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§ 5705. Qualified financial program

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 12 Pa.C.S.A. Commerce and TradeEffective: September 9, 2022

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 12 Pa.C.S.A. Commerce and Trade (Refs & Annos)
Part IV. Commercial Protection (Refs & Annos)
Chapter 57. Incentive-Based Savings Program
Effective: September 9, 2022
12 Pa.C.S.A. § 5705
§ 5705. Qualified financial program
Currentness
A qualified financial program offered under section 5703(a)(2) (relating to savings promotion program) must include programs to encourage an eligible individual to do at least one of the following:
(1) Deposit or transfer money into a qualified account on a recurring or automatic basis.
(2) Refinance or consolidate existing debt to obtain a lower interest rate.
(3) Pay off or reduce outstanding balances to lower the eligible individual's total debt ratio or revolving debt ratio.
(4) Prepare a budget or a debt-reduction plan.
(5) Attend financial literacy seminars or counseling sessions sponsored by the eligible financial institution that are offered free of charge.
(6) Use free online financial education, budgeting or debt-reduction tools.

Credits

2022, July 11, P.L. 691, No. 56, § 2, effective in 60 days [Sept. 9, 2022].
12 Pa.C.S.A. § 5705, PA ST 12 Pa.C.S.A. § 5705
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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