§ 6343. Late fees.
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/pa/title-12/chapter-63/6343A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 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.
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Cross References. Section 6343 is referred to in sections 6302, 6309, 6352, 6353 of this title.
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