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SF 249

as introduced - 93rd Legislature (2023 - 2024) Posted on 01/13/2023 08:24am

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
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Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4
1.5 1.6 1.7 1.8 1.9 1.10

A bill for an act
 relating to higher education; capping the interest rate on higher education loan
program; amending Minnesota Statutes 2022, section 136A.1701, subdivision 6.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2022, section 136A.1701, subdivision 6, is amended to
read:


Subd. 6.

Rate of interest.

The deleted text begin office shall determine the rate of interest to be charged
on loans. The rate of interest on student loans however computed, shall not be subject to
any provision of state law limiting the rate of interest to be charged for a loan of moneydeleted text end new text begin rate
of interest for variable and fixed loans is capped at three percentnew text end .