(A) Effective July 1, 2021, and each fifth July first thereafter, the dollar amounts in Section 40-39-50(A)(1) and the dollar amounts concerning loans in Section 40-39-100 must be adjusted by the department to reflect the percentage change for the five-year period in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor.
(B) The administrator shall publish a notice in the State Register of the changes in dollar amounts before May first of each year in which dollar amounts are to change. A person must not be considered to violate the provisions of this chapter with respect to a transaction otherwise complying with those provisions if he relies on dollar amounts appearing in the last notice of the administrator announcing the dollar amounts current at that time.
(C) The dollar amounts may not change more than ten percent for each adjustment period.
(D) The dollar amounts in Section 40-39-50(A)(1) and Section 40-39-100(C) are subject to change in accordance with this section.
HISTORY: 2016 Act No. 262 (H.4090), Section 1, eff June 9, 2016.