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Secretarys Letter - Motor Vehicle Sales Finance

Secretary’s Letters are not intended as and do not constitute legal advice.  Please keep in mind that these letters contain generalizations regarding the applicable law discussed herein and are therefore not inclusive of all of the law’s provisions, conditions, exceptions, and details.  It is critically important for you to read the applicable law and seek guidance from your legal counsel regarding the effects of the law on your business operations. NOTE: most links on this page are to PDF documents.

Secretary's Letter on Cybersecurity (PDF)
The Department continues to work collaboratively with federal regulators, other states financial regulators, and other Commonwealth agencies to address cybersecurity challenges.

Updated Motor Vehicle Sales Finance Act (PDF)
On December 1, 2014, Act 98 of 2013 (the “Act”), which created a codified Consumer Credit Code, will become effective. Contained within the Consumer Credit Code is an updated, modernized and consolidated Chapter 62 that governs motor vehicle sales finance (“MVSF”). This chapter repeals and replaces the existing Motor Vehicle Sales Finance Act (“MVSFA”) on December 1, 2014.
Computation of Finance Charge (PDF)
Secretary’s Letter discusses methods of computation of finance charge under MVSFA.