§ 39.3. Limitations.
(a) Any association, upon complying with the appropriate provisions of this chapter, may make an investment in new or used mobile home chattel paper only if the amount of such investment and all other mobile home investments permitted under this chapter which are then outstanding does not exceed 20% of the assets of the association at the time of such investment.
(b) An association complying with § 39.2 (relating to Motor Vehicle Sales Finance Company License) shall not be entitled to make direct loans secured by mobile home chattel paper, except where such a loan is made to the former owner after repossession in order to salvage a delinquent account. Instead thereof, an association shall restrict the financing provided for under the provisions of this chapter to the purchase of third party paper either with or without recourse against the seller thereof and with or without the benefit of a repurchase agreement being furnished by the dealer.
Source The provisions of this § 39.3 amended April 25, 1980, effective April 26, 1980, 10 Pa.B. 1661. Immediately preceding text appears at serial page (21350).
Cross References This section cited in 10 Pa. Code § 39.8 (relating to purchase of participation interests in mobile home chattel paper).
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