334.01 RATE OF INTEREST. Subdivision 1. General. The interest for any legal indebtedness shall be at the rate of $6 upon $100 for a year, unless a different rate is contracted for in writing. No person shall directly or indirectly take or receive in money, goods, or things in action, or in any other way, […]
334.011 RATES OF INTEREST; BUSINESS AND AGRICULTURAL LOANS. Subdivision 1. Permitted rate. Notwithstanding the provisions of any law to the contrary a person may, in the case of a contract for the loan or forbearance of money, goods, or other things in action in an amount of less than $100,000 for business or agricultural purposes, […]
334.012 RATES OF INTEREST; LOANS SECURED BY SAVINGS ACCOUNTS. Notwithstanding the provisions of section 334.01, a financial institution may, in the case of a loan or forbearance of money, goods, or things in action, secured by a savings or time deposit account owned by the borrower, charge interest at a rate of not more than […]
334.02 USURIOUS INTEREST; RECOVERY. Every person who for any such loan or forbearance shall have paid or delivered any greater sum or value than in section 334.01 allowed to be received may, personally or through personal representatives, recover in an action against the person who shall have received the same, or the receiver’s personal representatives, […]
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, […]
334.03 USURIOUS CONTRACTS INVALID; EXCEPTIONS. All bonds, bills, notes, mortgages, and all other contracts and securities, and all deposits of goods, or any other thing, whereupon or whereby there shall be reserved, secured, or taken any greater sum or value for the loan or forbearance of any money, goods, or things in action than prescribed, […]
334.04 OFFENDERS TO ANSWER ON OATH. Every person offending against the provisions of this chapter shall be compelled to answer, on oath, the complaint in any action brought against that person in the district court of the proper county for the discovery of any sum of money, goods, or things in action so taken, accepted, […]
334.05 USURIOUS CONTRACTS; CANCELLATION. When it satisfactorily appears to a court that any bond, bill, note, assurance, pledge, conveyance, contract, security, or evidence of debt is void under the provisions of this chapter it shall declare the same to be void, enjoin any proceeding thereon, and order it to be canceled and given up. History: […]
334.06 AGREEMENTS TO SHARE PROFITS; BANKS FOR FARM COOPERATIVES. Nothing in this chapter shall be construed as in any way affecting any contract whereby one party advances money to be used in business or other ventures mutually determined upon, and whereby the party receiving such money agrees to refund the same, with lawfully stipulated interest, […]
334.061 AGRICULTURAL CREDIT CORPORATIONS; INTEREST RATE LIMITATIONS. A state chartered agricultural credit corporation operating under United States Code, title 12, sections 1401, 1402, 1403, and 1404 may make a charge on its loans at a rate of not more than 4-1/2 percent in excess of the discount rate on 90-day commercial paper in effect at […]
334.062 AGRICULTURAL COOPERATIVES AND FARM SUPPLY. Notwithstanding sections 334.01 and 334.011, a cooperative organized for agricultural purposes under chapter 308A, or a similar statute of another state and registered to conduct business in this state, and other persons or entities engaged in an agricultural retail or farm supply business, may impose, charge, and collect a […]
334.10 DAMAGES ON INTERNATIONAL BILLS. When any bill of exchange, drawn or endorsed in the state and payable without the United States, is duly protested for nonacceptance or nonpayment, the party liable for the contents thereof, on due notice and demand, shall pay the same at the current rate of exchange at the time of […]
334.11 RATE OF DAMAGE ON INTERSTATE BILLS. When any bill of exchange, drawn upon any person out of the state but within the United States, is duly presented for acceptance or payment, and is protested for nonacceptance or nonpayment, the drawer or endorser thereof, after due notice of such dishonor, shall pay the bill according […]
334.16 FINANCE CHARGES FOR OPEN END CREDIT SALES. Subdivision 1. Limitation of rates. The imposition, charge or collection of a finance charge upon an account balance by a seller of goods, services or both shall be lawful, provided that: (a) The sale is a consumer credit sale pursuant to an open end credit plan, agreement […]
334.17 PRIOR OPEN END CREDIT SALES AND AGREEMENTS CONFIRMED. Open end consumer credit sales plans, agreements and arrangements and sales pursuant thereto made prior to August 1, 1971, shall be enforceable by the buyer and the seller, the defense of usury shall not be interposed in any action thereon and no action shall be maintained […]
334.171 OPEN END CREDIT PLANS; DELINQUENCIES AND COLLECTION CHARGES. If an open end credit plan, agreement, or arrangement between the buyer and seller so provides, a seller or holder may collect a delinquency and collection charge on each installment in arrears for a period of not less than ten days in an amount not in […]
334.18 PENALTIES FOR VIOLATIONS. Any seller who violates any provision of sections 334.16 to 334.18, except as a result of an unintentional act or bona fide error, shall forfeit to the buyer three times any finance charge imposed, charged or collected under or in connection with the related open end credit plan, agreement or arrangement […]
334.19 INTEREST RATES ON MARGIN ACCOUNTS. Subject to the provisions of chapter 80A, no law in this state prescribing or limiting interest rates upon loans applies to interest charged by a broker or dealer registered under the Securities Exchange Act of 1934, as amended, for carrying a debit balance including a debit balance arising out […]
334.20 USURIOUS INTEREST; DETERMINATION AT TIME OF CONTRACT. The law existing at the time of a contract for the loan or forbearance of money, goods, or services, or things in action shall determine whether the interest charged on the loan or forbearance exceeded the maximum statutory interest rate, and the penalty for exceeding the maximum […]
334.21 MOTOR VEHICLE LEASE AGREEMENTS. A motor vehicle lease agreement may include the outstanding balance from a prior motor vehicle loan or lease. History: 1999 c 151 s 47
