Pennsylvania § 6343 - Late fees.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 6343 — Late fees., with citation guidance and answers to common questions.
§ 6343. Late fees.
(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.
Cross References. Section 6343 is referred to in sections 6302, 6309, 6352, 6353 of this title.
Frequently Asked Questions About Pennsylvania § 6343
What does Pennsylvania Consolidated Statutes § 6343 cover?
Section 6343 ("Late fees.") 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 § 6343?
A common citation format is "Pennsylvania Consolidated Statutes § 6343" (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 § 6343 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.