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§ 6343. Late fees

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 12 Pa.C.S.A. Commerce and TradeEffective: December 1, 2014

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 12 Pa.C.S.A. Commerce and Trade (Refs & Annos)
Part V. Consumer Credit (Refs & Annos)
Chapter 63. Goods and Services Installment Sales (Refs & Annos)
Subchapter D. Costs and Charges
Effective: December 1, 2014
12 Pa.C.S.A. § 6343
§ 6343. Late fees
Currentness
(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.
(2) Only one late fee may be collected on an installment regardless of the period that it remains in default.
(b) Open-end credit agreement.--A late fee may be assessed on an open-end credit agreement regarding each minimum payment not paid in full on the payment due date of the statement on which the minimum payment first appears.

Credits

2013, Nov. 27, P.L. 1081, No. 98, § 4, effective in one year [Dec. 1, 2014].
12 Pa.C.S.A. § 6343, PA ST 12 Pa.C.S.A. § 6343
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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