Pennsylvania § 6313 - Prepayment of obligation.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 6313 — Prepayment of obligation., with citation guidance and answers to common questions.
§ 6313. Prepayment of obligation.
(a) Right to prepay.--Notwithstanding the provisions of a closed-end credit agreement or an open-end credit agreement, a buyer may prepay without additional charge at any time all or part of the time balance under the agreement.
(b) Refund credit.--
(1) Pursuant to a closed-end credit agreement and subject to this chapter, the seller or holder may accelerate the balance due on the agreement but shall provide a refund credit calculated as of the date of the acceleration if:
(i) the finance charges had been computed and added to the unpaid balance at the time the agreement was entered into; and
(ii) the entire time balance under the agreement is prepaid prior to maturity.
(2) The amount of the refund credit shall be computed by the actuarial method.
(3) If the amount of the refund credit is less than $1, a refund does not need to be made.
Cross References. Section 6313 is referred to in section 6327 of this title.
Source: official Pennsylvania text · Last verified 2026-08-27
Frequently Asked Questions About Pennsylvania § 6313
What does Pennsylvania Consolidated Statutes § 6313 cover?
Section 6313 ("Prepayment of obligation.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Pennsylvania § 6313?
A common citation format is "Pennsylvania Consolidated Statutes § 6313" (Pennsylvania). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 6313 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Pennsylvania.