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231 Pa. Code Rule 2950. Definitions.

Rule 2950. Definitions.

 As used in this chapter

   ‘‘action’’ means a proceeding to enter a judgment by confession for money pursuant to an instrument, other than an instrument executed by a natural person in connection with a consumer credit transaction, authorizing such confession.

   Official Note

   The action is abolished insofar as it would apply to a confession of judgment which is part of an instrument executed in connection with a consumer credit transaction.

   ‘‘consumer credit transaction’’ means a credit transaction in which the party to whom credit is offered or extended is a natural person and the money, property or services which are the subject of the transaction are primarily for personal, family or household purposes.


   The provisions of this Rule 2950 adopted June 27, 1969, effective January 1, 1970; amended April 1, 1996, effective July 1, 1996, 26 Pa.B. 1806. Immediately preceding text appears at serial page (190621).

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