§ 2205. Test of readability
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 73 P.S. Trade and CommerceEffective: May 29, 2007
Effective: May 29, 2007
73 P.S. § 2205
§ 2205. Test of readability
(i) A general description of the property that may be taken or affected by reason of a security interest or contract if the consumer does not meet the terms of the contract. The statement is not required to list all possible exemptions. As it may apply, the following statement may be used: “If you do not meet your contract obligations, you may lose your house, the property that you bought with this loan, other household goods and furniture, your motor vehicle or money in your account with us.”
This is a contract under seal and may be enforced under 42 Pa.C.S. § 5529(b) (relating to twenty year limitation).
Credits
1993, June 23, P.L. 128, No. 29, § 5, effective in one year. Amended 2006, Nov. 29, P.L. 1563, No. 176, § 1, effective in 180 days [May 29, 2007].
73 P.S. § 2205, PA ST 73 P.S. § 2205
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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