Section 6348 – Interest rate after maturity
§ 6348. Interest rate after maturity. If a balance remains unpaid at the expiration of the scheduled maturity date of a closed-end credit agreement, the rate of the finance charge for the period beginning at the date of the maturity until payment in full may not exceed the rate of the finance charge under the […]
Section 6351 – Willful and intentional violations
§ 6351. Willful and intentional violations. A person who willfully and intentionally violates or directs or consents to the violation of a provision of this chapter commits a misdemeanor and shall, upon conviction, be sentenced to pay a fine of not more than $1,000 or to imprisonment for not more than one year, or both.
Section 6352 – Noncompliance; costs and charges
§ 6352. Noncompliance; costs and charges. (a) Bar to recovery.–If a seller fails to comply with the provisions of this chapter, the seller or holder who acquires a closed-end credit agreement or an open-end credit agreement with knowledge of the noncompliance is barred from recovery of the following costs and charges imposed in connection with […]
Section 6353 – Willful violations regarding finance charges
§ 6353. Willful violations regarding finance charges. (a) Penalty.–If a seller or holder willfully violates a provision of this chapter regarding the imposition, computation or disclosure of a finance charge on a consolidated total of two or more agreements under section 6329 (relating to add-on sales), the buyer may recover from the seller or holder […]
Section 6354 – Corrections
§ 6354. Corrections. (a) General rule.–Notwithstanding the provisions of this chapter and subject to subsection (b), a seller or holder may correct a failure to comply with a provision of this chapter in accordance with this section unless a willful violation has occurred. (b) Concurrence by buyer.–A correction that will increase the amount owed by […]
Section 6355 – Unfair trade practice
§ 6355. Unfair trade practice. A violation of any provision of this chapter shall be deemed to be a violation of the act of December 17, 1968 (P.L.1224, No.387), known as the Unfair Trade Practices and Consumer Protection Law.
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 […]