2025 Session
Last amended: 2002 session
§ 334.022 — Credit to Organizations
Plain-Language Summary
There are no limits on interest rates, fees, or finance charges for credit extended to organizations. This includes corporations, government entities, trusts, estates, partnerships, joint ventures, cooperatives, LLCs, and associations.
334.022 CREDIT TO ORGANIZATIONS.
Notwithstanding any law to the contrary, no limitation on the rate or amount of interest, points, finance charges, fees, or other charges applies to an extension of credit to an organization, and any such extension of credit is exempt from the other provisions of this chapter. “Organization” means a corporation, government, government subdivision or agency, trust, estate, partnership, joint venture, cooperative, limited liability company, or association.
History:
History: History:
2002 c 342 s 10
Practical Notes
This exemption means that Minnesota’s usury laws only protect individual consumers, not business entities. If you are borrowing as a corporation, LLC, partnership, or other organization, the lender can charge any interest rate.