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 […]
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 […]
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 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 […]