Pennsylvania Personal Loan Laws and Regulations in (PA)

(last updated 01/02/2018)
ARTICLE II MAXIMUM LAWFUL INTEREST RATE Section 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 ($50,000) or less in all cases where no express contract shall have been made for a less rate shall be six per cent per annum. (b) The maximum lawful rate of interest set forth in this section shall not apply to: (i) an obligation to pay a sum of money in an original bona fide principal amount of more than fifty thousand dollars ($ 50,000); (ii) an unsecured, noncollateralized loan in excess of thirty-five thousand dollars ($ 35,000); or (iii) business loans of any principal amount. Section 202. Legal Rate of Interest. Reference in any law or document enacted or executed heretofore or hereafter to "legal rate of interest" and reference in any document to an obligation to pay a sum of money "with interest" without specification of the applicable rate shall be construed to refer to the rate of interest of six per cent per annum. ARTICLE III EXCEPTIONS TO MAXIMUM LAWFUL INTEREST RATE
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Pennsylvania, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Pennsylvania Department of Banking.
The following classes of lending organizations may be exempt from some, all, or none of the regulations and laws set by the state of Pennsylvania. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.

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Pennsylvania Personal Loan Lending Regulator (PA)

Regulating Authority
Pennsylvania Department of Banking
17 North Second Street
Suite 1300
Harrisburg, PA 17101

Agency for Handling Complaints
Pennsylvania Department of Banking and Securities
Consumer Services Division
17 North Second Street Suite 1300
Harrisburg , PA 17101-2290
1-800-PA-BANKS, or (717) 787-1854


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