1999 Minnesota Statutes

     47.204 Temporary removal of mortgage usury limits. 

    Subdivision 1.    No usury limits.  Notwithstanding any 
 law to the contrary, no limitation on the rate or amount of 
 interest, discount points, finance charges, or other charges 
 shall apply to a loan, mortgage, credit sale, or advance which 
 would have been exempt from the laws of this state pursuant to 
 Public Law Number 96-221, title V, part A, section 501 (United 
 States Code, title 12, section 1735f-7a), as amended as of June 
 2, 1981, but for section 47.203 and which is made in this state 
 after June 2, 1981. 

    Subd. 2.    Enforceable throughout term.  If the rate or 
 amount of interest, discount points, finance charges, or other 
 charges are permitted by this section at the time the loan, 
 mortgage, credit sale or advance is made, the rate or amount of 
 interest, discount points, finance charges or other charges are 
 permitted throughout the original term of the agreement and any 
 extension agreed upon by the borrower and the lender or their 
 respective successors in interest.  

    HIST: 1981 c 351 s 12; 1984 c 576 s 4; 1987 c 349 art 1 s 7; 
 1999 c 151 s 10