Minnesota HF5162 limits credit card annual percentage rates to ten percent.
Minnesota HF5162 amends state statutes to limit the annual percentage rates on credit card finance charges to ten percent. This applies to financial institutions offering credit cards within the state. The bill also adjusts provisions for other types of loans, including those secured by real estate and those made by credit unions. The changes are contingent upon a change in federal law that mandates compliance with state laws on maximum finance charges. The commissioner of commerce will notify the revisor of statutes when the federal law changes.
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