Current through Register Vol. 54, No. 25, June 22, 2024
Section 1059.8 - Financial fitness generallyThe Authority will review the financial fitness of the proposed buyer, including a review of the following:
(1) Bank statements of the proposed buyer evidencing ownership of a bank account holding not less than the greater of $5,000 or 2% of the sale price of the transferable rights in unencumbered and available funds. The funds under review must have been in the bank account for at least 3 months.(2) If the sale does not include financing by a lender authorized to make commercial loans in this Commonwealth, the proposed buyer shall submit documentation for the Authority's review to insure the following requirements are met: (i) The credit report of each persons identified in § 1059.6(b)(8) (relating to required application information) evidencing a credit score of at least 600 for each person.(ii) The absence of any outstanding and unappealed civil judgments against each of the parties required to submit a criminal history report under § 1059.6(b)(8).(3) The Authority may require the submission of additional financial information necessary to determine the financial fitness of a proposed buyer.The provisions of this § 1059.8 temporarily amended May 5, 2017, effective 2/25/2017, expire upon promulgation of final-form regulations or on November 5, 2018, whichever is later, as set forth in 53 Pa.C.S. § 57B 02(b), 47 Pa.B. 2558.The provisions of this § 1059.8 temporarily amended under 53 Pa.C.S. § 57B 02.