Contracts and acts by entity using unregistered fictitious name

(a) General rule.--No entity which has failed to register a fictitious name as required by this chapter shall be permitted to maintain any action in any tribunal of this Commonwealth until such entity shall have complied with the provisions of this chapter. Nor shall any action be maintained in any tribunal of this Commonwealth by any successor or assignee of such entity on any right, claim or demand arising out of a transaction with respect to which such entity used such fictitious name until such entity, or an entity which has acquired all or substantially all of its assets, shall have complied with the provisions of this chapter. The failure by itself of an entity to register a fictitious name as required by this chapter shall not impair the validity of any contract or act of the entity using the fictitious name and shall not prevent the entity from defending any action in any tribunal of this Commonwealth. (b) Civil penalty.--(Deleted by amendment). (c) Substantial compliance.--The penalty under subsection (a) shall not be applicable if there has been substantial compliance in good faith with the requirements of this chapter or the corresponding provisions of prior law.