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Notwithstanding any law to the contrary, a bank, savings bank, savings association, or credit
union organized under the laws of this state, or a national bank or federally chartered savings
bank, savings association, or credit union, doing business in this state, may charge on any loan
or discount made or upon any note, bill or other evidence of debt, except an extension of credit
made pursuant to section 48.185, interest at a rate of not more than 4-1/2 percent in excess of
the discount rate, including any surcharge thereon, on 90-day commercial paper in effect at the
Federal Reserve Bank located in the Ninth Federal Reserve District.
History: 1980 c 343 s 1; 1981 c 259 s 1; 2Sp1981 c 4 s 1; 1982 c 494 s 3; 1995 c 202
art 1 s 25

Official Publication of the State of Minnesota
Revisor of Statutes