73 Pa. Stat. § 500-208

Current through Pa Acts 2024-53, 2024-56 through 2024-111

Section 500-208 - Buyer's defense cut off by assignment; notice of assignment

No right of action or defense arising out of the transaction which gave rise to the home improvement installment contract which the buyer has against the contractor, and which would be cut off by assignment, shall be cut off by assignment of the contract to any third person whether or not he acquired the contract in good faith and for value unless the assignee gives notice of the assignment to the buyer as provided in this section and within fifteen days of the mailing of such notice receives no written notice of the facts giving rise to the claim or defense of the buyer. A notice of assignment shall be in writing addressed to the buyer at his address shown on the contract and shall indicate or contain: The name and address of the assignee, the names of the contractor and the buyer and a description of the goods and services which are the subject matter of the contract, the time balance of the contract, the number and amount of installments in which the time balance is payable and the due date or period thereof, together with the following legend printed or written in a size equal to at least eight point bold type:

Notice:

1. If the within statement of your transaction with the contractor is not correct in every respect; or

2. If the goods and services described in or in an enclosure with this notice have not been delivered and satisfactorily performed by the contractor; or

3. If the contractor has not fully performed all his agreements with you, you must notify the assignee in writing at the address indicated in or in an enclosure with this notice within fifteen days from the date of the mailing of this notice; otherwise, you will have no right to assert against the assignee any right of action or defense arising out of the sale which you might otherwise have against the contractor.

73 P.S. § 500-208

1963, Aug. 14, P.L. 1082, art. II, § 208.