Chapter 334 — Rate of Interest

334.01 Rate of Interest The default interest rate in Minnesota is 6% per year. The maximum rate anyone can charge is 8% per year, unless a … 334.011 Rates of Interest; Business and Agricultural Loans For business and farm loans under $100,000, lenders can charge up to 4.5% above the Federal Reserve discount rate. If a … 334.012 Rates of Interest; Loans Secured by Savings Accounts When you borrow money using your own savings account as collateral, a Minnesota bank can charge interest at up to 2% … 334.02 Usurious Interest; Recovery If you paid more interest than the law allows, you can sue to get back the full amount of excess interest you paid. You … 334.021 This section has been repealed. It was removed from Minnesota law by the legislature in 2002. 334.022 Credit to Organizations There are no limits on interest rates, fees, or finance charges for credit extended to organizations. This includes … 334.03 Usurious Contracts Invalid; Exceptions Any loan contract that charges more interest than allowed by law is void and unenforceable, except for someone who … 334.04 Offenders to Answer on Oath Anyone who violates the usury laws can be forced to answer questions under oath in a lawsuit filed in district court. … 334.05 Usurious Contracts; Cancellation When a court finds that a loan contract is void because it charges illegal interest, the court must declare it void, … 334.06 Agreements to Share Profits; Banks for Farm Cooperatives The usury laws do not apply to business investment agreements where one person provides money for a venture and the … 334.061 Agricultural Credit Corporations; Interest Rate Limitations State-chartered agricultural credit corporations can charge interest on loans at up to 4.5% above the Federal Reserve … 334.062 Agricultural Cooperatives and Farm Supply Agricultural cooperatives and farm supply businesses can charge finance charges of up to 1.5% per month (18% per year) … 334.07 This section has been repealed. It was removed from Minnesota law by the legislature in 1955. 334.08 This section has been repealed. Its subject matter was superseded by the Uniform Commercial Code (Chapter 336). 334.09 This section has been repealed. Its subject matter was superseded by the Uniform Commercial Code (Chapter 336). 334.10 Damages on International Bills When a bill of exchange written or endorsed in Minnesota and payable in a foreign country is not accepted or not paid, … 334.11 Rate of Damage on Interstate Bills When a bill of exchange drawn on someone in another U.S. state is not accepted or paid, and it is properly protested, … 334.115 This section has been repealed and is no longer in effect. 334.12 This section has been repealed. Its subject matter was superseded by the Uniform Commercial Code (Chapter 336). 334.13 This section has been repealed. Its subject matter was renumbered to section 335.042. 334.14 This section has been repealed. Its subject matter was renumbered to section 335.043. 334.15 This section has been repealed. Its subject matter was renumbered to section 335.044. 334.16 Finance Charges for Open End Credit Sales Sellers can charge finance charges on open-end consumer credit accounts (like store credit cards) at up to 1.5% per … 334.17 Prior Open End Credit Sales and Agreements Confirmed Open-end consumer credit agreements made before August 1, 1971 are enforceable, and borrowers cannot claim usury on … 334.171 Open End Credit Plans; Delinquencies and Collection Charges Sellers with open-end credit plans can charge a delinquency and collection fee on late payments that are at least 10 … 334.18 Penalties for Violations A seller who violates the open-end credit rules must pay the buyer three times the finance charges they collected as a … 334.19 Interest Rates on Margin Accounts Minnesota's interest rate limits do not apply to margin accounts at registered broker-dealers. This means brokers can … 334.20 Usurious Interest; Determination at Time of Contract Whether a loan's interest rate is legal is judged by the law in effect when the loan was made, not by later changes in … 334.21 Motor Vehicle Lease Agreements A motor vehicle lease agreement can include the remaining balance from a previous car loan or lease. This means you can … 335.042 This section has been repealed. Its subject matter was superseded by the Uniform Commercial Code (Chapter 336). 335.043 This section has been repealed. Its subject matter was superseded by the Uniform Commercial Code (Chapter 336). 335.044 This section has been repealed. Its subject matter was superseded by the Uniform Commercial Code (Chapter 336).