2005 Minnesota Statutes - 47.204 — Temporary removal of mortgage usury limits.

     47.204 Temporary removal of mortgage usury limits. 


    Subdivision 1.    Limits on interest and other charges.  
 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 as described in United 
 States Code, title 12, section 1735f-7a, as amended, 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; 2002 c 342 s 2