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§ 201. Maximum lawful interest rate

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 41 P.S. InterestEffective: September 8, 2008

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 41 P.S. Interest (Refs & Annos)
Maximum Interest Rates (Refs & Annos)
Article II. Maximum Lawful Interest Rate
Effective: September 8, 2008
41 P.S. § 201
§ 201. Maximum lawful interest rate
(a) Except as provided in Article III of this act, the maximum lawful rate of interest for the loan or use of money in an amount of fifty thousand dollars ($50,000) or less in all cases where no express contract shall have been made for a less rate shall be six per cent per annum.
(b) The maximum lawful rate of interest set forth in this section shall not apply to:
(1) an obligation to pay a sum of money in an original bona fide principal amount of more than fifty thousand dollars ($50,000);
(2) an unsecured, noncollateralized loan in excess of thirty-five thousand dollars ($35,000); or
(3) business loans of any principal amount.

Credits

1974, Jan. 30, P.L. 13, No. 6, § 201, imd. effective. Amended 2008, July 8, P.L. 824, No. 57, § 2, effective in 60 days [Sept. 8, 2008].
HISTORICAL AND STATUTORY NOTES
Act 1974-6 legislation
For effective date of Act 1974, Jan. 30, No. 6 and powers of secretary of banking; see § 605 of this title.
41 P.S. § 201, PA ST 41 P.S. § 201
Current through 2018 Regular Session Acts 1 to 87, 89 to 94, 97, 105, 107, 108, 111, 115, 124, 128, 131 to 133, 145, 153, 156, 158, 159, 161, 163 and 164
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