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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.
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Subd. 2.Contracts of $100,000 or more.
Notwithstanding any law to the contrary, except as stated in section 58.137, and with respect to a conventional loan or contract for deed, section 47.20, subdivision 4a, 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.
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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.
Notes of Decisions
Arthur Allen Hogenson v. Michael W. Hogenson, 852 N.W.2d 266 (Minn. Ct. App. 2014).
· cites it 22× “Under common law, preverdict interest began to accrue at the 6% rate prescribed by section 334.01 from the date a claim arose and was only applied “when the amount demanded [could] be ascertained by computation or reference to generally recognized standards and [did] not depend…”
Barton v. Moore, 558 N.W.2d 746 (Minn. 1997).
· cites it 14× “Section 334.01, the general usury limit, was first enacted during territorial times and provides a standard rate of interest on all loans.”
David Coyne v. Messerli & Kramer P.A., 895 F.3d 1035 (8th Cir. 2018).
· cites it 5× “See Minn. Stat. § 334.01 (1) (setting forth the rule that "[i]n the computation of interest upon any .”
United Realty Trust v. Prop. Dev. & Rsch. Co., 269 N.W.2d 737 (Minn. 1978).
· cites it 13× “We hold that the trial court properly found the transaction exempted from the usury laws under § 334.01, subd. 2, as amended by L. 1974, c.”
State v. Minnesota Sch. of Bus., Inc., 899 N.W.2d 467 (Minn. 2017).
· cites it 6× “01 (a) (2016) (Count 3), and charging usurious interest rates in violation of Minn. Stat. § 334.01 , subd. 1 (2016) (Count 4).”
Miller v. Colortyme, Inc., 518 N.W.2d 544 (Minn. 1994).
· cites it 10× “16 (1992), and if they are consumer credit sales, whether they are subject to the interest rate limitations of the general usury statute, Minn. Stat. § 334.01 (1992). The court of appeals held that rent-to-own agreements entered into by respondents are not consumer credit sales…”
Toombs v. Daniels, 361 N.W.2d 801 (Minn. 1985).
· cites it 4× “Interest awarded under Minn.Stat. § 334.01 (Supp.1983) is considered a substitute for income the beneficiary might have earned so as to make him or her whole if the amount of damages is readily ascertainable and if there is an equitable basis for the award.”
Maus v. Toder, 681 F. Supp. 2d 1007 (D. Minnesota 2010).
· cites it 10× “Usury The Defendants argue they are entitled to summary judgment because this action is untimely.”
Specialized Tours, Inc. v. Hagen, 392 N.W.2d 520 (Minn. 1986).
· cites it 3× “” 21 The statute relied upon by the trial court, Minn.Stat. § 334.01 (1982) provides: “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.”
Est. of Frantz v. Page, 426 N.W.2d 894 (Minn. Ct. App. 1988).
· cites it 6× “* * * The rationale for this principal is that the right of contribution is founded on the implied contract between the co-guarantors and not on the instrument of indebtedness. He concludes that the court erred in charging interest at the rate set forth in the note, rather than…”
Egge v. Healthspan Servs. Co., 115 F. Supp. 2d 1126 (D. Minnesota 2000).
· cites it 11× “Motion to Dismiss the Plaintiffs Minnesota Usury Law Claim Defendant also requests that Plaintiffs Minnesota state usury law claim, Minn. Stat. § 334.01 , be dismissed under Rule 12(b)(6) of the Federal Rules of Civil Procedure for failing to state a claim.”
— Minn. Stat. § 334.01(1) — 3 cases
Barton v. Moore, 558 N.W.2d 746 (Minn. 1997).
“Section 334.01, the general usury limit, was first enacted during territorial times and provides a standard rate of interest on all loans.”
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