2025 Session
Last amended: 1999 session
§ 47.203 — Federal Preemption Override
Plain-Language Summary
Minnesota opted out of the federal law that removed state interest rate limits on certain loans made after June 2, 1981.
47.203 FEDERAL PREEMPTION OVERRIDE.
The provisions of Public Law 96-221, title V, part A, section 501(a)(1) (United States Code, title 12, section 1735f-7a), do not apply with respect to a loan, mortgage, credit sale or advance made in this state after June 2, 1981, nor with respect to a loan, mortgage, credit sale or advance secured by real property located in this state and made after June 2, 1981.
History:
1980 c 599 s 4; 1980 c 604 s 4; 1981 c 351 s 11; 1Sp1981 c 4 art 1 s 47; 1999 c 151 s 9
History: History: 1980 c 599 s 4; 1980 c 604 s 4; 1981 c 351 s 11; 1Sp1981 c 4 art 1 s 47; 1999 c 151 s 9
Practical Notes
Unlike many states, Minnesota kept its own interest rate limits on loans instead of following the federal override.