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. 12, March 23, 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:
(b) In the event that any of the requirements set forth under subsection (a)(1) and (2) cease to be met, the association shall dispose of its participation interest within 90 days from the date it became aware that the requirement ceased to be met, unless it has, prior to expiration of the 90 days period, obtained the written approval of the Department to maintain the investment for a longer period, provided, however, that an association which sells a participation shall be under no obligation to repurchase such participation and shall not guarantee the payment of principal or interest thereon.