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Pennsylvania Statutes Title 12 Pa.C.S.A. Commerce and Trade § 6345. Finance charges

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) General rule.--Pursuant to this section and the provisions of a closed-end credit agreement or an open-end credit agreement, a seller and holder may charge, receive and collect a finance charge.

(b) Closed-end credit agreement.--A finance charge under a closed-end credit agreement shall be:

(1) measured for a period between the date of the agreement and the due date of the last installment; and

(2) calculated for the period according to the actuarial method or the United States Rule method, at a rate agreed to by the buyer and the seller or holder.

(c) Open-end credit agreement.--

(1) Except as provided in paragraph (2), a finance charge on an open-end credit agreement:

(i) shall be computed based on the outstanding monthly balances; and

(ii) may not exceed the rate agreed to by the buyer and the seller or holder.

(2) A minimum finance charge of $1 per month may be made for each month, if the finance charge so computed is less than that amount.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 12 Pa.C.S.A. Commerce and Trade § 6345. Finance charges - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-12-pacsa-commerce-and-trade/pa-csa-sect-12-6345/

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