(a) Requirement. Each fiscal year, the Controller shall adjust all fees set forth in this title based on the methodology set forth in subsection (b).
(b) Method of adjustment. The base for computing an adjustment is the January Consumer Price Index - All Urban Consumers for the United States, published by the United States Department of Labor, Bureau of Labor Statistics. The initial index to be referenced is January, 2002. Beginning in January, 2003, a percentage change shall be calculated between the current year index and the base year index. All fees shall be adjusted by the percentage change in the index rounded to the nearest dollar, and the adjustments automatically shall be effective on the first day of July for each fiscal year.
(c) Index. If the index is changed so that the base year is different, the index shall be converted in accordance with the conversion factor published by the United States Department of Labor, Bureau of Labor Statistics. If the index is discontinued or revised, the government index or computation with which it is replaced shall be used to obtain substantially the same result as would have been obtained if the index had not been discontinued or revised.
(1985 Code, Art. 25, § 25-3-104) (Bill No. 15-02; Bill No. 63-04)