Section 6271 – Operating without license
§ 6271. Operating without license. (a) Prohibition; penalty.–An entity or individual under subsection (b) engaging in business in this Commonwealth as an installment seller, sales finance company or collector-repossessor without having obtained a license under this chapter commits a violation of this chapter and shall, upon conviction, be sentenced at the discretion of the court […]
Section 6272 – Violation of chapter provisions
§ 6272. Violation of chapter provisions. A licensee or an owner, partner, member, officer, director, trustee, employee, agent, broker or representative of the licensee who violates a provision of this chapter or directs a violation of this chapter commits a violation of this chapter and shall, upon conviction, be sentenced at the discretion of the […]
Section 6273 – Use of unlicensed collector-repossessor
§ 6273. Use of unlicensed collector-repossessor. A licensed seller or sales finance company acting as holder of a motor vehicle installment sale contract who hires, authorizes or permits an unlicensed collector-repossessor, as defined in this chapter, to collect payments on the contract or repossess a motor vehicle sold under the contract within this Commonwealth commits […]
Section 6274 – Civil penalty by department
§ 6274. Civil penalty by department. A person required to be licensed under this chapter that violates this chapter, directs a violation of this chapter or engages in an activity for which a license could be suspended or revoked under section 6218 (relating to revocation or suspension of license) shall be subject to a civil […]
Section 6275 – Liability of sales finance company
§ 6275. Liability of sales finance company. (a) Exemption from liability.–A sales finance company licensed under this chapter and engaged in the purchase, sale, assignment, securitization or servicing of installment sale contracts may not be held liable under this chapter for either of the following: (1) Excessive markups of charges by installment sellers. (2) A […]
Section 6262 – Procedures for manufactured homes
§ 6262. Procedures for manufactured homes. (a) Notice.– (1) A holder of an installment sale contract for a manufactured home shall give the buyer notice under this subsection before the holder takes any of the following actions: (i) Accelerates the maturity of the installment sale contract for the manufactured home. (ii) Commences a legal action […]
Section 6243 – Finance charges
§ 6243. Finance charges. (a) General rule.–An installment seller licensed under this chapter may charge, contract for, receive or collect a finance charge under this chapter on an installment sale contract covering the retail sale of a motor vehicle in this Commonwealth. (b) Method of computation.– (1) An installment seller may compute a finance charge […]
Section 6244 – Refinance charges
§ 6244. Refinance charges. (a) General rule.– (1) A holder of an installment sale contract may: (i) extend the scheduled due date or defer the scheduled payment of all or part of an unpaid installment payment; (ii) renew the unpaid time balance of the contract; or (iii) contract for, receive and collect a refinance charge […]
Section 6245 – Late charges
§ 6245. Late charges. (a) General rule.–A late charge may be collected on the following: (1) An installment payment that is not paid on or before the due date of the payment. (2) A contract subject to this chapter, regardless of the classification of vehicle under section 6243 (relating to finance charges) or the method […]
Section 6246 – Refund for prepayment of contract
§ 6246. Refund for prepayment of contract. (a) Right to prepay unpaid time balance.–Notwithstanding the provisions of an installment sale contract, a buyer may prepay at any time all or part of the unpaid time balance under the contract. (b) Rebate generally.–If the entire time balance is liquidated prior to maturity by prepayment, refinancing or […]