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

Last modified: October 8, 2016