Current through Pa Acts 2024-53, 2024-56 through 2024-92
Section 6226 - Heavy commercial motor vehicle(a) Variable finance charge percentage rate.-- Notwithstanding any provision of law to the contrary, the finance charge percentage rate included in an installment sale contract for the sale of a heavy commercial motor vehicle may vary during the term of the contract pursuant to a formula or index set forth in the contract that is made readily available to and verifiable by the buyer and beyond the control of the holder of the contract.(b)Determinations.--Notwithstanding that the finance charge percentage rate may increase or decrease over the term of the contract according to a formula or index set forth in thecontract, the rate applicable to the transaction as of the date of execution of the contract may be used to determine the following: (1) The amount of finance charge under section 6222(5) (vii) (relating to contents).(2) The time balance under section 6222(5)(viii).(3) The payment schedule under section 6222(5)(ix).Added by P.L. 1081 2013 No. 98, § 4, eff. 11/27/2014.