Section 6326 – Statement to buyer
§ 6326. Statement to buyer. (a) Request; contents.–At any time after the execution of a closed-end credit agreement and within one year after the last payment is made under the agreement, the holder of the agreement shall upon the good faith written request of the buyer promptly give or forward to the buyer a detailed […]
Section 6327 – Refinancing
§ 6327. Refinancing. (a) General rule.–Upon agreement in writing with the buyer, the holder of a closed-end credit agreement may refinance the payment of the unpaid time balance of the agreement by providing for a new schedule of installment payments. (b) Charges.– (1) The holder may contract for and collect the payment of a refinance […]
Section 6328 – New payment schedule
§ 6328. New payment schedule. (a) Right to new payment schedule.–If a closed-end credit agreement provides for the payment of an installment that is more than double the amount of the average of the preceding installments, the buyer upon default of this installment shall have an absolute right to obtain a new payment schedule. (b) […]
Section 6329 – Add-on sales
§ 6329. Add-on sales. (a) Add-on provisions.–A closed-end credit agreement that includes an add-on sales provision shall comply with the requirements of this chapter and may contain the following provisions: (1) The seller may add subsequent purchases made by the buyer to the agreement. (2) The total price of the goods or services covered by […]
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 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 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 […]
Section 6324 – Agreement resulting from telephone or mail communications
§ 6324. Agreement resulting from telephone or mail communications. (a) General rule.–A closed-end credit agreement that is negotiated and entered into by a buyer and seller by telephone or mail is permitted under this subchapter and subject to this section if: (1) the seller did not personally solicit the sale; and (2) a catalog or […]
Section 6325 – Purchase money loan; notice
§ 6325. Purchase money loan; notice. (a) General rule.–Unless an instrument that evidences or embodies a debt arising from a purchase money loan contains the notice under subsection (b): (1) a purchase money lender may not take or receive the instrument; and (2) a seller may not accept the proceeds of the purchase money loan […]