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§ 2502. Definitions

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 63 P.S. Professions and Occupations (State Licensed)Effective: November 1, 2014

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 63 P.S. Professions and Occupations (State Licensed) (Refs & Annos)
Chapter 40. Debt Settlement Services Act
Chapter 1. Preliminary Provisions
Effective: November 1, 2014
63 P.S. § 2502
§ 2502. Definitions
The following words and phrases when used in this act shall have the meanings given to them in this section unless the context clearly indicates otherwise:
“Affiliate.” Any of the following:
(1) A person that directly controls, is controlled by or is under common control with the licensee.
(2) An officer of or individual performing similar functions with respect to the licensee.
(3) A director of or individual performing similar functions with respect to the licensee.
(4) An officer or director of or an individual performing similar functions with respect to a person described in paragraph (1).
“Agreement.” An agreement between a provider and an individual for the performance of debt settlement services.
“Bank.” A financial institution, including a commercial bank, savings bank, savings and loan association, credit union, bank and trust company, engaged in the business of banking, chartered under Federal or State law and regulated by a Federal or State banking regulatory authority.
“Commission.” The Banking and Securities Commission.
“Concessions.” Assent to repayment of a debt on terms more favorable to an individual than the terms of the contract between the individual and a creditor.
“Debt settlement services.” Services as an intermediary between an individual and one or more unsecured creditors of the individual for the purpose of obtaining concessions where the contemplated concessions involve a reduction in principal of the individual's unsecured debt owed for personal, family or household expenses to at least one creditor. The term does not include:
(1) Legal services provided in an attorney-client relationship by an attorney licensed or otherwise authorized to practice law in this Commonwealth.
(2) Accounting services provided in an accountant-client relationship by a certified public accountant licensed to provide accounting services in this Commonwealth.
(3) Financial planning services provided in a financial planner-client relationship by a licensed member of a financial planning profession.
“Department.” The Department of Banking and Securities of the Commonwealth.
“Good faith.” Honesty in fact and the observance of reasonable standards of fair dealing.
“Person.” An individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture or any other legal or commercial entity. The term does not include a public corporation, government or governmental subdivision, agency or instrumentality.
“Program.” A program or strategy in which a provider furnishes debt settlement services.
“Provider.” A person that provides, markets, solicits, offers to provide or agrees to provide debt settlement services.
“Record.” Information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.


2014, July 9, P.L. 1022, No. 118, § 102, effective Nov. 1, 2014.
63 P.S. § 2502, PA ST 63 P.S. § 2502
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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