Minnesota Session Laws - 1985, Regular Session

  

                         Laws of Minnesota 1985 

                        CHAPTER 244-S.F.No. 1045
           An act relating to commerce; providing for the 
          determination of certain usurious contracts; proposing 
          coding for new law in Minnesota Statutes, chapter 334.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  [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 statutory interest rate in 
effect at the time of the transaction shall be applied 
notwithstanding a subsequent repeal or modification of the 
maximum statutory interest rate.  This section applies to all 
actions to enforce a contract for the loan or forbearance of 
money, goods, or things in action that have not been reduced to 
final judgment on the effective date of this section, and 
applies to all contracts governed by this chapter and chapters 
47, 48, 50, 51A, 52, 53, and 56, except sections 334.16 to 
334.18.  
    Sec. 2.  [EFFECTIVE DATE.] 
    Section 1 is effective the day following final enactment. 
    Approved May 28, 1985