Pennsylvania § 6328 New payment schedule

Pennsylvania Statutes

§ 6328 — New payment schedule

Pennsylvania·Title 12 COMMERCE AND TRADE·Part PART V·Ch. 63 GOODS AND SERVICES INSTALLMENT SALES·Subch. CLOSED-END CREDIT AGREEMENTS

(a)Right to new payment schedule.--If a closed-end credit agreement provides for the payment of an installment that is more than double the amount of the average of the preceding installments, the buyer upon default of this installment shall have an absolute right to obtain a new payment schedule.

(b)Payments.--Unless agreed to by the buyer, the periodic payments under the new schedule may not be greater than the average of the preceding installments.

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(a) Right to new payment schedule.--If a closed-end credit agreement provides for the payment of an installment that is more than double the amount of the average of the preceding installments, the buyer upon default of this installment shall have an absolute right to obtain a new payment schedule.

(b) Payments.--Unless agreed to by the buyer, the periodic payments under the new schedule may not be greater than the average of the preceding installments.

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