Pennsylvania § 6343 Late fees

Pennsylvania Statutes

§ 6343 — Late fees

Pennsylvania·Title 12 COMMERCE AND TRADE·Part PART V·Ch. 63 GOODS AND SERVICES INSTALLMENT SALES·Subch. COSTS AND CHARGES

(a)Closed-end credit agreement.--

(1)A closed-end credit agreement may provide for the payment by the buyer of a late fee on each installment in default for a period of not less than ten days in an amount not in excess of 5% of the installment or $10, whichever is less.

(2)Only one late fee may be collected on an installment regardless of the period that it remains in default.

(b)Open-end credit agreement.--A late fee may be assessed on an open-end credit agreement regarding each minimum payment not paid in full on the payment due date of the statement on which the minimum payment first appears.

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(a) Closed-end credit agreement.--

(1) A closed-end credit agreement may provide for the payment by the buyer of a late fee on each installment in default for a period of not less than ten days in an amount not in excess of 5% of the installment or $10, whichever is less.

(2) Only one late fee may be collected on an installment regardless of the period that it remains in default.

(b) Open-end credit agreement.--A late fee may be assessed on an open-end credit agreement regarding each minimum payment not paid in full on the payment due date of the statement on which the minimum payment first appears.

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