Pennsylvania Code
Title 10 - BANKING AND SECURITIES
Part III - Savings Association Bureau
Chapter 39 - MOBILE HOME FINANCING
Section 39.3 - Limitations

Universal Citation: 10 PA Code ยง 39.3

Current through Register Vol. 54, No. 12, March 23, 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).

Disclaimer: These regulations may not be the most recent version. Pennsylvania may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.