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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-160. Loans on the security of savings accounts and certificates

Current as of January 01, 2025 | Updated by Findlaw Staff

<The Savings Association Code of 1967, 7 P.S. §§ 6020-1 to 6020-254, has been repealed by Act 2013, June 24, P.L. 67, No. 23, §§ 1 to 107, effective in one year [June 24, 2014], but remains in full force and effect as to transactions and proceedings commenced prior to said repeal, pursuant to Act 2013-23, § 109.>

Subject to regulation by the department, an association may make loans on the security of its savings accounts and certificates whether or not the borrower is the owner of such account, provided:

(a) The association obtains a lien upon or a pledge of such savings accounts and certificates as security therefor,

(b) The loan shall not exceed the withdrawal value of the savings account and certificates securing the loan.

(c) Notwithstanding different provisions of any other act, interest on loans secured by savings accounts and certificates shall be at least one percent higher than the rate of earnings paid by the association on the account or certificate securing the loan.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-160. Loans on the security of savings accounts and certificates - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-6020-160/

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