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 6308 – Attorney fees and costs
§ 6308. Attorney fees and costs. (a) Award.–Reasonable attorney fees and costs shall be awarded to the prevailing party in an action on a closed-end credit agreement or an open-end credit agreement, regardless of whether the action is instituted by the seller, holder or buyer. (b) Agreement.–A seller may provide for the payment of attorney […]
Section 6309 – Repossession; acceleration; right to cure
§ 6309. Repossession; acceleration; right to cure. (a) Rights of holder.–If a buyer defaults in the performance of an obligation under a closed-end credit agreement or an open-end credit agreement, the holder, pursuant to the rights granted under the agreement: (1) May proceed to recover judgment for the balance due or retake the goods. (2) […]
Section 6310 – Lien
§ 6310. Lien. A contract, other than for services, may not provide for a lien on goods that are fully paid for or have not been sold by the seller.
Section 6311 – Validity
§ 6311. Validity. A provision in a closed-end credit agreement or an open-end credit agreement that is prohibited by this chapter is void but does not otherwise affect the validity of the agreement.
Section 6312 – Discharge of obligation
§ 6312. Discharge of obligation. Unless a buyer has notice of the actual or intended assignment of a closed-end credit agreement or an open-end credit agreement, payment made by the buyer to the last known holder of the agreement shall, to the extent of the payment, discharge the buyer’s obligation.
Section 6313 – Prepayment of obligation
§ 6313. Prepayment of obligation. (a) Right to prepay.–Notwithstanding the provisions of a closed-end credit agreement or an open-end credit agreement, a buyer may prepay without additional charge at any time all or part of the time balance under the agreement. (b) Refund credit.– (1) Pursuant to a closed-end credit agreement and subject to this […]
Section 6301 – Scope of chapter
§ 6301. Scope of chapter. This chapter relates to goods and services installment sales.
Section 6302 – Definitions
§ 6302. Definitions. The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise: “Actuarial method.” The method of allocating payments made on a debt between the amount financed and the finance charge at the interest rate stated in the […]
Section 6303 – Waiver
§ 6303. Waiver. A buyer’s waiver of the provisions of this chapter, including any purported waiver effected by a contractual choice of the law of another jurisdiction contained in a closed-end credit agreement or an open-end credit agreement, shall be deemed contrary to public policy and is void and unenforceable.