(a) Compliance with law.--The following shall comply with the act of September 2, 1961 (P.L.1232, No.540), known as the Model Act for the Regulation of Credit Life Insurance and Credit Accident and Health Insurance:
(1) The seller and buyer, if:
(i) the cost of the insurance is included in the closed-end credit agreement; and
(ii) a separate charge is made to the buyer for the insurance.
(2) The seller or holder, if the insurance is to be procured by the seller or holder under an open-end credit agreement.
(b) Separate charge; agreement.--
(1) If the cost of insurance is to be separately charged to the buyer under an open-end credit agreement, the buyer and seller must so specify in a signed agreement.
(2) A copy of the agreement under paragraph (1) shall be given or furnished to the buyer.
(3) The agreement shall state whether the insurance is to be procured by the buyer, seller or holder.
Cross References. Section 6342 is referred to in sections 6302, 6327, 6347 of this title.
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