Subdivision 1. [Repealed, 1982 c 494 s 5]
Subd. 1a. Authorized rate of interest charged by banks or banking associations. A bank organized under the laws of this state, or a national banking association doing business in this state, making a loan of money not exceeding $35,000 repayable in installments, may charge, at the time the loan is made, a rate of interest upon the unpaid principal balance of the amount financed of 12 percent a year, or the rate of interest authorized by section 48.195, whichever is greater. If the rate of interest charged is permitted by section 48.195 at the time the loan is made, the rate does not later become usurious because of a fluctuation in the federal discount rate.
Subd. 2. Terms of bank loans. Installment payments on loans made pursuant to this section by a bank or national banking association shall not extend beyond a period of 12 years and 32 days from the date of the loan. The loan may be secured by a mortgage, pledge, or other collateral.
Subd. 3. [Repealed, 1982 c 494 s 5]
Subd. 3a. Authorized rate of interest charged by savings banks or associations. A savings bank organized under chapter 50, a savings association subject to the provisions of sections 51A.01 to 51A.57, or a savings association chartered under the laws of the United States, that has its principal place of business in this state, may make a loan for consumer purposes to a natural person in an amount not exceeding $25,000 repayable in installments, and may charge a rate of interest upon the unpaid principal balance of the amount financed of 12 percent a year, or the rate of interest authorized by section 48.195, whichever is greater. If the rate of interest charged is permitted by section 48.195 at the time the loan is made, the rate does not later become usurious because of a fluctuation in the federal discount rate.
Subd. 4. Terms of savings association loans. Installment payments on loans made pursuant to this section by a savings bank, a savings association subject to the provisions of sections 51A.01 to 51A.57, or a savings association chartered under the laws of the United States shall not extend beyond a period of 12 years and 32 days from the date of the loan. The loan may be secured by a mortgage, pledge, or other collateral.
Subd. 5. Charges. Charges in reference to installment loans under this section shall be computed and collected only on the unpaid principal balance of the amount financed actually outstanding. One day's finance charge means an amount equal to 1/365 of the per annum rate provided for in an installment loan. If the total finance charge determined on an installment loan, single payment or demand loan shall be less than $10 the amount charged may nevertheless be $10. No loan shall be made pursuant to this section if over 50 percent of the proceeds of the loan are used to finance the purchase of a borrower's primary residence other than a manufactured home.
1945 c 544 s 1; 1947 c 314 s 1; 1955 c 616 s 1; 1957 c 916 s 1; 1961 c 298 s 7; 1963 c 577 s 1; 1973 c 511 s 1; 1976 c 196 s 2; 1977 c 350 s 2; 1980 c 522 s 1; 1980 c 606 s 1; 1981 c 365 s 9; 1982 c 494 s 1,2; 1995 c 202 art 1 s 25; 1996 c 414 art 1 s 14; 1997 c 157 s 67; 1998 c 260 s 1
Structure Minnesota Statutes
Section 48.02 — Capital And Surplus; Prepayment Of Capital.
Section 48.032 — Preemptive Rights.
Section 48.033 — State Banks, Liability Of Shareholders.
Section 48.04 — Increase And Reduction Of Capital.
Section 48.05 — Capital Not To Be Withdrawn; Dividends.
Section 48.055 — Issuance Of Preferred Stock, Conditions.
Section 48.056 — Reverse Stock Split.
Section 48.06 — Board Of Directors.
Section 48.07 — Officers; Appointment, Removal.
Section 48.08 — Directors And Officers, Restricted Use Of Bank Funds; Dealings With Bank.
Section 48.09 — Dividends; Surplus.
Section 48.10 — Annual Audit; Report.
Section 48.11 — Contracts, How Made.
Section 48.12 — Bonds Of Officers And Employees.
Section 48.13 — Conditions Of Bonds.
Section 48.14 — Examinations, Reports To Show Names Of Bonded Officers And Employees.
Section 48.15 — Special Powers.
Section 48.151 — Additional Powers.
Section 48.152 — State Bank Acquisition And Leasing Of Personal Property.
Section 48.153 — Installment Loans; Finance Charges; Minimum Charges.
Section 48.154 — Prepayment, Extension Of Terms.
Section 48.155 — Allowable Additional Charges.
Section 48.156 — Loan Due On Default.
Section 48.157 — Copy Of Note To Borrower.
Section 48.158 — Settlement Of Checks At Less Than Par.
Section 48.16 — Banks May Not Pledge Assets; Exceptions.
Section 48.17 — Powers Of Officers Or Employees.
Section 48.18 — Pledges Or Liens Of Assets Subject To Prior Liens.
Section 48.185 — Open End Loan Account Arrangements.
Section 48.194 — Installment Sales Contracts; Loans.
Section 48.195 — Interest Rates; Usury Limit For Depository Institutions.
Section 48.196 — Penalty For Usurious Interest.
Section 48.20 — Unauthorized Pledges, Notes, Liens Void.
Section 48.21 — Real Estate; Restrictions On Holding.
Section 48.23 — Bank Not To Lend On Its Own Stock Or Purchase Same.
Section 48.24 — Restrictions Upon Total Liabilities To A Bank.
Section 48.245 — War Veteran; Minority; Contract For Loan.
Section 48.27 — Limitation On Amount Of Deposits.
Section 48.28 — Liquidation Unless Deposits Are Reduced.
Section 48.30 — Deposits In Name Of Minor.
Section 48.301 — Multiparty Accounts.
Section 48.31 — State Banks Organized From National Banks.
Section 48.32 — State Banks Or Trust Companies May Be Members Of Federal Reserve Banks.
Section 48.33 — Execution Of Trust.
Section 48.35 — Clearinghouses.
Section 48.37 — Certificates From Commissioner.
Section 48.39 — Trust Accounts Recorded.
Section 48.40 — Subject To Orders Of Court.
Section 48.41 — Corporate Name.
Section 48.42 — Bank May Be Designated As Savings Bank.
Section 48.43 — Bank May Cease Operations; Duties Of Commissioner.
Section 48.44 — Bank May Organize As Trust Company.
Section 48.45 — Corporate Names.
Section 48.46 — Authorized Securities Purchased.
Section 48.47 — Banking And Trust Company Business.
Section 48.48 — Reports To Commissioner.
Section 48.49 — Books To Be Kept.
Section 48.512 — Procedures For Opening Checking Accounts.
Section 48.513 — Financial Intermediary Fees.
Section 48.56 — Banking Institution May Use Federal Banking Laws.
Section 48.59 — Commissioner May Accept Examinations And Reports Of Corporation.
Section 48.605 — State Banks, Employee Stock Option And Stock Purchase Plans.
Section 48.61 — Authorized Investments For State Banks And Trust Companies.
Section 48.62 — Bank May Issue Notes Or Debentures.
Section 48.63 — Security For Deposits Not Required.
Section 48.64 — Deposits Of Trust Funds.
Section 48.74 — Funds And Property Held In Fiduciary Capacity.
Section 48.88 — Violations; Penalties.
Section 48.89 — Clerical Service Corporation.
Section 48.892 — Clerical Services Offices.
Section 48.90 — Legislative Intent.
Section 48.93 — Acquisition Procedure.