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 […]
Section 6344 – Costs of collection
§ 6344. Costs of collection. A closed-end credit agreement or an open-end credit agreement may provide for payment of actual and reasonable costs of collection only if any of the following occurs: (1) If the goods are subject to a security interest, the goods are removed from this Commonwealth without the written permission of the […]
Section 6321 – General rules
§ 6321. General rules. (a) Entire agreement.–Except as provided in section 6329(c) (relating to add-on sales), a closed-end credit agreement shall contain the entire agreement of the parties regarding the costs and terms of payment for the goods and services, including a promissory note or other evidence of indebtedness between the parties relating to the […]
Section 6345 – Finance charges
§ 6345. Finance charges. (a) General rule.–Pursuant to this section and the provisions of a closed-end credit agreement or an open-end credit agreement, a seller and holder may charge, receive and collect a finance charge. (b) Closed-end credit agreement.–A finance charge under a closed-end credit agreement shall be: (1) measured for a period between the […]
Section 6322 – Contents
§ 6322. Contents. Except as provided in section 6329 (relating to add-on sales), a closed-end credit agreement shall contain all of the following: (1) One of the following headings at the top of the agreement or directly above the space reserved for the signature of the buyer: (i) “Security Agreement” if the seller retains a […]
Section 6346 – Costs from nonaffiliated entity
§ 6346. Costs from nonaffiliated entity. A closed-end credit agreement and an open-end credit agreement may provide for the reimbursement from a buyer of costs for a service provided by an entity that is not otherwise affiliated with the seller or holder if all the following conditions exist: (1) The buyer requests that the seller […]
Section 6323 – Copy of agreement
§ 6323. Copy of agreement. (a) Delivery of copy.–Except as provided in section 6324(b) (relating to agreement resulting from telephone or mail communications), a seller shall provide a legible and complete copy of a closed-end credit agreement to a buyer when the buyer executes the agreement. (b) Obligation of buyer.–Until the seller completes the obligation […]