Minnesota Statutes

Minn. Stat. § 48.195 (2026)

Interest Rates; Usury Limit For Depository Institutions

✓ current as of May 2026

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Notwithstanding any law to the contrary, a bank, savings bank, savings association, or credit union organized under the laws of this state, or a national bank or federally chartered savings bank, savings association, or credit union, doing business in this state, may charge on any loan or discount made or upon any note, bill or other evidence of debt, except an extension of credit made pursuant to section 48.185, interest at a rate of not more than 4-1/2 percent in excess of the discount rate, including any surcharge thereon, on 90-day commercial paper in effect at the Federal Reserve Bank located in the Ninth Federal Reserve District.

Notes of Decisions

Cited in 7 cases, 1986–2011 · leading case: Nelson v. Citibank (South Dakota) N.A., 794 F. Supp. 312 (D. Minnesota 1992).

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Nelson v. Citibank (South Dakota) N.A., 794 F. Supp. 312 (D. Minnesota 1992). · cites it 12× “185(4), that defendants combined the unpaid fees with unpaid principal, and that defendants then imposed interest on the whole, resulting in a usurious rate of interest in violation of Minn.Stat. § 48.195. Plaintiffs asked the Court to certify a class of similarly situated…”

First Bank East v. Bobeldyk, 391 N.W.2d 17 (Minn. Ct. App. 1986). · cites it 6× “The bank admits that the interest rate on each of the loans was above that authorized by Minn.Stat. § 48.195 (1984) (bank regulation statute).”

VanderWeyst v. First State Bank of Benson, 408 N.W.2d 208 (Minn. Ct. App. 1987). · cites it 8× “Appellants claim the rate allowed for loans of more than $100,000 is exclusively determined by Minn.Stat. § 48.195. Section 48.195 deals with “any loan(s)” and is worded essentially the same as 334.”

VanderWeyst v. First State Bank of Benson, 425 N.W.2d 803 (Minn. 1988). · cites it 2× “See also § 48.195 (1986) ("Notwithstanding any law to the contrary," a depository institution may charge not more than 4½ percent over the federal discount rate on "any loan").”

Schemmel v. State Bank of Pennock, 408 N.W.2d 698 (Minn. Ct. App. 1987). · cites it 4× “It claimed the interest rates charged, while greater than those permit *700 ted by Minn.Stat. §§ 48.195 and 334.011, were less than the maximum rate permissible pursuant to the most favored lender doctrine.”

Walsh v. First State Bank of Pennock, 409 N.W.2d 5 (Minn. Ct. App. 1987). · cites it 2× “Respondents conceded the interest rates charged exceed those permitted under Minn.Stat. §§ 48.195 and 334.011, but moved for summary judgments based on application of the most favored lender doctrine which permits a maximum interest rate in excess of those charged.”

Taft v. Wells Fargo Bank, N.A., 828 F. Supp. 2d 1031 (D. Minnesota 2011). · cites it 4× “Minn.Stat. § 48.195. Wells Fargo contends there is no limit on the rate of interest under Minnesota law.”

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