Minnesota Administrative Rules

4308.0060 TERM OF LOANS.

The maximum term of a loan must not exceed the useful life of the real property, or 80 percent of the useful life of the equipment or machinery, or the following limits, whichever is less:

A.

ten years for land, buildings, septic systems, or other real property;

B.

five years for equipment or machinery; or

C.

a weighted average of the limits under items A and B for loans for a combination of real property and equipment or machinery.

Statutory Authority:

MS s 116J.035; 116J.617; 116J.980

History:

14 SR 1419; 19 SR 887

Published Electronically:

September 26, 2007