Minnesota HF2601 modifies the maximum interest rates for certain loans and contracts for deed.
Minnesota HF2601 amends the maximum interest rates for certain loans and contracts for deed. It modifies the maximum lawful interest rate applicable to conventional or cooperative apartment loans and contracts for deed. For loans and contracts with a duration of ten years or less, the maximum interest rate is set at three percentage points above the rate permitted under certain conditions, or 15.75 percent per year, whichever is less.
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