PRINTER'S NO. 787
No. 738 Session of 1981
INTRODUCED BY DORR, F. E. TAYLOR, CLARK, COCHRAN, NAHILL,
SERAFINI, PRATT, POTT AND LIVENGOOD, MARCH 9, 1981
REFERRED TO COMMITTEE ON BUSINESS AND COMMERCE, MARCH 9, 1981
AN ACT
1 Amending the act of October 28, 1966 (1st Sp.Sess., P.L.55,
2 No.7), entitled "An act defining, regulating and relating to
3 retail installment contracts for all goods and services
4 except certain motor vehicles and home improvements;
5 prescribing the requirements of such contracts and
6 limitations on the enforcement thereof; and providing
7 remedies and penalties," eliminating the duty of the
8 Department of Banking to supply rate charts to retail sellers
9 and finance agencies.
10 The General Assembly of the Commonwealth of Pennsylvania
11 hereby enacts as follows:
12 Section 1. Section 1002, act of October 28, 1966 (1st
13 Sp.Sess., P.L.55, No.7), known as the "Goods and Services
14 Installment Sales Act," is amended to read:
15 [Section 1002. The Department of Banking of the Commonwealth
16 of Pennsylvania shall supply upon request to each retail seller
17 and financing agency, engaged in the extension of credit, a rate
18 chart with principal balances of from one dollar ($1) to one
19 thousand dollars ($1,000) for installment periods from three (3)
20 months to thirty-six (36) months and for principal balances of
21 from one dollar ($1) to two hundred fifty dollars ($250) for
1 installment periods of from ten (10) weeks to twenty-six (26)
2 weeks calculated at the maximum service charge rates permitted
3 under this act.]
4 Section 2. This act shall take effect immediately.
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