Section 41.1. Definitions

The following words and terms, when used in this part, have the following meanings, unless the context clearly indicates otherwise:

Act—The Consumer Discount Company Act (7 P. S. § § 6201—6219).

Administrator—The Secretary of Banking of the Commonwealth or his appointed representative.

Affiliate—A person that directly, or indirectly, controls, is controlled by, or is under common control with a licensee.

Bureau—The Bureau of Consumer Credit Agencies of the Department.

Consumer—Either the maker on a note, the acceptor of a bill of exchange, the defendant on a judgment, the mortgagor on a mortgage, the lessee on a lease, the bailee on a bailment, the purchaser on a conditional sales contract, or the person obligated to pay any other contract.

Contract—Either a promissory or judgment note, bill of exchange, judgment, mortgage, conditional sales contract, lease or bailment by which the lessee or bailee has the option of becoming or is bound to become the owner of real or personal property upon full compliance with the terms of the agreement, or another form of negotiable or nonnegotiable instrument evidencing an agree-ment to pay a sum certain in money at a fixed or determinable time, either by a single payment or by stated installments.

Debt instrument—An evidence of indebtedness issued by a licensee or its affiliates.

Department—The Department of Banking and Securities of the Commonwealth.

Home improvement contract—A contract executed under the Home Improvement Finance Act (73 P. S. § § 500-101—500-602).

Installment sale contract—A contract executed under the Motor Vehicle Sales Finance Act (69 P. S. § § 601—637) or the Goods and Services Installment Sales Act (69 P. S. § § 1101—2303).

Licensed office—A branch office of a licensee.

Licensee—A corporation holding a license issued under the provisions of the act and including a corporation whose license has expired or whose license has been cancelled, surrendered or revoked.

Maker—A person who signs his name to a note and directly receives a loan of money; the term may not include a signatory secondarily liable on the note, including but not limited to, an endorser, guarantor or surety.

Notation

Cross References

This section cited in 10 Pa. Code § 36.2 (relating to tax and loan depositories).