Pennsylvania Administrative Code

§ 33.1. Conversion to deposit associations. (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.

§ 33.2. Effect of conversion. (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 de…

§ 33.3. Effective date of conversion. 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 prece…

§ 33.4. Outstanding rights. 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 a…

§ 33.5. Terms, conditions and characteristics of savings deposits. Savings deposits shall be subject to the same terms and conditions and have the same characteristics as savings accounts, including membership and voting rights.

§ 33.6. Description of deposit account. Passbooks and certificates issued as savings deposits shall describe the account evidenced thereby as a savings deposit.

§ 34.1. Definitions. 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…

§ 34.2. Issuance and interest. (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 b…

§ 34.3. Overdrafts. 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.

§ 34.4. Fees. An association may charge a fee for maintaining or servicing a NOW Account including but not limited to, any payment or transfer or overdraft transaction.

§ 34.5. Evidence of ownership. 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).

§ 34a.1. Definitions. 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—6020-25…

§ 34a.2. Consumer loans. (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) a…

§ 34a.3. Commercial paper and corporate debt securities. (a) An association may invest in, sell, or hold commercial paper and corporate debt securities, including corporate debt securities convertible into stock, subject to the limitations set forth in subsection (b); however, at…

§ 34a.4. Scheduled items and consumer credit classified as a loss. 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.…

§ 34a.5. Charge-off of consumer credit classified as a loss. 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.

§ 36.1. Definitions. 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…

§ 36.2. Tax and loan depositories. 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).

§ 36.3. Rate of return payable on note accounts. A depository shall pay a return on note accounts at the rates required by the United States Treasury Department.

§ 36.4. Note account. 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.

§ 37.1. Service corporations generally. (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 C…

§ 37.2. Maximum investment authorized. (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 suc…

§ 37.3. Examination of service corporations. 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 co…

§ 37.4. Disposition of investment on notice. 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 assoc…

§ 37.5. Special service corporations. 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 addit…

§ 37.6. Investment in service corporations in amounts over 1.0% of assets of an association. 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 Dep…

§ 38.1. Definitions. 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 …

§ 38.2. Higher rate savings accounts. (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 acco…

§ 39.1. Definitions. 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 …

§ 39.2. Motor Vehicle Sales Finance Company License. (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 Fina…

§ 39.3. Limitations. (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…

§ 39.4. Inventory financing. 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 acq…

§ 39.5. Investment practices in inventory financing. (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 bus…

§ 39.6. Retail purchase money financing. 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 …

§ 39.7. Sound investment practices in retail purchase financing. (a) Any retail purchase financing investment shall conform to the requirements of Article 9 of the Uniform Commercial Code, as amended and supplemented (12A P. S. § § 9-101—9-507) (Repealed). (b) No such loan may be…

§ 39.8. Purchase of participation interests in mobile home chattel paper. (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…

§ 40.1. Alternate requirement. 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 …

§ 401.020. Professional responsibility. For the purposes of any action or proceeding initiated by the Department, under 2 Pa.C.S. § 503 (relating to discipline), 1 Pa. Code § 31.28 (relating to suspension and disbarment) or under any other applicable rules of practice adopted by …

§ 401.030. Underwriting commitment letters and letters of intent. (a) It shall be unlawful for any person to circulate, quote, present, publish or otherwise use any underwriting commitment letter, letter of intent to underwrite, or other document evidencing the present or future …

§ 403.010. Prohibited transactions and practices. (a) Each broker-dealer or agent shall not enter into any transaction with a customer in any security at an unreasonable price or at a price not reasonably related to the current market price of the security, if such market exists.…

§ 404.010. Advertisements by investment advisers and investment adviser representatives. (a) The Department will consider the direct or indirect publication, circulation or distribution of an advertisement by an investment adviser or investment adviser representative to be a frau…

§ 404.011. Investment adviser brochure disclosure. (a) An investment adviser’s failure to provide an advisory client or prospective advisory client with the disclosure required under this section shall constitute a fraudulent, deceptive or manipulative act, practice or course of …

§ 404.012. Cash payment for client solicitation. (a) An investment adviser’s failure to comply with the requirements of this section concerning cash payments for client solicitation constitutes a fraudulent, deceptive or manipulative act, practice or course of business, within th…

§ 404.014. Custody requirements for investment advisers. (a) Safekeeping required. It is unlawful and considered to be a fraudulent, deceptive or manipulative act, practice or course of business, within the meaning of section 404 of the act (70 P.S. § 1-404), for an investment ad…

§ 41.1. Definitions. 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 hi…

§ 41.2. Advertising. (a) In a printed or written advertisement, a licensee shall set forth its corporate or fictitious business name, or both, as designated in its license certificate; except that with respect to direct mail solicitation, it is only necessary for a licensee to se…

§ 41.3. Contracts with consumers. (a) The terms of payment shall be clearly stipulated in loan contracts. It is required that a loan contract provide for payment for a specified duration except as otherwise permitted by the act. Documents pertaining to loan contracts which a cons…