Minnesota SF308 modifies interest rates on confessions of judgment for homestead property.

Minnesota SF308 amends the interest rate charged on confessions of judgment for homestead property. The bill specifies that the commissioner of revenue must set the interest rate for offers made under paragraph (a) at the greater of five percent or two percent above the prime rate charged by banks during the six-month period ending on September 30 of that year, rounded to the nearest full percent. This rate must not exceed the maximum annum rate specified under section 279.03, subdivision 1a. The rate of interest becomes effective on January 1 of the immediately succeeding year.

Minnesota SF308 modifies interest rates on confessions of judgment for homestead property.

Minnesota SF308 amends the interest rate charged on confessions of judgment for homestead property. The bill specifies that the commissioner of revenue must set the interest rate for offers made under paragraph (a) at the greater of five percent or two percent above the prime rate charged by banks during the six-month period ending on September 30 of that year, rounded to the nearest full percent. This rate must not exceed the maximum annum rate specified under section 279.03, subdivision 1a. The rate of interest becomes effective on January 1 of the immediately succeeding year.