Minnesota Interest Rates Laws
|Legal Maximum Rate of Interest||6% legal rate; written contract up to 8% (§334.01)|
|Penalty for Usury (Unlawful Interest Rate)||Contract for greater interest void (§§47.20; 334.03); payor may recover full interest and premiums paid with costs (§334.02); usurious interest by banks, savings and loans and credit unions results in forfeitures of all interest and payor may recover twice interest paid (§48.196)|
|Interest Rates on Judgments||Determined on or before December 20 of prior year by state court, administrator based on secondary market yield (§549.09)|
|Exceptions||State banks/savings associations (§48.195); state credit union (§52.14); dealers under Securities Exchange Act (§334.19); mortgage loans (§47.204); business and agricultural loans (§334.011). Plans subject to provisions of Employee Retirement Income Security Act of 1974 (§334.01); loans secured by savings accounts (§334.012)|
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