After January 1, 2020, if two or more emergency medical services companies consolidate their use of facilities, equipment and services, the consolidated entity may, upon notification of the commissioner, be eligible for a reduction of the interest rate payable on any outstanding principal balance owed, as of the date of consolidation, by any or all of the consolidating companies to the Fire and Emergency Medical Services Loan Fund for loans made under Subchapter E of Chapter 73 (relating to Fire and Emergency Medical Services Loan Program). The reduction in the interest rate payable shall be from 2% to 1%. Upon receipt of such notification, the commissioner shall determine and verify that the consolidated entity is in fact a bona fide consolidated emergency medical services company. If the commissioner determines that the consolidated entity is a bona fide consolidated emergency medical services company, the commissioner shall reduce the interest rate payable on any outstanding principal balance owed to the Fire and Emergency Medical Services Loan Fund for loans made under Subchapter E of Chapter 73, for which the consolidating companies or the te payable on any outstanding principal balance owed to the Fire and Emergency Medical Services Loan Fund for loans made under Subchapter E of Chapter 73, for which the consolidating companies or the consolidated entity may be individually or jointly responsible. The commissioner may promulgate such rules and regulations as may be necessary to carry out the provisions of this section. (Oct. 29, 2020, P.L.739, No.91, eff. 60 days) 2020 Amendment. Act 91 added section 7824.
Pennsylvania Legal Code