Pennsylvania has an Interest Rate law that sets the interest rates that a Creditor may charge, setting 6% as the “Legal Rate.” There are a variety of other rates based on various laws both State and Federal as well as exemptions from rate restrictions that can come into play.
Fixing the correct rate and defending against a contention that the Interest Rate charged is “usurious” requires a knowledge both of State and Federal law and regulations. It requires the ability to explain the difference between the "Disclosed Annual Percentage Rate" and the "Interest Rate" or the basis for the 1.5% month rate found on many invoices.
Attorney Tom Reilly has successfully addressed these issues in litigation throughout his career. He has assisted Creditors in establishing the necessary prerequisites to charging the appropriate and desirable interest in their transactions.