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 the greater of two percent in excess of the rate of interest payable on the savings or time deposit account or the contracted rate authorized in section 334.01, subdivision 1. For purposes of this section, "financial institution" means a bank, savings bank, trust company, mutual savings bank, or savings association organized under the laws of this state or the United States and having its main office in this state.
1978 c 643 s 1; 1995 c 202 art 1 s 25
Structure Minnesota Statutes
Chapters 324 - 341 — Trade Regulations, Consumer Protection
Chapter 334 — Money, Rates Of Interest
Section 334.01 — Rate Of Interest.
Section 334.011 — Rates Of Interest; Business And Agricultural Loans.
Section 334.012 — Rates Of Interest; Loans Secured By Savings Accounts.
Section 334.02 — Usurious Interest; Recovery.
Section 334.022 — Credit To Organizations.
Section 334.03 — Usurious Contracts Invalid; Exceptions.
Section 334.04 — Offenders To Answer On Oath.
Section 334.05 — Usurious Contracts; Cancellation.
Section 334.06 — Agreements To Share Profits; Banks For Farm Cooperatives.
Section 334.061 — Agricultural Credit Corporations; Interest Rate Limitations.
Section 334.062 — Agricultural Cooperatives And Farm Supply.
Section 334.10 — Damages On International Bills.
Section 334.11 — Rate Of Damage On Interstate Bills.
Section 334.16 — Finance Charges For Open End Credit Sales.
Section 334.17 — Prior Open End Credit Sales And Agreements Confirmed.
Section 334.171 — Open End Credit Plans; Delinquencies And Collection Charges.
Section 334.18 — Penalties For Violations.
Section 334.19 — Interest Rates On Margin Accounts.
Section 334.20 — Usurious Interest; Determination At Time Of Contract.