Pennsylvania updates “base figure” definition under the Loan Interest and Protection Law
Pennsylvania adjusted its definition of “base figure” under the Loan Interest and Protection Law.
“The Department of Banking and Securities (Department), as required by the definition of “base figure” in section 101 of the act of January 30., 1974 (P.L. 13, No. 6) (41 P. S. § 101), known as the Loan Interest and Protection Law, is publishing the following notice regarding the inflation adjusted base figure for the calendar year 2017. The Department has determined that the current base figure of $241,324 adjusted for annual inflation using the “Consumer Price Index–All Urban Consumers: U.S. All Items 1982-84 = 100” published by the United States Department of Labor Bureau of Labor Statistics results in a base figure of $244,856. This new base figure will be effective January 1, 2017 for the calendar year 2017.”
Comments are closed.