On November 3, 2018, the Pennsylvania Department of Banking and Securities (the “Department”) adjusted the definition of “base figure” in the Pennsylvania Loan Interest and Protection Law.
The Department determined that the current base figure of $250,324, when adjusted for annual inflation using the Consumer Price Index, should be increased to $256,023 for the 2019 calendar year. The base figure is used to determine residential mortgage loans that are exempt from the maximum interest rate restrictions under the Pennsylvania Loan Interest and Protection Law. The revised base figure definition will go into effect on January 1, 2019.
The Department’s notice can be found here.