Section 6242 – Other costs included in amount financed
§ 6242. Other costs included in amount financed. (a) Costs payable by buyer.–An installment seller of a motor vehicle under an installment sale contract may require the buyer to pay the following other costs incurred in the sale of a motor vehicle under the contract: (1) Fees payable to the Commonwealth for filing a lien […]
Section 6243 – Finance charges
§ 6243. Finance charges. (a) General rule.–An installment seller licensed under this chapter may charge, contract for, receive or collect a finance charge under this chapter on an installment sale contract covering the retail sale of a motor vehicle in this Commonwealth. (b) Method of computation.– (1) An installment seller may compute a finance charge […]
Section 6244 – Refinance charges
§ 6244. Refinance charges. (a) General rule.– (1) A holder of an installment sale contract may: (i) extend the scheduled due date or defer the scheduled payment of all or part of an unpaid installment payment; (ii) renew the unpaid time balance of the contract; or (iii) contract for, receive and collect a refinance charge […]
Section 6245 – Late charges
§ 6245. Late charges. (a) General rule.–A late charge may be collected on the following: (1) An installment payment that is not paid on or before the due date of the payment. (2) A contract subject to this chapter, regardless of the classification of vehicle under section 6243 (relating to finance charges) or the method […]
Section 6246 – Refund for prepayment of contract
§ 6246. Refund for prepayment of contract. (a) Right to prepay unpaid time balance.–Notwithstanding the provisions of an installment sale contract, a buyer may prepay at any time all or part of the unpaid time balance under the contract. (b) Rebate generally.–If the entire time balance is liquidated prior to maturity by prepayment, refinancing or […]
Section 6227 – Manufactured homes
§ 6227. Manufactured homes. (a) Optional contract provisions.–An installment sale contract for the sale of a manufactured home may: (1) require the buyer to pay real estate taxes that may thereafter be levied upon the manufactured home and furnish the installment seller or holder with proof of payment of real estate taxes in the manner […]
Section 6228 – Prohibited provisions
§ 6228. Prohibited provisions. An installment sale contract may not contain any of the following: (1) Blank spaces to be filled in after the contract has been signed, except regarding serial numbers or other identifying marks that are not available for description of the motor vehicle at the time of execution of the contract. (2) […]
Section 6229 – Transfer
§ 6229. Transfer. (a) Installment seller.–An installment seller of a motor vehicle under an installment sale contract executed in this Commonwealth may not sell, transfer or assign the obligation represented by the contract to a person in this Commonwealth or elsewhere unless the person is licensed as a sales finance company under this chapter. (b) […]
Section 6213 – Bond
§ 6213. Bond. (a) Bond required.–A bond shall accompany each license application for a sales finance company and collector-repossessor. (b) Form.–The bond shall be in the form prescribed by the department. (c) Amount.– (1) A bond for a sales finance company shall be in the amount of $10,000. (2) A bond for a collector-repossessor shall […]
Section 6230 – Statement of account to buyer
§ 6230. Statement of account to buyer. (a) Information to be included.–At any time after the execution of an installment sale contract and within one year after the termination of the contract, a holder of the contract shall furnish to the buyer upon request a complete and detailed statement of account showing the following: (1) […]