2007 Minnesota Statutes

334.01 RATE OF INTEREST.
    Subdivision 1. General. The interest for any legal indebtedness shall be at the rate of $6
upon $100 for a year, unless a different rate is contracted for in writing. No person shall directly
or indirectly take or receive in money, goods, or things in action, or in any other way, any greater
sum, or any greater value, for the loan or forbearance of money, goods, or things in action, than $8
on $100 for one year. In the computation of interest upon any bond, note, or other instrument
or agreement, interest shall not be compounded, but any contract to pay interest, not usurious,
upon interest overdue, shall not be construed to be usury. Contracts shall bear the same rate of
interest after they become due as before, and any provision in any contract, note, or instrument
providing for an increase of the rate of interest after maturity, or any increase therein after making
and delivery, shall work a forfeiture of the entire interest; but this provision shall not apply to
notes or contracts which bear no interest before maturity nor shall it apply to any agreement which
extends the maturity date of any contract, note, or instrument, and provides for an increased rate
of interest after the original maturity date on the indebtedness then due. Any agreement which
extends maturity date of any contract, note or instrument shall not provide for an increased rate of
interest in excess of $8 on $100 for one year.
    Subd. 2. Contracts of $100,000 or more. Notwithstanding any law to the contrary, except as
stated in section 58.137, no limitation on the rate or amount of interest, points, finance charges,
fees, or other charges applies to a loan, mortgage, credit sale, or advance made under a written
contract, signed by the debtor, for the extension of credit to the debtor in the amount of $100,000
or more, or any written extension and other written modification of the written contract. The
written contract, written extension, and written modification are exempt from the other provisions
of this chapter.
    Subd. 3. Contracts under Employee Retirement Income Security Act of 1974. A contract
entered into on or after December 31, 1974, for the loan or forbearance of money, goods, or things
in action and any extensions, including extensions of installments and related changes in its
terms between a participant, former participant, or beneficiary, and a plan which is subject to the
provisions of the Employee Retirement Income Security Act of 1974, United States Code, title 29,
chapter 18, as amended through December 31, 1982, is exempt from the provisions of this chapter.
History: (7036) RL s 2733; 1923 c 70 s 1; 1957 c 347 s 1; 1974 c 238 s 1; 1975 c 358 s 1;
1977 c 350 s 4; 1979 c 276 s 1; 1981 c 347 s 1; 1983 c 34 s 1; 2002 c 342 s 9