Pennsylvania Code Title 10 - BANKING AND SECURITIES

23 Jun 2025 --
0 Comments

Here’s a comprehensive overview of Title 10 of the Pennsylvania Code – Banking and Securities, current as of late 2024:

📘 Title 10 – Banking and Securities

⚖️ Organizational Structure

Title 10 is divided into several parts, each overseen by the Department of Banking and Securities:

Part I – General Provisions

Begins with foundational chapters such as Preliminary Provisions (Chapter 1), Assessments (Chapter 5), Residential Real Estate Transactions (7), IRAs (9), and Minimum Capital Requirements (10)

Example: Chapter 10 mandates a minimum Tier 1 capital to total assets ratio of 4%, with stricter thresholds possible for underperforming institutions. Falling under 2% triggers an "unsafe and unsound" designation

Part II – Bureau of Banks

Includes Chapters 11–30 and covers bank operations, lending rules (Ch. 13), trust services, money transmitters, and general banking provisions (Ch. 21)

Example: 10 Pa. Code § 13.67 grants the Department authority to supervise limited-purpose banking offices as needed

Part III – Savings Association Bureau

Chapters 31–40 cover investment operations, trust powers, deposit rules, consumer loans, mobile home financing, and reserve requirements

Part IV – Bureau of Consumer Credit Agencies

Chapters 41–59 regulate consumer credit institutions (like those engaged in motor vehicle financing, debt management, or settlement services)

Part V – Pawnbrokers (Chapters 61–67) – Covers licensing and regulation of pawnbroker businesses

Part VI – Check Cashers (Chapter 81) – Regulations around check-cashing operations

Part VII – Securities

Subparts A–I address securities definitions, registration, broker-dealer/agent licensing, fraudulent practices, enforcement protocols, and takeover offers

Example: 10 Pa. Code § 609.010 sets strict standards for “prospective financial statements” used in securities offerings, including assumptions, reviewer qualifications, and a minimum 3-year forecast period

Chapter 203 outlines exemptions, such as those for indirect offers, intrastate transactions, proxy materials, and nonprofit debt securities

1. Assessments & Fees (Chapter 5)

State-chartered banks, savings associations, credit unions, trust companies, and savings banks owe semi-annual assessments based on assets, with progressive structures and surcharges for low-performance institutions