12 Pa. C.S. § 6226

Current through 2024 legislation effective May 8, 2024
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).

12 Pa.C.S. § 6226

Added by P.L. 1081 2013 No. 98, § 4, eff. 11/27/2014.