§ 24-4.5-1-106 — Adjustment of dollar amounts

Indiana § 24-4.5-1-106

• Jurisdiction: Indiana
• Art. 4.5: UNIFORM CONSUMER CREDIT CODE
• Ch. 1: General Provisions and Definitions

Text

(1) The dollar amounts in this article
designated as subject to change shall change, as provided in this
section, according to the Consumer Price Index for Urban Wage
Earners and Clerical Workers: U.S. City Average, All Items, 1957-59
equals 100, compiled by Bureau of Labor Statistics, United States
Department of Labor, and referred to in this section as the Index. The
Index for October, 1971, is the Reference Base Index.
(2) The dollar amounts shall change on January 1 of each
odd-numbered year if the percentage of change, calculated to the
nearest whole percentage point, between the Index at the end of the
preceding odd-numbered year and the Reference Base Index is ten
percent (10%) or more, except that:
(a) the portion of the percentage change in the Index in excess of
a multiple of ten percent (10%) shall be disregarded and the
dollar amounts shall change only in multiples of ten percent
(10%) of the amounts on March 5, 1971;
(b) the dollar amounts shall not change if the amounts required by
this section are those currently in effect pursuant to this article as
a result of earlier application of the section; and
(c) in no event shall the dollar amounts be reduced below the
amounts appearing in this article on March 5, 1971.
(3) If the Index is revised after December 1967, the percentage of
change shall be calculated on the basis of the revised Index. If the
revision of the Index changes the Reference Base Index, a revised
Reference Base Index shall be determined by multiplying the
Reference Base Index by the ratio of the revised Index to the current
Index, as each was for the first month in which the revised Index is
available. If the Index is superseded, the Index is the one represented
by the Bureau of Labor Statistics as reflecting most accurately changes
in the purchasing power of the dollar for consumers.
(4) The department shall issue a rule under IC 4-22-2 announcing:
(a) sixty (60) days before January 1 of each odd-numbered year
in which dollar amounts are to change, the changes in dollar
amounts required by subsection (2); and
(b) promptly after the changes occur, changes in the Index
required by subsection (3), including, when applicable, the
numerical equivalent of the Reference Base Index under a revised
Reference Base Index and the designation or title of any index
superseding the Index.
(5) A person does not violate this article through a transaction
otherwise complying with this article if the person relies on dollar
amounts either determined according to subsection (2) or appearing in
the last rule of the department announcing the then current dollar
amounts.
Formerly: Acts 1971, P.L.366, SEC.2; Acts 1972, P.L.182,
SEC.1; Acts 1972, P.L.182, SEC.2. As amended by P.L.152-1986,
SEC.58; P.L.3-1990, SEC.84; P.L.14-1992, SEC.3; P.L.1-1994,
SEC.117; P.L.122-1994, SEC.2; P.L.140-2013, SEC.18; P.L.85-2020,
SEC.1; P.L.93-2024, SEC.171.