§ 5705. Qualified financial program.
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/pa/title-12/chapter-57/5705A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 5705. Qualified financial program.
A qualified financial program offered under section 5703(a)(2) (relating to savings promotion program) must include programs to encourage an eligible individual to do at least one of the following:
(1)Deposit or transfer money into a qualified account on a recurring or automatic basis.
(2)Refinance or consolidate existing debt to obtain a lower interest rate.
(3)Pay off or reduce outstanding balances to lower the eligible individual's total debt ratio or revolving debt ratio.
(4)Prepare a budget or a debt-reduction plan.
(5)Attend financial literacy seminars or counseling sessions sponsored by the eligible financial institution that are offered free of charge.
(6)Use free online financial education, budgeting or debt-reduction tools.
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Cross References. Section 5705 is referred to in section 5702 of this title.
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