Every person who for any such loan or forbearance shall have paid or delivered any greater sum or value than in section 334.01 allowed to be received may, personally or through personal representatives, recover in an action against the person who shall have received the same, or the receiver's personal representatives, the full amount of interest or premium so paid, with costs, if action is brought within two years after such payment or delivery. This section does not apply when the loan or forbearance is made by a lender and the lender is subject to section 47.59 or 48.196 or chapter 56 in connection with the loan or forbearance. For purposes of this section, the term "lender" means a bank or savings bank organized under the laws of this state, a federally chartered savings association or savings bank, a savings association organized under chapter 51A, a federally chartered credit union, a credit union organized under chapter 52, an industrial loan and thrift company organized under chapter 53, a licensed lender under chapter 56, or a mortgagee or lender approved or certified by the secretary of housing and urban development or approved or certified by the administrator of veterans affairs.
Notes of Decisions
Cited in
10
cases, 1944–2019 · leading case:
Barton v. Moore, 558 N.W.2d 746 (Minn. 1997).
Barton v. Moore, 558 N.W.2d 746 (Minn. 1997).
· cites it 9× “Minn.Stat. § 334.02 (1996). Section 334.03 was enacted at the same time as section 334.”
Maus v. Toder, 681 F. Supp. 2d 1007 (D. Minnesota 2010).
· cites it 4× “Minn.Stat. § 334.02; Negaard v. Miller Const.”
Seebold v. Eustermann, 13 N.W.2d 739 (Minn. 1944).
· cites it 3× “Defendants further assert that the legislative purpose under our usury law is cogently and accurately stated in Id § 334.02 (§ 7037), which provides: ; “Every person who for any such loan or forbearance shall have paid or delivered any greater sum or value than in § 334.”
Egge v. Healthspan Servs. Co., 115 F. Supp. 2d 1126 (D. Minnesota 2000).
· cites it 4× “The action to recover under Minnesota usury law is described in section 334.02. Every person who for any such loan or forbearance shall have paid or delivered any greater sum or value than in section 334.”
Widmark v. Northrup King Co., 530 N.W.2d 588 (Minn. Ct. App. 1995).
· cites it 2× “See Minn.Stat. § 334.02 (1992). Four elements must be proven to establish a violation of the usury laws: (1) a loan of money or forbearance of debt; (2) an agreement between the parties that the principal shall be repayable absolutely; (3) the exaction of a greater amount of…”
Danger v. Nextep Funding, LLC, 355 F. Supp. 3d 796 (D. Me. 2019).
“Minn. Stat. § 334.02 . The Minnesota Supreme Court has recognized the following four elements of a usury claim: (1) a loan of money or forbearance of debt; (2) an agreement between the parties that the principal shall be repayable absolutely; (3) the exaction of a greater amount…”
Jones v. Nelson, 432 N.W.2d 792 (Minn. Ct. App. 1988).
· cites it 2× “See Minn.Stat. § 334.02 (1974). The Nelsons thus counterclaimed for $3,181.”
Negaard v. Miller Constr. Co., 396 N.W.2d 833 (Minn. Ct. App. 1986).
· cites it 2× “Minn.Stat. § 334.02. Ne-gaard last paid any interest on the debt on October 26, 1979.”
Danger v. Nextep Funding, LLC (D. Minnesota 2019).
“§ 334.02 . The Minnesota Supreme Court has recognized the following four elements of a usury claim: (1) a loan of money or forbearance of debt; (2) an agreement between the parties that the principal shall be repayable absolutely; (3) the exaction of a greater amount of interest…”
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