Section 506. Lending Powers; Direct Leasing of Personal Property
(a) A savings bank may lend money, extend credit and discount or purchase evidences of indebtedness and agreements for the payment of money pursuant to section 303 and acquire and lease personal property pursuant to a binding arrangement for the leasing of that property to a customer upon terms requiring payment to the savings bank, during the minimum period of the lease, of rentals which in the aggregate will exceed the total expenditures by the savings bank for or in connection with the acquisition, ownership, maintenance and protection of the property.
(b) ((b) deleted by amendment)
(506 amended Oct. 24, 2012, P.L.1336, No.170)
Compiler's Note: See Act 167 of 1994 in the appendix to this act for special provisions relating to legislative findings and purposes, applicability and short title.