(a) Right to new payment schedule.--If a closed-end credit agreement provides for the payment of an installment that is more than double the amount of the average of the preceding installments, the buyer upon default of this installment shall have an absolute right to obtain a new payment schedule.
(b) Payments.--Unless agreed to by the buyer, the periodic payments under the new schedule may not be greater than the average of the preceding installments.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Chapter 63 - Goods and Services Installment Sales
Section 6301 - Scope of chapter
Section 6305 - Prohibited activities and provisions
Section 6308 - Attorney fees and costs
Section 6309 - Repossession; acceleration; right to cure
Section 6312 - Discharge of obligation
Section 6313 - Prepayment of obligation
Section 6314 - Acknowledgment of payment in full
Section 6323 - Copy of agreement
Section 6324 - Agreement resulting from telephone or mail communications
Section 6325 - Purchase money loan; notice
Section 6326 - Statement to buyer
Section 6328 - New payment schedule
Section 6333 - Applicability and effect of subchapter
Section 6344 - Costs of collection
Section 6345 - Finance charges
Section 6346 - Costs from nonaffiliated entity
Section 6347 - Extension and deferment
Section 6348 - Interest rate after maturity
Section 6351 - Willful and intentional violations
Section 6352 - Noncompliance; costs and charges