69 P.S. § 1402 Assignment; Purchase Money Loan

• Library: Pennsylvania Statutes
• Edition: 2023
• Currency: Current through P.A. Acts 2023-27
• Year: 2023
• Citation: 69 P.S. § 1402

No right of action or defense arising out of a retail installment sale which the buyer has against the seller, other than as provided in section 1202, and which would be cut off by assignment, shall be cut off by assignment of the contract to any third party whether or not he acquires the contract in good faith and for value.

No purchase money lender shall take or receive any instrument which evidences or embodies a debt arising from a purchase money loan nor shall any seller accept as full or partial payment for such sale the proceeds of any purchase money loan, unless any instrument which evidences or embodies a debt made in connection with such purchase money loan contains the following provision in at least ten-point boldface type: