Pennsylvania SB483 mandates financial disclosure for motor vehicle installment sales, including interest rate ranges and penalties for non-compliance.
Pennsylvania SB483 amends Title 12 to enhance transparency in motor vehicle installment sales. It requires installment sellers to provide a "FINANCIAL DISCLOSURE" to prospective buyers, detailing interest rate ranges and other financial terms. The disclosure must be simple, easy to read, and provided separately from other information. It also mandates that sellers explain the disclosure's purpose and keep signed copies. Violations result in fines up to $500 and are considered violations of the Unfair Trade Practices and Consumer Protection Law. The bill takes effect in 18 months.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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