Home Table of Contents

§ 6245. Late charges

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 D. Costs and Charges
Effective: December 1, 2014
12 Pa.C.S.A. § 6245
§ 6245. Late charges
Currentness
(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 by which the finance charge is computed.
(b) Rate and computation.--
(1) Under a contract for the sale of a motor vehicle other than a heavy commercial motor vehicle, a late charge may not, for any payment not made within ten days of its scheduled due date, exceed the rate of 2% on the amount of the payment in arrears.
(2) Under a contract for the sale of a heavy commercial motor vehicle, a late charge may not, for any payment not made within ten days of its scheduled due date, exceed the rate of 4% of the amount of the payment in arrears.
(3) The late charges under paragraphs (1) and (2) may be collected only once on each payment in arrears.
(c) Collection.--
(1) Late charges may be:
(i) collected when earned during the term of a contract for the sale of a motor vehicle; or
(ii) accumulated and collected at final maturity or at the time of final payment under a contract for the sale of a motor vehicle.
(2) A late charge may not be collected on a payment in default because of an acceleration provision in the contract.

Credits

2013, Nov. 27, P.L. 1081, No. 98, § 4, effective in one year [Dec. 1, 2014].
12 Pa.C.S.A. § 6245, PA ST 12 Pa.C.S.A. § 6245
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document