Dollar amounts indexed in the Regulated Loan Act, Minnesota Statutes, Chapter 56, and the Minnesota Consumer Credit Code, Minnesota Statutes, Section 47.59, will increase 10% effective July 1, 2012.  Minnesota Statutes, Sections 47.59, subdivision 3(i), and 56.131, subdivision 4, provide for periodic adjustment in dollar amounts, effective on July 1 of even-numbered years, based on a percentage change in the Implicit Price Deflator for the Gross Domestic Product.

Statute establishes that the percentage change in the reference base index be 10% or more in order to adjust the dollar amounts.  The portion of the percentage change in the index in excess of a multiple of ten percent is to be disregarded, and the dollar amounts shall change only in multiples of ten percent.  Information provided by the U.S. Department of Commerce, Bureau of Economic Analysis indicates a percentage change from the revised reference base to be 51% calculated to the nearest whole percentage point as required.  The index for December 1991 is the reference base index for adjustments, with 1987 = 100.  The index was revised nationally to 2005 = 100.  The rebased index for December 1991 is 75.569, increasing to 113.946 in December 2011, for a change of 50.78%, when rounded to the nearest whole percentage point is 50%.  As indexed dollar amounts have increased by 40% in prior years, they will increase 10% effective July 1, 2012, with the new amounts listed on the following chart.

The history of dollar amounts at various dates is available by reviewing prior official notices, or within the Commerce Department's web site www.commerce.state.mn.us. The original and current dollar amounts are as follows: