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2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 55 - Legitimate Cannabis-related Business › Section 5505 - Access to information

§ 5505. Access to information.
(a) Voluntary disclosures.--
Section 1307 of the act of April 17, 2016 (P.L.84, No.16), known as the Medical Marijuana Act, shall not prohibit the voluntary disclosure of any records or other information by a legitimate cannabis-related business, or a business associate to a financial institution or insurer, as necessary to obtain financial or insurance services to the extent not prohibited by and consistent with any applicable requirements of the Health Insurance Portability and Accountability Act of 1996 (Public Law 104-191, 110 Stat. 1936) privacy regulation as promulgated by the United States Department of Health and Human Services under 45 CFR Pts. 160 (relating to general administrative requirements), 162 (relating to administrative requirements) and 164 (relating to security and privacy) and 16 CFR Pt. 313 (relating to privacy of consumer financial information).
(b) Restrictions on use of records.--
A financial institution, or insurer receiving access to information under subsection (a), the distribution of which would otherwise be prohibited, may only use the information as necessary to satisfy due diligence obligations required to provide financial or insurance services to persons participating in the medical marijuana program established under the Medical Marijuana Act and may not disclose the information records to other persons except for information:
(1) required for the filing of suspicious activity reports with the United States Department of the Treasury or the investigation of related reports;
(2) requested by the institution's primary regulator, the Federal Deposit Insurance Corporation or the National Credit Union Administration for the purposes of conducting an examination of the institution;
(3) as necessary to respond to court orders or subpoenas after providing the person authorizing the release of the records and the institution's primary regulator the opportunity to object to the order or subpoena; or
(4) as authorized by a person who is the subject of the confidential information.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 55 - Legitimate Cannabis-related Business › Section 5506 - Required disclosures

§ 5506. Required disclosures.
(a) Notification by legitimate cannabis-related business.--
If a legitimate cannabis-related business obtains financial or insurance services from a financial institution or insurer doing business in this Commonwealth, the business shall, within five business days, provide notice to the financial institution or insurer if a cannabis-related permit, registration or certification held by the business or its affiliates under Federal law, the laws of this Commonwealth or a law established by another state is suspended or revoked.
(b) Penalty.--
If a legitimate cannabis-related business fails to give the notice required under subsection (a) to a financial institution or insurer, the business or business associate may be assessed a civil penalty up to $500 per day, not to exceed $25,000, until the notice is provided. The Department of Banking and Securities shall have authorization to assess civil penalties for failure to give notice under this section to a financial institution, and the Insurance Department shall have authorization to assess civil penalties for failure to give the notice under this section to an insurer.
Cross References.
Section 5506 is referred to in section 5504 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 55 - Legitimate Cannabis-related Business › Section 5507 - Regulations and statements of policy

§ 5507. Regulations and statements of policy.
The Department of Banking and Securities and the Insurance Department may adopt statements of policy or regulations to implement this chapter and to provide guidance to financial institutions and insurers providing financial or insurance services to legitimate cannabis-related businesses and business associates of a legitimate cannabis-related business.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 57 - Incentive-based Savings Program › Section 5702 - Definitions

§ 5702. Definitions.
The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:
"Eligible financial institution."
Any of the following:
(1) an insured credit union; or
(2) an insured depository institution.
"Eligible individual."
An individual who:
(1) is at least 18 years of age;
(2) is a member or customer of the eligible financial institution conducting the savings promotion program; and
(3) maintains a qualified account with the eligible financial institution conducting the savings promotion program.
"Insured credit union."
As defined in section 101 of the Federal Credit Union Act (48 Stat. 1216, 12 U.S.C. § 1752).
"Insured depository institution."
As defined in section 3 of the Federal Deposit Insurance Act (64 Stat. 873, 12 U.S.C. § 1813).
"Prudential regulator."
As defined in section 1002 of the Consumer Financial Protection Act of 2010 (Public Law 111-203, 124 Stat. 1955, 12 U.S.C. § 5481).
"Qualified account."
A savings account, time deposit or savings program offered to an eligible individual by an eligible financial institution pursuant to a savings promotion program. The term includes a share account and an account where the eligible individual has an interest individually or jointly with another eligible individual.
"Qualified financial program."
A program offered by an eligible financial institution under section 5705 (relating to qualified financial program).
"Savings promotion program."
A contest in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a qualified account or other savings program of which each ticket or entry has an equal chance of being drawn.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 57 - Incentive-based Savings Program › Section 5703 - Savings promotion program

§ 5703. Savings promotion program.
(a) Authorization.--
Notwithstanding any prohibitions on lotteries or gambling provided by the laws of this Commonwealth, including 18 Pa.C.S. §§ 5512 (relating to lotteries, etc.), 5513 (relating to gambling devices, gambling, etc.) and 5514 (relating to pool selling and bookmaking), an eligible financial institution may conduct a savings promotion program and any activity conducted in connection with the savings promotion program, including, but not limited to:
(1) the deposit of a minimum specified amount of money in a qualified account for a minimum length of time;
(2) the participation in a qualified financial program offered by the eligible financial institution;
(3) the transmission of any advertisement, list of prizes or other information concerning the savings promotion program;
(4) the offering, facilitation and acceptance of deposits, withdrawals or other transactions in connection with the savings promotion program;
(5) the transmission of any information relating to the savings promotion program, including account balance and transaction information;
(6) the deposit or transmission of prizes awarded in the savings promotion program as well as notification or publication of the deposit or transmission; and
(7) the establishment and operation of qualified financial programs.
(b) Limitation.--
An eligible financial institution may not conduct a savings promotion program in a way that jeopardizes the eligible financial institution's safety and soundness or misleads an eligible individual or the public.
(c) Third-party participants.--
An eligible financial institution may offer a savings promotion program in conjunction with a third-party participant that provides administrative support, funding or other service.
Cross References.
Section 5703 is referred to in section 5705 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 57 - Incentive-based Savings Program › Section 5704 - Compliance with Federal regulations

§ 5704. Compliance with Federal regulations.
An eligible financial institution may offer a savings promotion program only to the extent permitted by Federal law, including any regulations promulgated by the institution's appropriate prudential regulator.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 57 - Incentive-based Savings Program › Section 5705 - Qualified financial program

§ 5705. Qualified financial program.
A qualified financial program offered under section 5703(a)(2) (relating to savings promotion program) must include programs to encourage an eligible individual to do at least one of the following:
(1) Deposit or transfer money into a qualified account on a recurring or automatic basis.
(2) Refinance or consolidate existing debt to obtain a lower interest rate.
(3) Pay off or reduce outstanding balances to lower the eligible individual's total debt ratio or revolving debt ratio.
(4) Prepare a budget or a debt-reduction plan.
(5) Attend financial literacy seminars or counseling sessions sponsored by the eligible financial institution that are offered free of charge.
(6) Use free online financial education, budgeting or debt-reduction tools.
Cross References.
Section 5705 is referred to in section 5702 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 57 - Incentive-based Savings Program › Section 5706 - Terms and conditions

§ 5706. Terms and conditions.
(a) Disclosure.--
An eligible financial institution conducting a savings promotion program shall disclose to the public and each participant the terms and conditions of the savings promotion program. The terms and conditions shall be posted in a location where entries may be submitted and shall be included in printed materials or electronic media promoting the savings promotion program.
(b) Content.--
Terms and conditions for a savings promotion program shall include language specifying that:
(1) No other action, purchase or other consideration is necessary for an entry in the savings promotion program.
(2) No action or purchase of goods or services improves the odds of winning.
(3) Each entry has the same odds of winning the savings promotion program.
(4) The odds of winning the savings promotion program will be determined based on the number of entries received.
(5) The winner is responsible for all applicable Federal, State and local taxes.
(6) Participation in a qualified financial program is offered to any qualified individual participating in the savings promotion program.
(7) Participation in a savings promotion program presents no financial risk to an eligible individual.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 57 - Incentive-based Savings Program › Section 5707 - Maintenance of books and records

§ 5707. Maintenance of books and records.
An eligible financial institution that conducts a savings promotion program under this chapter shall maintain books and records relating to the conduct of the savings promotion program sufficient to facilitate an audit of the savings promotion program. The financial institution shall keep a record of the names of winners of all savings promotion programs, which shall be available for inspection by the financial institution's customers.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 61 - General Provisions › Section 6102 - Definitions

§ 6102. Definitions.
The following words and phrases when used in this part shall have the meanings given to them in this section unless the context clearly indicates otherwise:
"Department."
The Department of Banking and Securities of the Commonwealth.
"Financial institution."
A bank, bank and trust company, trust company, savings bank, private bank, savings association or credit union organized and doing business under the provisions of any law of this Commonwealth, another state or the United States.
"Records."
Books, accounts, papers, documents, files and other similar business records and information, including information that is:
(1) stored in an electronic or other medium that uses technology having electrical, digital, magnetic, wireless optical, electromagnetic or similar capabilities; and
(2) retrievable in perceivable form.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 61 - General Provisions › Section 6103 - Contracts and agreements

§ 6103. Contracts and agreements.
(a) General rule.--
A contract or agreement under this part shall be dated and in writing.
(b) Clear and conspicuous provisions.--
The headings, notices and language of a contract or agreement under this part shall be clear and conspicuous and meet the following requirements:
(1) Except as otherwise provided in this subsection, the language in a contract or agreement under this part shall be in at least eight-point type.
(2) A heading in a contract or agreement under this part shall be in at least ten-point bold type.
(3) A notice or disclosure in a contract or agreement under this part shall be in at least ten-point bold type.
(4) An acknowledgment under this part shall be in at least ten-point bold type.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 61 - General Provisions › Section 6104 - Electronic transactions

§ 6104. Electronic transactions.
(a) Effect on other law.--
Nothing in this part shall be construed to supersede the provisions of the act of December 16, 1999 (P.L.971, No.69), known as the Electronic Transactions Act.
(b) Department procedures.--
The department may establish procedures for electronic transactions under this part, including:
(1) the filing of applications and renewals for licenses and registrations;
(2) the filing of reports and other required records; and
(3) the verification of records and signatures on forms.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Extra - Chapter Notes

Enactment.
Chapter 62 was added November 27, 2013, P.L.1081, No.98, effective in one year.
Cross References.
Chapter 62 is referred to in section 6302 of this title; section 6112 of Title 7 (Banks
            and Banking).
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6203 - Authority of department

§ 6203. Authority of department.
(a) Powers.--
The department has the authority to do any of the following:
(1) Investigate the business activities of a licensee and person engaged in a business contemplated by this chapter by the following means:
(i) Examining the records of the licensee and person.
(ii) Accessing the offices and places of business of the licensee and person and the records of the licensee and person.
(2) Examine the records, safes and vaults of a person described under subsection (b)(2) for the purpose of discovering violations of this chapter.
(3) Require the attendance and testimony of witnesses and the production of records relating to a business that the department has the authority to investigate. For the purposes of this subsection, a duly authorized representative of the department may sign subpoenas, administer oaths and affirmations, examine witnesses and receive evidence.
(4) Prescribe the minimum information to be shown in the records of a licensee so as to enable the department to determine compliance with the provisions of this chapter.
(5) Promulgate regulations and issue orders, statements of policy and written interpretations as necessary or appropriate for the interpretation or enforcement of this chapter.
(6) Reduce the amount of or prohibit entirely a cost regarding the retaking, storing or repairing of a motor vehicle under section 6256 (relating to buyer's liability for costs) if the cost:
(i) appears to be fictitious, unnecessary, unreasonable or exorbitant; or
(ii) would not have been incurred by a prudent person under similar circumstances.
(b) Applicability.--
(1) This section applies whether the person acts or claims to act as principal, agent or broker, either under or without the authority of this chapter.
(2) A person who is not licensed under this chapter is presumed to be engaged in a business contemplated by this chapter if the person, as principal, agent or broker, advertises or solicits business for which a license is required by the provisions of this chapter.
(c) Administration.--
In the case of disobedience of a subpoena or the noncooperation of a witness appearing before the department, the department may invoke the aid of the courts, and the court shall issue an order requiring the person subpoenaed to obey the subpoena, give evidence or produce records relative to the matter in question. Failure to obey the court order may be punished by the court as contempt.
(d) Expenses.--
The expenses incurred by the department in connection with an examination or investigation, including a proportionate part of the salary of an examiner or other employee of the department and counsel assigned by the department, may be assessed by the department upon the particular person examined or investigated.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6204 - Records

§ 6204. Records.
(a) General rule.--
A licensee shall maintain, at the place of business designated in the license certificate, records of the business conducted under the license issued for the place of business so as to enable the department to determine whether the licensee's business contemplated by this chapter is being operated in accordance with the provisions of this chapter.
(b) Multiple places of business.--
A licensee operating two or more licensed places of business in this Commonwealth may maintain the general control records of all the offices at any one of the offices, or at any other office maintained by the licensee, upon the following:
(1) The filing of a written request with the department designating the office at which the control records are maintained.
(2) Approval of the request by the department.
(c) English language.--
Records of a licensee shall be maintained in the English language.
(d) Preservation.--
Records of a licensee shall be preserved and available for examination by the department for at least two years after making the final entry therein.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6205 - Appeals

§ 6205. Appeals.
An appeal may be taken from the action of the department in suspending and revoking a license under section 6218 (relating to revocation or suspension of license) or imposing a civil penalty under section 6274 (relating to civil penalty by department) in accordance with the procedure prescribed by 2 Pa.C.S. Chs. 5 Subch. A (relating to practice and procedure of Commonwealth agencies) and 7 Subch. A (relating to judicial review of Commonwealth agency action).
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6206 - Deposit of fees and fines

§ 6206. Deposit of fees and fines.
License fees and fines that are received by the department under this chapter shall be deposited in the State Treasury to the credit of a special fund for the use of the department in administering this and other laws of this Commonwealth placed under its administration.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6207 - Distribution of information

§ 6207. Distribution of information.
(a) Department.--
The department shall provide a copy of the provisions of this chapter to each licensee in conjunction with the licensee's initial license and all renewal applications.
(b) Licensee.--
(1) A licensee shall make the information under subsection (a) available to its employees.
(2) A copy of the information under subsection (a) shall be kept at the licensee's place of business for inspection by a buyer.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6208 - Venue

§ 6208. Venue.
An action on an installment sale contract shall be commenced in a county where any of the following occurred:
(1) The buyer signed the contract.
(2) The buyer resides at the commencement of the action.
(3) The buyer resided when the contract was entered into.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6209 - Applicability

§ 6209. Applicability.
(a) Consumer discount companies.--
The provisions of this chapter do not affect or impair a business conducted lawfully under a license issued under the act of April 8, 1937 (P.L.262, No.66), known as the Consumer Discount Company Act.
(b) Other extensions of credit.--
The provisions of this chapter do not apply to an extension of credit for the purchase of a motor vehicle, including the financing of other costs or charges necessary or incidental to the sale or financing of a motor vehicle, made under the act of November 30, 1965 (P.L.847, No.356), known as the Banking Code of 1965.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6210 - Consumer complaints

§ 6210. Consumer complaints.
(a) Review and investigation.--
The department shall review and investigate, as appropriate, any consumer complaints or information obtained through examinations relating to any activities regulated by this chapter, including, but not limited to, those pertaining to charges for service contracts, warranties, debt cancellation agreements, debt suspension agreements and insurance products not required by section 6241 (relating to insurance).
(b) Annual reports.--
The department shall annually report to the Consumer Protection and Professional Licensure Committee of the Senate and the Consumer Affairs Committee of the House of Representatives the number and disposition of such enforcement actions and consumer complaint resolutions.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6211 - General license rules

§ 6211. General license rules.
(a) License required.--
The following persons may engage or continue to engage in this Commonwealth as a principal, employee, agent or broker only as authorized in this chapter and under a license issued by the department:
(1) An installment seller.
(2) A sales finance company.
(3) A collector-repossessor.
(b) Term.--
(1) Subject to paragraph (2), unless revoked or suspended under section 6218 (relating to revocation or suspension of license) or otherwise surrendered, a license shall be valid for one year.
(2) A license shall expire on October 1 annually, after the license is initially approved or renewed.
(c) Transfer or assignment.--
A license may not be transferred or assigned.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6212 - Initial license application

§ 6212. Initial license application.
(a) General rule.--
An initial license application shall be in writing, under oath and in the form prescribed by the department.
(b) Contents.--
An initial license application shall contain the following:
(1) The name under which the business is conducted.
(2) The physical street address of the place of business.
(3) The date of registration with the Secretary of the Commonwealth of any fictitious or trade name of the business.
(4) If the applicant is a corporation:
(i) the date and place of incorporation; and
(ii) the names and addresses of the officers and directors.
(5) If the applicant is an individual owner, the name and residence address of the owner.
(6) If the applicant is a partnership, association or limited liability company, the name and residence address of each owner, partner or member and any managers.
(7) Any other information that the department requires.
(c) Process; notice.--
(1) An application filed by an association or corporation shall be accompanied by a power of attorney showing the name and address of the authorized agent in this Commonwealth upon whom judicial and other process or legal notice may be served.
(2) The department is authorized to accept service of process or notice if the agent in paragraph (1):
(i) has died;
(ii) is removed from this Commonwealth; or
(iii) is under a legal disability or otherwise disqualified from serving as agent.
Cross References.
Section 6212 is referred to in sections 6216, 6219 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6213 - Bond

§ 6213. Bond.
(a) Bond required.--
A bond shall accompany each license application for a sales finance company and collector-repossessor.
(b) Form.--
The bond shall be in the form prescribed by the department.
(c) Amount.--
(1) A bond for a sales finance company shall be in the amount of $10,000.
(2) A bond for a collector-repossessor shall be in the amount of $5,000.
(d) Execution.--
(1) Except as provided in paragraph (2), the bond shall be executed by a surety company authorized by the laws of this Commonwealth to transact business.
(2) If the bond accompanying a license application for a sales finance company is filed by a financial institution within this Commonwealth, the financial institution may execute the bond on its own behalf.
(3) The bond shall be executed to the Commonwealth.
(e) Purpose.--
The bond shall be for the use of the Commonwealth and for any person aggrieved by the misconduct of the licensee.
(f) Condition.--
The condition of the bond is that the licensee will:
(1) comply with and abide by the provisions of this chapter and the rules and regulations of the department; and
(2) pay to the Commonwealth, the department or a person all money due to each under the provisions of this chapter.
(g) Action on bond.--
A person may maintain an action on the bond in a court having jurisdiction of the amount claimed if all the following occur:
(1) The person is aggrieved by the misconduct of a licensee.
(2) The person receives a judgment against the licensee for the misconduct.
(3) The person executes on the judgment.
(4) The department assents to the action on the bond.
Cross References.
Section 6213 is referred to in sections 6216, 6218, 6219 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6214 - License fees

§ 6214. License fees.
(a) Amount.--
A license application shall be accompanied by a license fee as set forth in section 603-A of the act of April 9, 1929 (P.L.177, No.175), known as The Administrative Code of 1929.
(b) Abatement.--
No abatement in the amount of the license fee shall be made if the license is:
(1) issued for less than one year; or
(2) surrendered, canceled or revoked prior to the expiration of the license period for which the license was issued.
Cross References.
Section 6214 is referred to in sections 6216, 6219 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6215 - License certificate

§ 6215. License certificate.
(a) Issuance.--
If the department approves an applicant's license application, it shall issue to the applicant a license certificate showing the name and address of the person authorized to do business under the license.
(b) Public inspection.--
(1) An installment seller and a sales finance company shall post the license certificate in a conspicuous place in the place of business of the licensee so that the certificate is in full view of the public at all times.
(2) A collector-repossessor shall carry the license certificate in the immediate possession of the collector-repossessor whenever engaged in the type of business for which the license is issued so that the certificate may be presented for inspection upon request by any person entitled to inspection.
(c) Amendment.--
(1) A licensee desiring to change the address of the place of business shall:
(i) give prior written notice to the department;
(ii) return the license certificate to the department for amendment; and
(iii) retain a copy of the license certificate.
(2) The department shall amend the license certificate to show the new address and the date. The new address shall thereafter be the authorized address of the licensee.
(3) A licensee is not required to pay a charge for amendment of a license certificate to effect a change of address.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6216 - License renewal

§ 6216. License renewal.
An application for a license renewal shall have the following characteristics:
(1) The application shall be in writing, under oath and in the form prescribed by the department.
(2) The application shall be filed at least 15 days prior to October 1.
(3) The application shall include an update of the information under section 6212(b) and (c)(1) (relating to initial license application).
(4) The application shall be accompanied by the following:
(i) A new bond under the same provisions as set forth in section 6213 (relating to bond), which shall be filed annually at least 15 days prior to October 1.
(ii) A license fee under the same provisions as set forth in section 6214 (relating to license fees), which shall be paid annually on or before October 1 for each license and place of business.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6218 - Revocation or suspension of license

§ 6218. Revocation or suspension of license.
(a) Grounds.--
Upon notice under subsection (b), the department may revoke or suspend a license if it discovers a fact or condition that, had it existed or been discovered at the time of filing of any license application, would have warranted disapproval of the application or if it finds that the licensee has engaged in any of the following:
(1) Made a material misstatement in the license application.
(2) Violated a provision of this chapter.
(3) Violated an order or regulation issued by the department under and within the authority of this chapter.
(4) Failed to comply with a demand, order or regulation of the department lawfully made by the department under and within the authority of this chapter.
(5) Refused or refuses to permit the department to make examinations authorized by this chapter.
(6) Failed to maintain in effect the bond required under section 6213 (relating to bond), in the case of a sales finance company and collector-repossessor.
(7) Failed to maintain satisfactory records required by this chapter or prescribed by the department.
(8) Falsified records required by this chapter to be maintained of the business contemplated by this chapter.
(9) Failed to file a report with the department within the time stipulated in this chapter.
(10) Failed to pay the fine required by this chapter for failure to file reports to the department within the time stipulated.
(11) Defrauded a buyer to the buyer's damage or willfully failed to perform a written agreement with a buyer.
(12) With respect to the tax or fee due the Commonwealth upon the sale of a motor vehicle:
(i) Failed to collect the tax or fee.
(ii) Collected the tax or fee and failed to issue a true copy of the tax report to the purchaser, as required by law.
(iii) Issued a false or fraudulent tax report or copy thereof.
(iv) Failed to pay the tax or fee to the Commonwealth at the time and in the manner required by law.
(13) Engaged in unfair, deceptive, fraudulent or illegal practices or conduct in connection with a business regulated by this chapter.
(b) Notice.--
(1) The department shall provide 30 days' written notice to the licensee for a revocation or suspension of a license.
(2) The notice under this subsection shall be forwarded by registered mail to the place of business of the licensee, as shown in the license application or as amended on the license certificate in case of change of address subsequent to issuance of the license certificate.
Cross References.
Section 6218 is referred to in sections 6205, 6211, 6217, 6219, 6242, 6274 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6219 - Multiple places of business

§ 6219. Multiple places of business.
(a) License application.--
A separate license application under section 6212 (relating to initial license application) shall be filed for each place of business conducted by or to be established by a licensee within this Commonwealth.
(b) Bond.--
A bond under section 6213 (relating to bond) shall be filed for each place of business conducted by a sales finance company and a collector-repossessor within this Commonwealth.
(c) License fee.--
With respect to section 6214 (relating to license fees), a separate license fee in the same amount shall be paid for each place of business conducted by a licensee within this Commonwealth.
(d) Requirements.--
(1) Except as provided in paragraph (2), only one place of business may be operated under the same license.
(2) For an installment seller, only one license is required if:
(i) every place of business is conducted under one name; and
(ii) the business records are kept in one place.
(3) A licensee may operate more than one place of business only after performing the following actions:
(i) Filing an application for each additional place of business.
(ii) Furnishing a bond for each additional place of business in the case of a sales finance company and collector-repossessor.
(iii) Paying the respective license fee for each place of business.
(e) License suspension and revocation.--
(1) Subject to paragraph (2), the department may revoke or suspend only the particular license to which grounds exist under section 6218(a) (relating to revocation or suspension of license).
(2) If the department finds that grounds for revocation are of general application to all places of business or more than one place of business operated by a licensee, it may revoke all the licenses issued to the licensee or those licenses to which grounds exist.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6223 - Notice

§ 6223. Notice.
(a) Requirement.--
An installment sale contract shall contain the notice under subsection (b), which shall be printed directly above the space provided for the signature of the buyer.
(b) Form.--
(1) Except as provided in paragraph (2), the notice shall be in the following form:
NOTICE TO BUYER: Do not sign this contract in blank. You are entitled to an exact copy of the contract you sign. Keep it to protect your legal rights. Any holder of this consumer credit contract is subject to all claims and defenses which the buyer could assert against the seller of goods or services obtained pursuant hereto or with the proceeds hereof. Recovery hereunder by the buyer shall not exceed amounts paid by the buyer hereunder.
(2) In the notice, the words "lessee" or "mortgagor" may be substituted for the word "buyer," and the words "lease" or "mortgage" may be substituted for the word "contract."
Cross References.
Section 6223 is referred to in section 6222 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6224 - Itemization

§ 6224. Itemization.
Costs and charges under sections 6222 (relating to contents) and 6242 (relating to other costs included in amount financed) shall be separately itemized in an installment sale contract as to their nature and amounts.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6226 - Heavy commercial motor vehicle

§ 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 the contract, 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).
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6227 - Manufactured homes

§ 6227. Manufactured homes.
(a) Optional contract provisions.--
An installment sale contract for the sale of a manufactured home may:
(1) require the buyer to pay real estate taxes that may thereafter be levied upon the manufactured home and furnish the installment seller or holder with proof of payment of real estate taxes in the manner that the contract prescribes; and
(2) upon the buyer's failure to pay the real estate taxes or furnish the required proof of payment, allow the seller or holder to accelerate payments or repossess the manufactured home, or both.
(b) Sale.--
If the manufactured home is sold by a tax-levying unit of government for nonpayment of real estate taxes by the buyer, the following is not affected or divested:
(1) A lien or encumbrance contained in the title of the vehicle pursuant to 75 Pa.C.S. (relating to vehicles).
(2) An encumbrance filed of record against the vehicle under the provisions of 13 Pa.C.S. (relating to commercial code).
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6228 - Prohibited provisions

§ 6228. Prohibited provisions.
An installment sale contract may not contain any of the following:
(1) Blank spaces to be filled in after the contract has been signed, except regarding serial numbers or other identifying marks that are not available for description of the motor vehicle at the time of execution of the contract.
(2) An acceleration clause under which all or part of the time balance represented by payments not yet matured may be declared immediately payable because the installment seller or holder deems itself to be insecure. This paragraph does not apply to an acceleration clause authorizing the seller or holder to declare the entire time balance due and payable in case of any of the following:
(i) The buyer's default in the payment of one or more installment payments.
(ii) The buyer's failure to pay taxes levied against the motor vehicle.
(iii) The buyer's failure to furnish proof of payment of taxes levied against the motor vehicle.
(iv) Use of the motor vehicle for illegal purposes.
(v) The buyer's filing for bankruptcy.
(vi) The buyer's default in the payment of a cross-collateralized obligation.
(vii) The buyer's intentionally providing fraudulent and misleading information on a credit application.
(3) A provision authorizing a person acting on behalf of the seller or holder to enter upon the premises of the buyer unlawfully or to commit a breach of the peace in the repossession of the motor vehicle or collateral security.
(4) A provision whereby the buyer waives a right of action against the seller, holder, collector-repossessor or other person acting on behalf of the holder for an illegal act committed in the collection of payments under the contract or in the repossession of the motor vehicle or collateral security.
(5) A provision whereby the buyer executes a power of attorney appointing the seller, the holder, a collector-repossessor or the agent of any of them as the buyer's agent in the collection of payments under the contract or in the repossession of the motor vehicle or collateral security. This paragraph does not apply to a power of attorney issued by the buyer to an attorney at law to be used only in the collection of the obligation by legal process.
(6) A provision relieving the holder or other assignee from liability for legal remedies that the buyer may have had against the seller under the contract or a separate instrument executed in connection with the contract.
(7) A provision requiring or entailing the execution of a note or series of notes by the buyer, which when separately negotiated will extinguish as to third parties a right of action or defense that the buyer may have against the original seller.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6229 - Transfer

§ 6229. Transfer.
(a) Installment seller.--
An installment seller of a motor vehicle under an installment sale contract executed in this Commonwealth may not sell, transfer or assign the obligation represented by the contract to a person in this Commonwealth or elsewhere unless the person is licensed as a sales finance company under this chapter.
(b) Sales finance company.--
A sales finance company licensed under this chapter may not sell, transfer or assign the obligation represented by an installment sale contract executed in this Commonwealth, which it has lawfully acquired, to a person in this Commonwealth or elsewhere unless the person is licensed as a sales finance company under this chapter.
(c) Notice; effect on subsequent holder.--
If an installment sale contract is lawfully sold, transferred or assigned to a person who is licensed as a sales finance company under this chapter, the buyer's payment or tender of payment made to and service of notice on the last known holder is binding on a subsequent holder until the new holder furnishes to the buyer a written notice of the sale, transfer or assignment that sets forth the name and address of the new holder authorized to receive future payments on the contract.
(d) Default; notice; effect on subsequent holder.--
(1) If an installment sale contract lawfully acquired by a sales finance company is in default, the holder may resell, retransfer or reassign the contract to the installment seller from whom the contract was originally acquired.
(2) The buyer's payment or tender of payment made to and service of notice on the last known holder is binding on a subsequent holder until the new holder furnishes to the buyer a written notice of the resale, retransfer or reassignment that sets forth the following:
(i) The name and address of the new holder authorized to receive future payments on the contract.
(ii) The unpaid time balance.
(iii) The accrued late charges due under the contract.
(e) Applicability.--
(1) This section does not apply to an assignment of an aggregation of installment sale contracts:
(i) which is executed by a seller or sales finance company only as a security interest securing payment or performance of a bona fide commercial loan, obtained at lawful rates of interest from a person regularly engaged in the business of lending money on the security of the assigned collateral or amounts due pursuant to a security or debt instrument; and
(ii) under which, in the absence of default or other bona fide breach of the loan contract:
(A) ownership of the assigned contracts remains vested in the assignor; and
(B) collection of payments on the assigned contracts is made by the assignor.
(2) An assignment of an aggregation of loan contracts under this section may not be for the purpose of evading or circumventing the provisions of this chapter.
Cross References.
Section 6229 is referred to in section 6202 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6230 - Statement of account to buyer

§ 6230. Statement of account to buyer.
(a) Information to be included.--
At any time after the execution of an installment sale contract and within one year after the termination of the contract, a holder of the contract shall furnish to the buyer upon request a complete and detailed statement of account showing the following:
(1) All amounts paid by the buyer on account of the obligation, dates of payment and the allocation of the payments to the reduction of:
(i) Time balance.
(ii) Refinance charges.
(iii) Late charges.
(iv) Court costs.
(v) Attorney fees.
(vi) Costs of retaking, repairing and storing the motor vehicle.
(vii) Other costs permitted under the provisions of this chapter and the contract.
(2) All amounts credited to the buyer as rebates for prepayment and unexpired premiums on canceled insurance.
(3) The amount of the installment payments, accrued charges and expenses incurred, which are due and payable.
(4) The number, amount and due dates of installment payments to become due and payable.
(b) Copies.--
(1) The buyer shall be furnished with one statement of account without charge during the term of the contract or within one year after the termination of the contract.
(2) Upon request and payment of a reasonable fee not to exceed the cost of production, a holder shall furnish to the buyer an additional statement of account.
Cross References.
Section 6230 is referred to in sections 6222, 6254 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 12 - COMMERCE AND TRADE › Chapter 62 - Motor Vehicle Sales Finance › Section 6231 - Payment receipts

§ 6231. Payment receipts.
(a) When necessary.--
When payment is made on an installment sale contract, the person receiving the payment shall, at the time of receiving the payment, furnish a complete written payment receipt to the buyer or individual making the payment on behalf of the buyer if:
(1) the buyer requests such receipt; or
(2) payment is made in cash.
(b) Contents.--
The payment receipt shall contain the following:
(1) The date, amount and nature of the payment.
(2) An identification of the obligation to which the payment is applicable.
(3) The signature or initials of the person receiving the payment on behalf of the holder.
(4) The unpaid time balance remaining due after crediting the payment.
(5) The amount attributed to late charges, independent of the payment applied to the reduction of the time balance.
(c) Self-addressed stamped envelope.--
The holder may require the buyer to supply a self-addressed stamped envelope as a condition of mailing the receipt if the buyer:
(1) elects to make a payment by mail; and
(2) is previously notified of the need for the envelope.