§ 506. Lending powers; direct leasing of personal property
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and BankingEffective: December 24, 2012
Effective: December 24, 2012
7 P.S. § 506
§ 506. Lending powers; direct leasing of personal property
(a) A savings bank may lend money, extend credit and discount or purchase evidences of indebtedness and agreements for the payment of money pursuant to section 3031 and acquire and lease personal property pursuant to a binding arrangement for the leasing of that property to a customer upon terms requiring payment to the savings bank, during the minimum period of the lease, of rentals which in the aggregate will exceed the total expenditures by the savings bank for or in connection with the acquisition, ownership, maintenance and protection of the property.
Credits
1965, Nov. 30, P.L. 847, No. 356, § 506. Amended 1968, Nov. 27, P.L. 1104, No. 345, § 3; 1973, Sept. 27, P.L. 255, No. 72, § 8, imd. effective; 1979, Dec. 13, P.L. 527, No. 116, § 2, imd. effective; 1981, April 16, P.L. 9, No. 4, § 2, imd. effective; 1982, April 8, P.L. 262, No. 79, § 8, imd. effective; 1982, Dec. 17, P.L. 1367, No. 313, § 3, imd. effective; 1988, Dec. 21, P.L. 1416, No. 173, § 9, effective in 30 days; 1994, Dec. 28, P.L. 1424, No. 167, § 2, effective in 90 days; 2012, Oct. 24, P.L. 1336, No. 170, § 25, effective in 60 days [Dec. 24, 2012].
Footnotes
7 P.S. § 303.
7 P.S. § 506, PA ST 7 P.S. § 506
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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