12 Pennsylvania Consolidated Statutes Chapter 62 - Motor Vehicle Sales Finance
Subchapter A. General Provisions
- Section 6201 - Scope Of Chapter
This chapter relates to motor vehicle sales finance.
- Section 6202 - Definitions
The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly...
- Section 6203 - Authority Of Department
(a) Powers.--The department has the authority to do any of the following: (1) Investigate the business activities of a licensee and person engaged in...
- Section 6204 - Records
(a) General rule.--A licensee shall maintain, at the place of business designated in the license certificate, records of the business conducted under the license...
- Section 6205 - Appeals
An appeal may be taken from the action of the department in suspending and revoking a license under section 6218 (relating to revocation or...
- Section 6206 - Deposit Of Fees And Fines
License fees and fines that are received by the department under this chapter shall be deposited in the State Treasury to the credit of...
- Section 6207 - Distribution Of Information
(a) Department.--The department shall provide a copy of the provisions of this chapter to each licensee in conjunction with the licensee's initial license and...
- Section 6208 - Venue
An action on an installment sale contract shall be commenced in a county where any of the following occurred: (1) The buyer signed the...
- Section 6209 - Applicability
(a) Consumer discount companies.--The provisions of this chapter do not affect or impair a business conducted lawfully under a license issued under the act...
- Section 6210 - Consumer Complaints
(a) Review and investigation.--The department shall review and investigate, as appropriate, any consumer complaints or information obtained through examinations relating to any activities regulated...
Subchapter B. Licenses
- Section 6211 - General License Rules
(a) License required.--The following persons may engage or continue to engage in this Commonwealth as a principal, employee, agent or broker only as authorized...
- Section 6212 - Initial License Application
(a) General rule.--An initial license application shall be in writing, under oath and in the form prescribed by the department. (b) Contents.--An initial license...
- Section 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...
- Section 6214 - License Fees
(a) Amount.--A license application shall be accompanied by a license fee as set forth in section 603-A of the act of April 9, 1929...
- Section 6215 - License Certificate
(a) Issuance.--If the department approves an applicant's license application, it shall issue to the applicant a license certificate showing the name and address of...
- Section 6216 - License Renewal
An application for a license renewal shall have the following characteristics: (1) The application shall be in writing, under oath and in the form...
- Section 6217 - Refusal To Issue License Or License Renewal
(a) Discretionary refusal.--Subject to subsection (b), the department may refuse to issue a license or renew a license because of any of the following:...
- Section 6218 - Revocation Or Suspension Of License
(a) Grounds.--Upon notice under subsection (b), the department may revoke or suspend a license if it discovers a fact or condition that, had it...
- Section 6219 - Multiple Places Of Business
(a) License application.--A separate license application under section 6212 (relating to initial license application) shall be filed for each place of business conducted by...
Subchapter C. Installment Sale Contracts
- Section 6221 - Requirements
(a) General rule.--An installment sale contract shall: (1) be in writing; (2) contain all the agreements between a buyer and an installment seller relating...
- Section 6222 - Contents
An installment sale contract shall contain the following: (1) The full name and address of all the parties to the contract. (2) The date...
- Section 6223 - Notice
(a) Requirement.--An installment sale contract shall contain the notice under subsection (b), which shall be printed directly above the space provided for the signature...
- Section 6224 - Itemization
Costs and charges under sections 6222 (relating to contents) and 6242 (relating to other costs included in amount financed) shall be separately itemized in...
- Section 6225 - Disclosure
If an installment seller retains a portion of the charge for a good or service provided by another person, the seller shall disclose that...
- Section 6226 - Heavy Commercial Motor Vehicle
(a) Variable finance charge percentage rate.--Notwithstanding any provision of law to the contrary, the finance charge percentage rate included in an installment sale contract...
- Section 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...
- Section 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,...
- Section 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...
- Section 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...
- Section 6231 - Payment Receipts
(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,...
- Section 6232 - Release Of Liens
(a) Duty of holder.--Upon payment in full of the time balance and other amounts lawfully due under an installment sale contract, a holder shall...
- Section 6233 - Prohibited Charges
(a) General rule.--Except as provided in subsections (b) and (c), a licensee may directly or indirectly charge, contract for, collect or receive from the...
- Section 6234 - Waiver Of Statutory Protection Prohibited
(a) General rule.--A buyer may not validly waive through an action, agreement or statement any provision of this chapter intended to protect a buyer...
- Section 6235 - Effect Of License Expiration, Surrender And Revocation On Contracts
(a) Effect.--The expiration, surrender or revocation of a license issued under this chapter to an installment seller or sales finance company does not impair...
- Section 6236 - Enforcement
(a) When obligation unenforceable.--An obligation of the buyer of a motor vehicle under an installment sale contract that was consummated in this Commonwealth is...
Subchapter D. Costs and Charges
- Section 6241 - Insurance
(a) General rule.-- (1) The insurance purchased under this section shall be: (i) Limited to insurance against risk of damage, destruction or theft of...
- Section 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...
- Section 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...
- Section 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...
- Section 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...
- Section 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...
Subchapter E. Repossession
Subchapter F. Penalties and Liability
- Section 6271 - Operating Without License
(a) Prohibition; penalty.--An entity or individual under subsection (b) engaging in business in this Commonwealth as an installment seller, sales finance company or collector-repossessor...
- Section 6272 - Violation Of Chapter Provisions
A licensee or an owner, partner, member, officer, director, trustee, employee, agent, broker or representative of the licensee who violates a provision of this...
- Section 6273 - Use Of Unlicensed Collector-repossessor
A licensed seller or sales finance company acting as holder of a motor vehicle installment sale contract who hires, authorizes or permits an unlicensed...
- Section 6274 - Civil Penalty By Department
A person required to be licensed under this chapter that violates this chapter, directs a violation of this chapter or engages in an activity...
- Section 6275 - Liability Of Sales Finance Company
(a) Exemption from liability.--A sales finance company licensed under this chapter and engaged in the purchase, sale, assignment, securitization or servicing of installment sale...
Last modified: October 8, 2016