Section 6348 – Interest rate after maturity
§ 6348. Interest rate after maturity. If a balance remains unpaid at the expiration of the scheduled maturity date of a closed-end credit agreement, the rate of the finance charge for the period beginning at the date of the maturity until payment in full may not exceed the rate of the finance charge under the […]
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 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 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 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 6347 – Extension and deferment
§ 6347. Extension and deferment. (a) General rule.–Upon agreement with the buyer, the holder of a closed-end credit agreement or an open-end credit agreement may extend the scheduled due date or defer the scheduled payment of all or part of an installment payable under the agreement. (b) Charges.– (1) A charge may not be made […]