Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
52.165 GRADUATED PAYMENT HOME LOAN.
Subdivision 1. Definition. As used in this section, "graduated payment home loan" means a
real estate loan made pursuant to section 52.16, whereunder initial periodic repayments are lower
than those under the standard real estate loan having equal periodic repayments, and gradually
rise to a predetermined point after which they remain constant.
Subd. 2. Authorization. Notwithstanding the provisions of section 334.01, subdivision 1, and
subject to the provisions of section 47.201, subdivisions 4 to 6, a credit union may make graduated
payment home loans and purchases representing graduated payment home loans pursuant to such
rules as the commissioner of commerce finds to be necessary and proper, if any, at an interest rate
not in excess of the rate prescribed in section 52.14. Notwithstanding the provisions of section
334.01, subdivision 1, where initial repayments of a graduated payment home loan are less than
the total accrued outstanding interest, the excess accrued and unpaid interest may be added to the
outstanding loan balance on which interest accrues at the contracted rate.
History: 1979 c 239 s 2; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92
Subdivision 1. Definition. As used in this section, "graduated payment home loan" means a
real estate loan made pursuant to section 52.16, whereunder initial periodic repayments are lower
than those under the standard real estate loan having equal periodic repayments, and gradually
rise to a predetermined point after which they remain constant.
Subd. 2. Authorization. Notwithstanding the provisions of section 334.01, subdivision 1, and
subject to the provisions of section 47.201, subdivisions 4 to 6, a credit union may make graduated
payment home loans and purchases representing graduated payment home loans pursuant to such
rules as the commissioner of commerce finds to be necessary and proper, if any, at an interest rate
not in excess of the rate prescribed in section 52.14. Notwithstanding the provisions of section
334.01, subdivision 1, where initial repayments of a graduated payment home loan are less than
the total accrued outstanding interest, the excess accrued and unpaid interest may be added to the
outstanding loan balance on which interest accrues at the contracted rate.
History: 1979 c 239 s 2; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92
Official Publication of the State of Minnesota
Revisor of Statutes