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Minnesota Interest Rates Laws

More Information on Interest Rate Laws

Legal Maximum Rate of Interest6% 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 JudgmentsDetermined on or before December 20 of prior year by state court, administrator based on secondary market yield (§549.09)
ExceptionsState 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)

Note: State laws are constantly changing -- contact an attorney or conduct your own legal research to verify the state law(s) you are researching.

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