{"data":{"id":"us-pa/12-pa.c.s.-6345","jurisdiction":"us-pa","citation":"12 Pa.C.S. § 6345","heading":"Finance charges.","body":"(a) General rule.--Pursuant to this section and the provisions of a closed-end credit agreement or an open-end credit agreement, a seller and holder may charge, receive and collect a finance charge.\n(b) Closed-end credit agreement.--A finance charge under a closed-end credit agreement shall be:\n(1) measured for a period between the date of the agreement and the due date of the last installment; and\n(2) calculated for the period according to the actuarial method or the United States Rule method, at a rate agreed to by the buyer and the seller or holder.\n(c) Open-end credit agreement.--\n(1) Except as provided in paragraph (2), a finance charge on an open-end credit agreement:\n(i) shall be computed based on the outstanding monthly balances; and\n(ii) may not exceed the rate agreed to by the buyer and the seller or holder.\n(2) A minimum finance charge of $1 per month may be made for each month, if the finance charge so computed is less than that amount.","path":["Title 12 - COMMERCE AND TRADE","PART V CONSUMER CREDIT","CHAPTER 63 GOODS AND SERVICES INSTALLMENT SALES","SUBCHAPTER D COSTS AND CHARGES"],"source_url":"https://www.palegis.us/statutes/consolidated/view-statute?txtType=HTM\u0026ttl=12\u0026div=0\u0026chpt=63\u0026sctn=45\u0026subsctn=0","current_through":"2026-08-31 (Statute Update stamp, 12 Pa.C.S.)","vintage":"","retrieved_at":"2026-09-02T16:30:58Z","sha256":"47cbe5b70cecee300e9210d1c55778222603ee79be3c0e7e5e28bca7c8d9fa87","source_id":"us-pa","stale":false,"prev":"us-pa/12-pa.c.s.-6344","next":"us-pa/12-pa.c.s.-6346"},"notice":"GroundRules: Original legal text. Not legal advice."}