Pennsylvania Code & Bulletin
COMMONWEALTH OF PENNSYLVANIA

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The Pennsylvania Code website reflects the Pennsylvania Code changes effective through 52 Pa.B. 1354 (February 26, 2022).

10 Pa. Code § 41.6. General.

§ 41.6. General.

 (a)  A prospective licensee shall notify the Administrator of a contemplated purchase of contracts from a licensee and furnish the name and address of the licensee from whom the contracts will be purchased, the total number of contracts to be purchased, and the total outstanding principal balances thereof. Failure to comply with this subsection may preclude a prospective licensee from obtaining a license. A licensee shall obtain prior approval of the Administrator for the purchase of contracts from another licensee and for the sale of contracts to another licensee. Requests for approval of purchase or sale of contracts shall state the name and address of the licensee from whom the contracts are to be purchased or to whom they are to be sold, the total number of contracts and the total outstanding principal balances thereof. A licensee may not sell or otherwise dispose of contracts to a person or corporation not holding a license under the act, unless prior written approval is obtained from the Administrator. The privilege of collecting the charges authorized by the act may not be transferred to an unlicensed purchaser. This subsection shall not apply to:

   (1)  The purchase or transfer of loan contracts between licensees under the same management and control.

   (2)  The occasional sale or transfer of a loan contract to an out-of-State affiliate to effect the collection thereof, or for the convenience of a consumer.

   (3)  The transfer of a loan contract by a licensee to any maker or person secondarily liable on the contract.

 (b)  A license issued by the Administrator under the provisions of the act may not be transferred to another corporation from the corporation whose name appears in the application upon which the license was issued.

 (c)  A change in officers, office managers or directors of a licensee shall be reported promptly to the Administrator.

 (d)  No other type of business may be operated at the licensed place of business except that which may be conducted in accordance with the provisions of section 13Q of the act (7 P. S. §  6213Q.).

 (e)  Section 12 of the act (7 P. S. §  6212) provides that the Administrator shall be satisfied that the experience of the office manager warrants the conclusion that the business will be honestly transacted in accordance with the intent and purpose of the act. The individual designated as office manager shall be the person actively in charge of the operation of the consumer discount company business on a full-time basis.



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