§ 112.2. Definitions.
The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:
Cash proceeds—The actual amount of cash received by a debtor after deducting from the cash advance the premium for credit life insurance, credit accident and health insurance and for insurance on personal property pledged by debtors as collateral to secure a loan or personal property purchased by a credit transaction.
Commissioner—The Insurance Commissioner.
Credit transactions, transactions involving a debtor pledging personal property as collateral—Installment or deferred payment plans; revolving credit plans; bailment lease; security interests created by contract including pledge; assignment, chattel mortgage, chattel trust, trust deed, factor’s lien equipment trust, conditional sale, trust receipt, other lien or title retention contracts and lien or consignment intended as security or other similar secured or credit transaction plans or leased property; or household goods insured by an installment floater.
Creditor—The lender of money or vendor or lessor of goods, services, property rights or privileges for which payment of the indebtedness is arranged through a credit transaction or a transaction involving a debtor pledging personal property as collateral or a successor to the right, title or interest of the lender, vendor or lessor and an affiliate, associate or subsidiary of any of them or a director, officer or employe of any of them or another person in any way associated with any of them.
Debtor—A borrower of money or guarantor of the borrower, or a purchaser of goods, services, property rights or privileges for which payment is arranged through a credit transaction or a transaction involving a debtor pledging personal property as collateral.
Identifiable charge—The amount a creditor charges a debtor or collects from him for policies of insurance other than credit life and credit accident and health insurance.
Personal property pledged by a debtor as collateral and personal property purchased under a credit transaction—Only the personal property of the debtor used for his personal use and not used in a business, trade or profession of the debtor. Further, the personal property may not include mobile homes, recreational vehicles or motor vehicles designed for highway use.
Policies, policies of insurance—Contracts of credit property insurance insuring against loss of or damage to personal property, covering a creditor’s security interest or a debtor’s interest in such property when the insurance is written as part of a credit transaction or a transaction involving a debtor pledging personal property as collateral and shall include a master policy, endorsement, rider, cover note, memorandum, certificate or other instrument or evidence of the insurance.
Source The provisions of this § 112.2 amended November 22, 1974, 4 Pa.B. 2419. Immediately preceding text appears at serial page (14259).
No part of the information on this site may be reproduced for profit or sold for profit.
This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.
