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§ 6231. Payment receipts

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 62. Motor Vehicle Sales Finance (Refs & Annos)
Subchapter C. Installment Sale Contracts
Effective: December 1, 2014
12 Pa.C.S.A. § 6231
§ 6231. Payment receipts
Currentness
(a) When necessary.--When payment is made on an installment sale contract, the person receiving the payment shall, at the time of receiving the payment, furnish a complete written payment receipt to the buyer or individual making the payment on behalf of the buyer if:
(1) the buyer requests such receipt; or
(2) payment is made in cash.
(b) Contents.--The payment receipt shall contain the following:
(1) The date, amount and nature of the payment.
(2) An identification of the obligation to which the payment is applicable.
(3) The signature or initials of the person receiving the payment on behalf of the holder.
(4) The unpaid time balance remaining due after crediting the payment.
(5) The amount attributed to late charges, independent of the payment applied to the reduction of the time balance.
(c) Self-addressed stamped envelope.--The holder may require the buyer to supply a self-addressed stamped envelope as a condition of mailing the receipt if the buyer:
(1) elects to make a payment by mail; and
(2) is previously notified of the need for the envelope.

Credits

2013, Nov. 27, P.L. 1081, No. 98, § 4, effective in one year [Dec. 1, 2014].
12 Pa.C.S.A. § 6231, PA ST 12 Pa.C.S.A. § 6231
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document