69 P.S. § 629 Payment Receipts

• Library: Pennsylvania Statutes
• Edition: 2023
• Currency: Current through P.A. Acts 2023-27
• Year: 2023
• Citation: 69 P.S. § 629

A. Whenever payment is made on account of any installment sale contract, the person receiving such payment shall, at the time of receiving such payment, furnish to the buyer or to the person making the payment on behalf of the buyer, a complete written receipt therefor, if requested, or payment is made in cash.

B. Such receipt shall show the date of payment, the amount of the payment, the nature of the payment, shall identify the obligation to which such payment is applicable, and shall be signed or initialed by the person receiving the payment on behalf of the holder.

C. When issued for payments made at the designated licensed office of the holder or mailed to such office, which payments are applied to reduction of the time balance, such receipt shall, if requested by the buyer, also set forth the unpaid time balance remaining due after crediting such payment. If such payment includes default charges, authorized by this act, the amount of such default charges shall be set forth on the receipt independently of the payment applied to reduction of the time balance.