§ 6325. Purchase money loan; notice
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 12 Pa.C.S.A. Commerce and TradeEffective: December 1, 2014
Effective: December 1, 2014
12 Pa.C.S.A. § 6325
§ 6325. Purchase money loan; notice
NOTICE
A holder of this agreement is subject to all the claims and defenses that the buyer could assert against the seller of goods or services obtained with the proceeds of this agreement. Recovery under this agreement by the buyer may not exceed the amount paid by the buyer under the agreement.
“Purchase money lender.” Either a seller or financing agency making or extending a purchase money loan.
“Purchase money loan.” An advance that is received by a buyer in return for a finance charge or interest that is applied to a purchase of goods or services from a seller who is affiliated, by common control or business arrangement, with the person extending the credit to the buyer.
Credits
2013, Nov. 27, P.L. 1081, No. 98, § 4, effective in one year [Dec. 1, 2014].
12 Pa.C.S.A. § 6325, PA ST 12 Pa.C.S.A. § 6325
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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