is acting in a
				fiduciary capacity under appointment by a court, it shall receive such
				compensation as may be allowed or approved by that court or by State
				law.
(b)
Officer or employe
				of association as co-fiduciary.
No association shall, except with the
				specific approval of its board of directors, permit any of its officers or
				employes, while serving as such, to retain any compensation for acting as a
				co-fiduciary with the association in the administration of any account
				undertaken by it.
(c)
Bequests or gifts to trust officers and employes.
No
				association shall permit an officer or employe engaged in the operation of its
				trust department to accept a bequest or gift of trust assets unless the bequest
				or gift is made by a relative or is approved by the board of directors of the
				association.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 31a - TRUST POWERS › Section 31a.11 - Collective investment

Current through Register Vol. 54, No. 28, July 13, 2024
(a) Funds
				held by an association as fiduciary may be held in one of the following:
(1) A common trust fund maintained by the
				association exclusively for the collective investment and reinvestment of
				moneys contributed thereto by the association in its capacity as trustee,
				executor, administrator, guardian, or custodian under
				20 Pa.C.S. §§
											5301-5310 (relating to Pennsylvania Uniform
				Transfers to Minors Act).
(2) A
				fund consisting solely of assets of retirement, pension, profit sharing, stock
				bonus or other trusts which are exempt from Federal income taxation under the
				Internal Revenue Code.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 31a - TRUST POWERS › Section 31a.12 - Surrender of trust powers

Current through Register Vol. 54, No. 28, July 13, 2024
(a) Any
				association which has been granted the right to exercise trust powers and which
				desires to surrender such rights shall file with the Department a certified
				copy of the resolution of its board of directors signifying such
				desire.
(b) Upon receipt of such
				resolution, the Department will make an investigation; and, if it is satisfied
				that the association has been discharged from all fiduciary duties which it has
				undertaken, it will issue a certificate to such association certifying that it
				is no longer authorized to exercise fiduciary powers.
(c) Upon issuance of such a certificate by
				the Department, an association may:
(1) No
				longer be subject to the provisions of this chapter.
(2) Not exercise thereafter any of the powers
				granted by this chapter without first applying for and obtaining new
				authorization to exercise such powers.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 31a - TRUST POWERS › Section 31a.13 - Revocation of trust powers

Current through Register Vol. 54, No. 28, July 13, 2024
In addition to the other sanctions available, if, in the
				  opinion of the Department, an association is unlawfully or unsoundly exercising
				  or has unlawfully or unsoundly exercised or for a period of 5-consecutive years
				  has failed to exercise the powers granted by this chapter or otherwise fails or
				  has failed to comply with this chapter, the Department may issue and serve upon
				  the association a notice of intent to revoke the authority of the association
				  to exercise the powers granted by this chapter. The notice shall contain a
				  statement of the facts constituting the alleged unlawful or unsound exercise of
				  powers, failure to exercise powers, or failure to comply and shall fix a time
				  and place at which a hearing will be held to determine whether an order
				  revoking authority to exercise such powers should issue against the
				  association.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 33 - SAVINGS DEPOSIT ACCOUNTS › Subchapter A - SAVINGS DEPOSIT ASSOCIATIONS › Section 33.1 - Conversion to deposit associations

Current through Register Vol. 54, No. 28, July 13, 2024
(a) Associations shall adopt appropriate
				  bylaw amendments in order to issue savings deposit accounts.
(b) With the adoption of the appropriate
				  bylaw amendments, associations shall become deposit associations.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 33 - SAVINGS DEPOSIT ACCOUNTS › Subchapter A - SAVINGS DEPOSIT ASSOCIATIONS › Section 33.2 - Effect of conversion

Current through Register Vol. 54, No. 28, July 13, 2024
(a) After
				  the effective date of the adoption of bylaw amendments providing for deposit
				  operations, associations shall not accept savings accounts other than savings
				  deposits, but savings accounts existing at the time when the association
				  becomes a deposit association shall remain savings accounts unless they are
				  exchanged for savings deposits.
(b)
				  Deposit associations shall have the right to use all of the savings account
				  plans available to savings account associations. Savings accounts in deposit
				  associations shall have the same priority as deposits in the event of a
				  liquidation.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 33 - SAVINGS DEPOSIT ACCOUNTS › Subchapter A - SAVINGS DEPOSIT ASSOCIATIONS › Section 33.3 - Effective date of conversion

Current through Register Vol. 54, No. 28, July 13, 2024
When savings accounts are exchanged for savings deposits on
					 a date other than the date on which the association regularly distributes
					 earnings on its savings accounts, such exchange shall be deemed to have taken
					 place on the immediately preceding regular earnings distribution
					 date.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 33 - SAVINGS DEPOSIT ACCOUNTS › Subchapter A - SAVINGS DEPOSIT ASSOCIATIONS › Section 33.4 - Outstanding rights

Current through Register Vol. 54, No. 28, July 13, 2024
Any right outstanding at the time when an association
					 becomes a deposit association to receive from the association, in an exchange,
					 a savings account shall thereafter be a right to receive, at the option of the
					 holder of such right, either a savings account or a corresponding savings
					 deposit.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 33 - SAVINGS DEPOSIT ACCOUNTS › Subchapter A - SAVINGS DEPOSIT ASSOCIATIONS › Section 33.5 - Terms, conditions and characteristics of savings deposits

Current through Register Vol. 54, No. 28, July 13, 2024
Savings deposits shall be subject to the same terms and
					 conditions and have the same characteristics as savings accounts, including
					 membership and voting rights.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 33 - SAVINGS DEPOSIT ACCOUNTS › Subchapter A - SAVINGS DEPOSIT ASSOCIATIONS › Section 33.6 - Description of deposit account

Current through Register Vol. 54, No. 28, July 13, 2024
Passbooks and certificates issued as savings deposits shall
					 describe the account evidenced thereby as a savings deposit.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 34 - NOW ACCOUNTS › Section 34.1 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
The following words and terms, when used in this chapter have
				  the following meanings, unless the context clearly indicates otherwise:
Association
-A savings association subject to
				  the Code.
Code
-The Savings Association Code of 1967
				  (7 P.
				  S. §§
										6020-1-6020-254).
NOW Account
-A savings account from which the
				  owner may make withdrawals by negotiable or transferable instruments for the
				  purpose of making transfer to third parties.
NOW Account agreement
-The agreement between
				  the association and the owner of the account setting forth all terms and
				  conditions applicable to the operation of a NOW Account. Such agreement shall
				  constitute a savings account contract under section 803 of the Code
				  (7 P.
				  S. §
										6020-113).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 34 - NOW ACCOUNTS › Section 34.2 - Issuance and interest

Current through Register Vol. 54, No. 28, July 13, 2024
(a) An
				association may issue a NOW Account in accordance with sections 804 and 813 of
				the Code (7 P. S. §§
										6020-114
				and 6020-123), this chapter, and
				the powers granted to federally-chartered savings and loans
				associations.
(b) A NOW account
				shall bear earning or interest except when the owner of the account and the
				association execute an agreement specifically providing for the waiver of
				earnings or interest on such account.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 34 - NOW ACCOUNTS › Section 34.3 - Overdrafts

Current through Register Vol. 54, No. 28, July 13, 2024
Subject to the provisions contained in the NOW Account
				  agreement, an association may extend credit in the form of overdraft privileges
				  specifically related to NOW Accounts or may charge overdrafts to other savings
				  accounts of the owner.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 34 - NOW ACCOUNTS › Section 34.5 - Evidence of ownership

Current through Register Vol. 54, No. 28, July 13, 2024
The NOW Account agreement and periodic statements provided to
				  owners of NOW Accounts shall constitute evidence of ownership in accordance
				  with section 805 of the Code (7 P. S. §
										6020-115).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 34a - CONSUMER LOANS, COMMERCIAL PAPER AND CORPORATE DEBT SECURITIES › Section 34a.2 - Consumer loans

Current through Register Vol. 54, No. 28, July 13, 2024
(a) An
				association may make direct or indirect consumer loans as follows:
(1) The following shall be complied with:
(i) At any one time the total investment made
				under this section and §
											34a.3 (relating to commercial
				paper and corporate debt securities) added together shall not exceed 20% of an
				association's assets.
(ii) Before
				indirect loans are made through a dealer, the dealer must be approved by the
				association's board of directors.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 34a - CONSUMER LOANS, COMMERCIAL PAPER AND CORPORATE DEBT SECURITIES › Section 34a.4 - Scheduled items and consumer credit classified as a loss

Current through Register Vol. 54, No. 28, July 13, 2024
The terms "scheduled items," "slow consumer credit" and
				  "consumer credit classified as a loss" shall have the same meanings as defined
				  in §
									34a.1 (relating to definitions) or
				  hereafter recited in 12 CFR
				  561.15(a),
				  561.16a and
				  561.16b. The Department in their
				  examinations will review all scheduled items; and associations shall keep
				  records in accordance with these classifications.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 34a - CONSUMER LOANS, COMMERCIAL PAPER AND CORPORATE DEBT SECURITIES › Section 34a.5 - Charge-off of consumer credit classified as a loss

Current through Register Vol. 54, No. 28, July 13, 2024
When consumer credit is classified as a loss in accordance
				  with this chapter and 12 CFR
				  561.16b, it shall be charged against the
				  association's current earnings.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 36 - TREASURY TAX AND LOAN DEPOSITORIES › Section 36.1 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
The following words or phrases, when used in this part, shall
				  have, unless the context clearly indicates otherwise, the following
				  meanings:
Association
-A State-chartered savings
				  association, savings and loan association, or building and loan
				  association.
Code
-The Savings Association Code of 1967
				  (7 P.
				  S. §§
										6020-1-6020-254).
Depository
-An association which acts as
				  depository for funds deposited in accordance with the requirements of United
				  States Treasury regulations for Treasury Tax and Loan accounts and which is
				  insured by the Federal Savings and Loan Insurance Corporation or by a
				  corporation chartered by the Commonwealth for the sole purpose of insuring
				  deposits or accounts of such associations.
Note account
-A note, subject to the right of
				  immediate call, evidencing funds held by depositories electing the note option
				  under applicable United States Treasury Department regulations. Note accounts
				  are not savings accounts or savings deposits.
Tax and loan account
-An account, the balance
				  of which is subject to the right of immediate withdrawal, established for
				  receipt of payments of Federal taxes and certain United States obligations;
				  such accounts are not savings accounts or savings deposits.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 36 - TREASURY TAX AND LOAN DEPOSITORIES › Section 36.2 - Tax and loan depositories

Current through Register Vol. 54, No. 28, July 13, 2024
Subject to regulations of the United States Treasury
				  Department, an insured association may serve as a depository for Federal taxes
				  or as Treasury tax and loan depository, and satisfy any accounts described in
				  §
									41.1 (relating to
				  definition).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 36 - TREASURY TAX AND LOAN DEPOSITORIES › Section 36.4 - Note account

Current through Register Vol. 54, No. 28, July 13, 2024
Under authority to issue notes pursuant to section 701(a)(5)
				  of the code (7 P. S. §
										6020-101(a)(5)), a note
				  option under a note account shall not constitute borrowing of
				  funds.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 37 - SERVICE CORPORATIONS › Section 37.1 - Service corporations generally

Current through Register Vol. 54, No. 28, July 13, 2024
(a) A service corporation shall be
				incorporated under the laws of the Commonwealth and the entire capital stock
				shall be available for purchase by, or be transferable to, only:
(1) Associations organized and existing under
				the laws of the Commonwealth.
(2)
				Federal savings and loan associations having their home offices in this
				Commonwealth.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 37 - SERVICE CORPORATIONS › Section 37.2 - Maximum investment authorized

Current through Register Vol. 54, No. 28, July 13, 2024
(a) An association shall not have an
				aggregate outstanding investment in the capital stock, securities or
				obligations of a service corporation, the cost of which exceeds 1.0% of the
				assets of the association at the time of acquisition of such stock, securities
				or obligations.
(b) No one
				association shall own more than 10% of the capital stock of such a service
				corporation, without the prior written approval of the Department.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 37 - SERVICE CORPORATIONS › Section 37.3 - Examination of service corporations

Current through Register Vol. 54, No. 28, July 13, 2024
The Department may examine service corporations and their
				  subsidiaries, if any, from time to time as the Department deems necessary, to
				  determine the propriety of any investment by an association in such service
				  corporation. Service corporations and their subsidiaries, if any, shall permit
				  and pay the cost of any such examination by the Department.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 37 - SERVICE CORPORATIONS › Section 37.4 - Disposition of investment on notice

Current through Register Vol. 54, No. 28, July 13, 2024
Upon notice given by the Department to an association,
				  stating that a service corporation in which such association has invested is
				  engaged in activities in which an association shall not invest, as described in
				  this chapter, the association shall dispose of such investment promptly;
				  unless, within 90 days following notice given to such investing association,
				  the impermissible activity is discontinued.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 37 - SERVICE CORPORATIONS › Section 37.5 - Special service corporations

Current through Register Vol. 54, No. 28, July 13, 2024
An association may form a service corporation or invest in
				  the capital stock, obligations or other securities of a service corporation,
				  other than as provided in §
									37.1 (relating to service
				  corporations generally) if the purpose of such additional activities is
				  authorized for service corporations by the Federal Home Loan Bank Board and the
				  Department together, or authorized solely by the Department.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 37 - SERVICE CORPORATIONS › Section 37.6 - Investment in service corporations in amounts over 1

Current through Register Vol. 54, No. 28, July 13, 2024
An association upon application to the Department may be
				  authorized to invest in excess of 1.0% of its assets in a service corporation,
				  or service corporations, upon furnishing to the Department such data as
				  required by the Department to justify such excess investment.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 38 - HIGHER RATE SAVINGS ACCOUNTS, REGULAR SAVINGS ACCOUNTS AND SERIAL INSTALLMENT ACCOUNTS › Section 38.1 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
The following words and terms, when used in this chapter have
				  the following meanings, unless the context clearly indicates otherwise:
Association
-A savings association subject to
				  the Savings Association Code of 1967 (7 P. S. §§
										6020-1-6020-254).
Higher rate savings accounts
-A savings
				  account which, because it meets certain minimum requirements fixed by the board
				  of directors of the associations, is paid earnings at a rate exceeding the rate
				  paid on a regular savings account. The types of higher rate savings accounts
				  issued by savings associations are defined as follows:
(i)
Notice account
-A savings
				account which requires the account holder to give the association written
				notice at least 90 days prior to making any withdrawal from the
				account.
(ii)
Savings
				account certificate-
A savings account which is continuously
				maintained at not less than the minimum amount and for not less than the
				minimum period of time established as qualifying requirements by the board of
				directors of the association.
Maturity value
-The dollar amount established
				  by the board of directors of an association at which serial installment
				  accounts shall be fully paid, which amount includes periodic installment
				  payments made by account holders and earnings credited thereto by an
				  association. An association shall disburse serial installment accounts to
				  account holders when the established maturity value has been reached. The
				  maturity value of serial installment accounts shall be not less than $100 per
				  unit.
Regular savings account
-A savings account
				  other than a serial installment account or a higher rate savings account. The
				  types of regular savings accounts issued by savings associations are defined as
				  follows:
(i)
Full-paid savings
				account
-A savings account having no maturity, the face value of which
				is paid in full at the time of issuance of the account.
(ii)
Optional payment savings
				account
-A savings account on which, after the first payment has been
				made, the account holder may pay any amount at any time for credit to the
				account.
Serial installment accounts
-Savings accounts
				  on which the maturity value is paid in part by account holders who are required
				  to make equal periodic installment payments at least once each month and in
				  part by the crediting of earnings on such accounts by an
				  association.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 38 - HIGHER RATE SAVINGS ACCOUNTS, REGULAR SAVINGS ACCOUNTS AND SERIAL INSTALLMENT ACCOUNTS › Section 38.2 - Higher rate savings accounts

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
				The 90-day notice requirement for a notice account may be stipulated in a
				certificate contained in the passbook or in a separate application and
				agreement for notice account bonus.
(b) The terms and conditions applicable to a
				savings account certificate may be stipulated in the certificate form or in a
				separate application and agreement for bonus.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 39 - MOBILE HOME FINANCING › Section 39.1 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
The following words and terms, when used in this chapter,
				  have the following meanings, unless the context clearly indicates
				  otherwise:
Inventory financing
-The financing of mobile
				  home merchandise for licensed dealers. It is synonymous with wholesale or floor
				  plan financing.
Mobile home
-A movable dwelling constructed
				  to be towed on its own chassis and under-carriage with minimum dimensions of 40
				  feet in length and 10 feet in width, and containing living facilities suitable
				  for year-round occupancy by one family, including permanent provisions for
				  eating, sleeping, cooking and sanitation.
Mobile home chattel paper
-Written evidence
				  of both a monetary obligation and a security interest of first priority in one
				  or more mobile homes and in any equipment installed or to be installed
				  therein.
Manufacturer's invoice price
-A
				  manufacturer's itemized charges, shown on the manufacturer's invoice, for a
				  specifically identified mobile home, furnishings, equipment and accessories
				  installed by the manufacturer, and freight.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 39 - MOBILE HOME FINANCING › Section 39.2 - Motor Vehicle Sales Finance Company License

Current through Register Vol. 54, No. 28, July 13, 2024
(a) An association shall first adopt a mobile
				home financing plan by proper resolution of its board of directors, which
				resolution shall authorize the appropriate officers of the association to
				obtain a Motor Vehicle Sales Finance Company License from the Consumer Credit
				Bureau, Department of Banking, Education Building, Harrisburg, Pennsylvania
				17120.
(b) An association shall
				then apply for and obtain a Motor Vehicle Sales Finance Company License from
				the Consumer Credit Bureau of the Department of Banking of the
				Commonwealth.
This section cited in 10 Pa.Code §
											39.3 (relating to limitations); 10
					 Pa. Code §
											39.4 (relating to inventory
					 financing); and 10 Pa. Code §
											39.6 (relating to retail purchase
					 money financing).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 39 - MOBILE HOME FINANCING › Section 39.3 - Limitations

Current through Register Vol. 54, No. 28, July 13, 2024
(a) Any
				association, upon complying with the appropriate provisions of this chapter,
				may make an investment in new or used mobile home chattel paper only if the
				amount of such investment and all other mobile home investments permitted under
				this chapter which are then outstanding does not exceed 20% of the assets of
				the association at the time of such investment.
(b) An association complying with §
									39.2 (relating to Motor Vehicle
				Sales Finance Company License) shall not be entitled to make direct loans
				secured by mobile home chattel paper, except where such a loan is made to the
				former owner after repossession in order to salvage a delinquent account.
				Instead thereof, an association shall restrict the financing provided for under
				the provisions of this chapter to the purchase of third party paper either with
				or without recourse against the seller thereof and with or without the benefit
				of a repurchase agreement being furnished by the dealer.
This section cited in 10 Pa. Code §
											39.8 (relating to purchase of
					 participation interests in mobile home chattel
					 paper).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 39 - MOBILE HOME FINANCING › Section 39.4 - Inventory financing

Current through Register Vol. 54, No. 28, July 13, 2024
Any association, after having complied with the provisions of
				  §
									39.2 (relating to Motor Vehicle
				  Sales Finance Company License) and complying with the following requirements
				  and conditions, may invest in mobile home chattel paper which finances the
				  acquisition of inventory by a mobile home dealer:
(1) The inventory is held for sale by the
				dealer in its ordinary course of business in the association's regular lending
				area.
(2) The monetary obligation
				evidenced by such chattel paper shall be the obligation of the mobile home
				dealer and may not exceed the following amounts:
(i) 100% of the manufacturer's invoice price
				of each new mobile home.
(ii) 100%
				of the invoice price of the manufacturer of any new equipment to be installed
				by the dealer in a mobile home.
(iii) 75% of the fair market value of each
				used mobile home (including any installed equipment).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 39 - MOBILE HOME FINANCING › Section 39.5 - Investment practices in inventory financing

Current through Register Vol. 54, No. 28, July 13, 2024
(a) An association shall obtain an
				application for approval on a form provided by the association. Such
				application shall state the location of all of the sales and storage lots
				operated by the dealer as well as his primary business address. It shall name
				all manufacturers represented and include a general description of the units
				sold by the dealer (advertising literature is helpful). The application shall
				state positively whether each manufacturer represented subscribed to the
				Uniform Invoicing Code adopted by the Mobile Home Manufacturers Association. It
				shall also state whether the dealer is willing to sign recourse or repurchase
				agreements in favor of the association. Preferably, the dealer shall do both.
				The application shall include the names of all persons having a proprietary
				interest in the dealership and state the amount of such interest in terms of
				percentage of the whole.
(b)
				[Reserved].
(c) In approving an
				application for inventory financing, an association shall obtain a profit and
				loss statement for the last fully completed semi-annual period, supplemented by
				a similar statement for the months since the close of that semi-annual period.
				The Department does not prescribe a particular form for this statement,
				although the form shown in the appendix of the "Study of the Mobile Home
				Industry" is considered appropriate in form and detail.
(d) A written credit report on the dealer
				submitted by a recognized credit reporting agency shall be obtained.
(e) In order to insure that a dealer
				maintains high standards, current financial statements shall be obtained at
				least every 6 months for review by the board of directors. Such semi-annual
				review shall be noted in the minutes of the director's meetings.
(f) After a dealer has been approved an
				association may operate through that dealer to the full extent permitted by
				regulation. The following safeguards are considered necessary and proper:
(1) An association shall maintain a
				continuous register of paper originated through a dealer in order to have
				readily available knowledge of its status with that dealer. Such information
				may be included as part of an overall register, but the following items are
				considered the minimum:
(i) Loan
				number.
(ii) Amount of
				loan.
(iii) Date of loan and date
				of purchase.
(iv) Borrower's
				name.
(v) Dealer's name.
(vi) Recourse provision included in
				assignment.
(vii) Repurchase
				provision included in assignment.
(viii) Interest rate.
(ix) Term of loan.
(x) Date loan repaid.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 39 - MOBILE HOME FINANCING › Section 39.6 - Retail purchase money financing

Current through Register Vol. 54, No. 28, July 13, 2024
Any association may, after having complied with the
				  provisions of §
									39.2 (relating to Motor Vehicle
				  Sales Finance Company License), invest in any third-party retail mobile home
				  chattel paper and may, without such license, invest in mobile home chattel
				  paper by making direct loans to mobile home consumer-purchasers; provided that
				  the association's investment is insured or guaranteed or that the association
				  has a commitment for such insurance or guarantee under the provisions of the
				  National Housing Act, 12
				  U.S.C.A. §§
										1701-1750 jj,
				  or 38 U.S.C.A. §§
										1801-1827, if arrangements have been
				  made for satisfactory local servicing of such chattel paper. If the proviso set
				  forth in the immediately preceding sentence is not met, any association may
				  still invest in mobile home chattel paper under this section, but only if the
				  following conditions are met:
(1) The
				monetary obligation evidenced by such chattel paper is incurred to finance the
				purchase of a mobile home.
(2) The
				mobile home is to be maintained as a residence of the purchaser or a relative
				of the purchaser.
(3) The mobile
				home is located at the time of such purchase, or is to be located within 90
				days thereof, at a mobile home site or other semi-permanent home site within
				the association's regular lending area as set forth in §
									39.4(1) (relating
				to inventory financing).
(4) The
				monetary obligation evidenced by such chattel paper does not exceed either of
				the following amounts:
(i) 100% of the
				manufacturer's invoice price of any new mobile home plus 100% of the invoice
				price of the manufacturer of any new equipment installed or to be installed by
				the dealer.
(ii) 75% of the fair
				market value of any used mobile home including any installed
				equipment.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 39 - MOBILE HOME FINANCING › Section 39.8 - Purchase of participation interests in mobile home chattel paper

Current through Register Vol. 54, No. 28, July 13, 2024
(a) An association
				may purchase, within the percentage of assets limitation set forth under §
									39.3 (relating to limitations), a
				participation interest in retail mobile home chattel paper which meets all the
				requirements of §
									39.6 (relating to retail purchase
				money financing), except the lending area requirements, if all of the following
				applies:
(1) The seller of a participation
				interest is an institution whose accounts, deposits, or shares are insured by
				the Federal Savings and Loan Insurance Corporation, the Federal Deposit
				Insurance Corporation, the National Credit Union Administration, or a service
				corporation thereof, and the seller remains responsible for servicing of the
				chattel paper either directly or through a service corporation in the case of
				an institution seller.
(2) The
				seller of the chattel paper maintains at least a 25% interest in such chattel
				paper.
(3) Chattel paper is secured
				by a mobile home which is located at the time of such purchase, or is to be
				located within 90 days thereafter, at a mobile home park or other semipermanent
				site within 100 miles of any office of the seller or the seller's service
				corporation which is servicing the chattel paper, provided that such office is
				maintained and staffed to properly service loans sold.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part III - Savings Association Bureau › Chapter 40 - ALTERNATE RESERVE REQUIREMENTS › Section 40.1 - Alternate requirement

Current through Register Vol. 54, No. 28, July 13, 2024
In lieu of complying with the reserve requirements
				  specifically set forth in section 822 of the Savings Association Code of 1967
				  (7 P.
				  S. §
										6020-132), an insured association
				  may elect to make such allocations to reserves as may from time to time be
				  required by the Federal Savings and Loan Insurance
				  Corporation.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 41 - CONSUMER DISCOUNT COMPANIES › Section 41.1 - 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 Consumer Discount Company Act
				  (7 P.
				  S. §§
										6201-6219).
Administrator
-The Secretary of Banking of
				  the Commonwealth or his appointed representative.
Affiliate
-A person that directly, or
				  indirectly, controls, is controlled by, or is under common control with a
				  licensee.
Bureau
-The Bureau of Consumer Credit
				  Agencies of the Department.
Consumer
-Either the maker on a note, the
				  acceptor of a bill of exchange, the defendant on a judgment, the mortgagor on a
				  mortgage, the lessee on a lease, the bailee on a bailment, the purchaser on a
				  conditional sales contract, or the person obligated to pay any other
				  contract.
Contract
-Either a promissory or judgment
				  note, bill of exchange, judgment, mortgage, conditional sales contract, lease
				  or bailment by which the lessee or bailee has the option of becoming or is
				  bound to become the owner of real or personal property upon full compliance
				  with the terms of the agreement, or another form of negotiable or nonnegotiable
				  instrument evidencing an agreement to pay a sum certain in money at a fixed or
				  determinable time, either by a single payment or by stated installments.
Debt instrument
-An evidence of indebtedness
				  issued by a licensee or its affiliates.
Department
-The Department of Banking and
				  Securities of the Commonwealth.
Home improvement contract
-A contract
				  executed under the Home Improvement Finance Act (73 P. S. §§
										500-101-500-602).
Installment sale contract
-A contract
				  executed under the Motor Vehicle Sales Finance Act (69 P. S. §§
										601-637) or the Goods and Services
				  Installment Sales Act (69 P. S. §§
										1101-2303).
Licensed office
-A branch office of a
				  licensee.
Licensee
-A corporation holding a license
				  issued under the provisions of the act and including a corporation whose
				  license has expired or whose license has been cancelled, surrendered or
				  revoked.
Maker
-A person who signs his name to a note
				  and directly receives a loan of money; the term may not include a signatory
				  secondarily liable on the note, including but not limited to, an endorser,
				  guarantor or surety.
This section cited in 10 Pa. Code §
											36.2 (relating to tax and loan
					 depositories).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 41 - CONSUMER DISCOUNT COMPANIES › Section 41.3a - Calculation of default charges-statement of policy

Current through Register Vol. 54, No. 28, July 13, 2024
(a) This section applies only to default
				charges on precomputed loans as authorized in section 13.K of the act
				(7 P.
				S. §
										6313K.). Refer to §
									41.3(d) (relating
				to contracts with consumers) for information on default. Default charges will
				be calculated as follows:
(1) The act
				provides for the collection of a default charge (sometimes referred to as a
				"late" charge) for two types of contracts:
(i)
				A loan payable in one payment.
(ii)
				A loan payable in installments.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 41 - CONSUMER DISCOUNT COMPANIES › Section 41.4 - Accounting records

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
				Accounting records shall be maintained in English and shall be retained for a
				period of 2 years after the date of final payment of or the final entry on a
				contract. Licensees shall make books and records available to the Administrator
				for examination, with or without prior notice, on weekdays at some time between
				9 a.m. and 5 p.m., except holidays normally observed by local, national or
				religious custom. The accounting records of a licensee will be considered
				satisfactory if they are maintained in compliance with generally accepted
				accounting principles. Licensees purchasing installment sale contracts shall
				maintain separate general ledger controls for motor vehicle sales finance
				contracts and other sales finance and home improvement contracts purchased. At
				least the following controls shall be maintained:
(1) Direct loans.
(2) Motor vehicle sales finance
				contracts.
(3) Other sales finance
				and home improvement contracts.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 41 - CONSUMER DISCOUNT COMPANIES › Section 41.5 - Treatment of collateral

Current through Register Vol. 54, No. 28, July 13, 2024
(a) When
				a loan contract is in default and a licensee proceeds by due process of law to
				issue execution against a consumer, the consumer may be charged with attorney's
				fees, court costs and the actual and reasonable expenses of repossessing,
				storing and selling the property.
(b) When a loan contract is in default and a
				licensee obtains possession of the security in a manner other than by writ of
				execution, the licensee shall immediately notify the consumer by registered or
				certified mail, directed to the last known address of the consumer, that the
				collateral will be sold at public or private sale and that the consumer may
				redeem his property upon payment of the contract in full at a licensed office
				of the licensee or, at the option of the licensee, may reinstate the contract
				upon payment of the past due payments and default charges, within 15 days of
				the date of mailing of the notice. The notice shall set forth the itemized
				amount necessary to redeem the collateral. Upon compliance with this
				subsection, the licensee may require the consumer to pay the actual costs
				incurred by the licensee in obtaining possession of the security. The
				Administrator reserves the right to determine the propriety of an item of cost
				charged to the consumer.
(c) When a
				consumer's property is sold at public or private sale because of default, the
				licensee shall return to the consumer the amount realized from the sale in
				excess of the total of the balance due, including accrued default charges and
				the actual costs incurred. The Administrator reserves the right to fix a fair
				value of a property sold in determining the excess due to a consumer when the
				property is not sold in a commercially reasonable manner, and the Administrator
				reserves the right to determine the propriety of an item of cost charged to the
				consumer.
(d) Whenever a consumer's
				property is sold or disposed of by public or private sale, a licensee shall,
				within 15 days of the date of sale, give notice to the consumer, by registered
				or certified mail directed to the last known address, of a deficiency claimed
				and a complete accounting of the costs of sale and of the proceeds of sale.
				This notice shall set forth the net balance remaining due. A licensee shall
				forfeit the right to a deficiency for failure to give the consumer the notices
				required in this section within the required time.