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 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.
Section 6304 – Applicability
§ 6304. Applicability. (a) Agreements.–A closed-end credit agreement and an open-end credit agreement are deemed to be made in this Commonwealth and subject to the provisions of this chapter if either of the following occurs: (1) The seller offers or agrees in this Commonwealth to sell to a resident buyer of this Commonwealth. (2) A […]
Section 6305 – Prohibited activities and provisions
§ 6305. Prohibited activities and provisions. (a) Activities.–In attempting to collect a buyer’s obligation, a seller or holder shall comply with the act of March 28, 2000 (P.L.23, No.7), known as the Fair Credit Extension Uniformity Act. (b) Provisions.–A closed-end credit agreement, an open-end credit agreement or other agreement may not contain a provision by […]
Section 6306 – Assignment
§ 6306. Assignment. Except as provided in section 6352 (relating to noncompliance; costs and charges), a right of action or defense arising from a sale that a buyer has against a seller is not eliminated by assignment of the buyer’s closed-end credit agreement or open-end credit agreement to a third party, regardless of whether the […]
Section 6307 – Venue
§ 6307. Venue. An action on a closed-end credit agreement or an open-end credit agreement shall be commenced in a county where any of the following occurred: (1) The buyer signed the agreement. (2) The buyer resides at the commencement of the action. (3) The buyer resided when the agreement was entered into. (4) The […]
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) […]