Minnesota HF364 modifies the interest rate charged on confessions of judgment for homestead property.

Minnesota HF364 amends the interest rate charged on confessions of judgment for homestead property. The commissioner of revenue must set the interest rate at the greater of five percent or two percent above the prime rate charged by banks, rounded to the nearest full percent, but not exceeding the maximum rate specified in section 279.03, subdivision 1a. The rate becomes effective on January 1 of the succeeding year.

Minnesota HF364 modifies the interest rate charged on confessions of judgment for homestead property.

Minnesota HF364 amends the interest rate charged on confessions of judgment for homestead property. The commissioner of revenue must set the interest rate at the greater of five percent or two percent above the prime rate charged by banks, rounded to the nearest full percent, but not exceeding the maximum rate specified in section 279.03, subdivision 1a. The rate becomes effective on January 1 of the succeeding year.