Pennsylvania § 6345 - Finance charges.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 6345 — Finance charges., with citation guidance and answers to common questions.
§ 6345. Finance charges.
(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.
Cross References. Section 6345 is referred to in sections 6327, 6352, 6353 of this title.
Frequently Asked Questions About Pennsylvania § 6345
What does Pennsylvania Consolidated Statutes § 6345 cover?
Section 6345 ("Finance charges.") 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 § 6345?
A common citation format is "Pennsylvania Consolidated Statutes § 6345" (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 § 6345 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.