Section 6327 – Refinancing
§ 6327. Refinancing. (a) General rule.–Upon agreement in writing with the buyer, the holder of a closed-end credit agreement may refinance the payment of the unpaid time balance of the agreement by providing for a new schedule of installment payments. (b) Charges.– (1) The holder may contract for and collect the payment of a refinance […]
Section 6328 – New payment schedule
§ 6328. New payment schedule. (a) Right to new payment schedule.–If a closed-end credit agreement provides for the payment of an installment that is more than double the amount of the average of the preceding installments, the buyer upon default of this installment shall have an absolute right to obtain a new payment schedule. (b) […]
Section 6329 – Add-on sales
§ 6329. Add-on sales. (a) Add-on provisions.–A closed-end credit agreement that includes an add-on sales provision shall comply with the requirements of this chapter and may contain the following provisions: (1) The seller may add subsequent purchases made by the buyer to the agreement. (2) The total price of the goods or services covered by […]
Section 6331 – Establishment
§ 6331. Establishment. (a) Seller.–A seller may enter into an open-end credit agreement upon the request of a buyer or prospective buyer. (b) Financing agency.–Subject to the other provisions of this chapter, a financing agency may enter into an open-end credit agreement on behalf of a seller from whom the financing agency may, with the […]
Section 6332 – Requirements
§ 6332. Requirements. (a) Signature.–A seller may not obtain the signature of a buyer on an application for an open-end credit agreement if it contains blank spaces to be filled in after it has been signed. (b) Separate agreement unnecessary.–A buyer does not need to sign a separate account agreement when a new purchase is […]
Section 6333 – Applicability and effect of subchapter
§ 6333. Applicability and effect of subchapter. (a) Security interest.–This subchapter does not prohibit the execution of an agreement between a buyer and seller whereby the seller retains a security interest in goods sold to the buyer until full payment has been made. (b) Allocation.–Section 6329(b) (relating to add-on sales) governs goods sold under an […]
Section 6341 – Applicability
§ 6341. Applicability. A seller may contract for or collect a fee, expense or charge only if the fee, expense or charge is specifically set forth in this chapter.
Section 6342 – Insurance
§ 6342. Insurance. (a) Compliance with law.–The following shall comply with the act of September 2, 1961 (P.L.1232, No.540), known as the Model Act for the Regulation of Credit Life Insurance and Credit Accident and Health Insurance: (1) The seller and buyer, if: (i) the cost of the insurance is included in the closed-end credit […]
Section 6343 – Late fees
§ 6343. Late fees. (a) Closed-end credit agreement.– (1) A closed-end credit agreement may provide for the payment by the buyer of a late fee on each installment in default for a period of not less than ten days in an amount not in excess of 5% of the installment or $10, whichever is less. […]
Section 6314 – Acknowledgment of payment in full
§ 6314. Acknowledgment of payment in full. Upon a buyer’s request and after the payment of all sums for which the buyer is obligated under a closed-end credit agreement or an open-end credit agreement, the holder shall deliver or mail to the buyer at the buyer’s last known address an instrument that: (1) Acknowledges that […]