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Can you summarize 10 PACO II(13)?
Bureau of Banks > Loans
Short Summary
The provided legal documents cover a range of topics related to banking and loans in Pennsylvania. They include definitions of key terms used in the Pennsylvania Code, such as ‘Act,’ ‘Indebtedness limitation,’ ‘Nonperishable staples,’ and ‘Readily marketable staples.’ The documents also address the purchase and sale of participations or undivided interests in pools of evidences of indebtedness or agreements for the payment of money, with specific requirements for the retaining of interests and identification of included evidence of indebtedness or agreements. Additionally, the documents set limits on the indebtedness of customers for financial institutions, excluding certain types of loans and collateral from the limitation. They also govern standby letters of credit, guarantees in connection with transactions, installment loans, reappraisals of liened properties, renegotiable rate or rollover mortgages, and the handling of corporate stock and capital securities. The documents further outline the provisions of the Simplification and Availability of Bank Credit Act (SABCA), which provides institutions with the authority to make loans subject to specific restrictions. Overall, these legal documents provide guidance and regulations for various aspects of banking and loans in Pennsylvania, ensuring compliance and fair practices within the industry.
Whom does it apply to?
The documents apply to financial institutions, national banks, banking companies, corporations, borrowers, and institutions involved in the purchase and sale of participations.
What does it govern?
The legal documents cover various aspects related to banking and loans in Pennsylvania, including definitions of key terms, purchase and sale of participations, limitations on indebtedness, standby letters of credit, guarantees in connection with transactions, installment loans, reappraisals of liened properties, renegotiable rate or rollover mortgages, corporate stock and capital securities, and the Simplification and Availability of Bank Credit Act (SABCA).
What are exemptions?
The documents provide exemptions for certain types of loans, such as loans secured by documents of title covering readily marketable, nonperishable staples and loans secured by collateral with a market value of not less than 120% of the obligations secured.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Pennsylvania