Minnesota SF2794 modifies the maximum interest rates for certain loans and contracts for deed, and establishes requirements for insurers.

SF2794 amends the maximum interest rates for certain loans and contracts for deed in Minnesota. It removes the cap on interest rates for conventional and cooperative apartment loans and contracts for deed over $100,000, allowing them to be set by borrower's commitments. It also modifies the interest rate for contracts for deed with a duration of ten years or less. Additionally, the bill mandates that insurers complete the NAIC liquidity stress test and file their group capital calculations and test results. Insurers are also required to secure a deposit or bond.

Minnesota SF2794 modifies the maximum interest rates for certain loans and contracts for deed, and establishes requirements for insurers.

SF2794 amends the maximum interest rates for certain loans and contracts for deed in Minnesota. It removes the cap on interest rates for conventional and cooperative apartment loans and contracts for deed over $100,000, allowing them to be set by borrower's commitments. It also modifies the interest rate for contracts for deed with a duration of ten years or less. Additionally, the bill mandates that insurers complete the NAIC liquidity stress test and file their group capital calculations and test results. Insurers are also required to secure a deposit or bond.