Motor Vehicles Sales Finance Act
Updated Motor Vehicle Sales Finance Act
On December 1, 2014, Act 98 of 2013 (the “Act”), which created a codified Consumer Credit Code, will become effective. Contained within the Consumer Credit Code is an updated, modernized and consolidated Chapter 62 that governs motor vehicle sales finance (“MVSF”). This chapter repeals and replaces the existing Motor Vehicle Sales Finance Act (“MVSFA”) on December 1, 2014.
Mortgage Reform Laws
Provides detailed explanation of three bills signed into law by Governor Edward G. Rendell on July 8, 2008: Act 56 of 2008, House Bill 2179 (P.N. 4020), the new consolidated mortgage licensing bill (the “Mortgage Act”), Act 57 of 2008, Senate Bill 483 (P.N. 2163), which amends the Loan Interest and Protection Law (the “LIPL”), and Act 58 of 2008, Senate Bill 484 (P.N. 2251), which amends the Department of Banking Code (the “DOB Code”).
Secretary’s Letter addresses terms and conditions of "selective first payment due date" options and "deferred first payment" options that may be offered to buyers as part of installment sale contracts under the MVSFA.
Computation of Finance Charge
Secretary’s Letter discusses methods of computation of finance charge under MVSFA.