2005 Minnesota Statutes - 334.012 — Rates of interest; loans secured by savings accounts.

     334.012 Rates of interest; loans secured by savings 
  accounts. 


    Notwithstanding the provisions of section 334.01, a 
 financial institution may, in the case of a loan or forbearance 
 of money, goods, or things in action, secured by a savings or 
 time deposit account owned by the borrower, charge interest at a 
 rate of not more than the greater of two percent in excess of 
 the rate of interest payable on the savings or time deposit 
 account or the contracted rate authorized in section 334.01, 
 subdivision 1.  For purposes of this section, "financial 
 institution" means a bank, savings bank, trust company, mutual 
 savings bank, or savings association organized under the laws of 
 this state or the United States and having its main office in 
 this state. 


    HIST: 1978 c 643 s 1; 1995 c 202 art 1 s 25