Regulatory Alerts1997-06-26
Installment Sale of a Boat Trailer
The Pennsylvania Department of Banking and Securities issued this letter to clarify licensing requirements for a marine finance broker operating in the state. The analysis distinguishes between direct boat loans, which may require a Consumer Discount Company Act license, and indirect financing, where boat trailer sales specifically mandate licensing under the Motor Vehicles Sales Finance Act. Conversely, the department determined that boat trailers are excluded from the Goods and Services Installment Sales Act, while other boat accessories remain subject to its provisions.
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