Minnesota Usury Collection Check

Live. Collecting a Minnesota private loan? Over 8% = void except to a holder in due course (Minn. Stat. 334.01, 334.03); business loans discount + 4.5.

Collecting a Minnesota private, seller-carried or unlicensed loan? Checks each loan and contact against Minnesota's usury law: no one may take more than 8% a year (Minn. Stat. 334.01), and a usurious contract is void except as to a holder in due course (334.03); business or agricultural loans under $100,000 may carry the Federal Reserve discount rate plus 4.5 points, above which all interest is forfeited and twice the interest paid is recoverable (334.011); a rate increase after maturity forfeits all interest. Banks, credit unions, licensees and signed credit of $100,000 or more are flagged out of scope. Flags collecting a void contract (FDCPA 1692e(2)(A), 1692f(1)) and arrest threats. Not legal advice.

Price: $0.001 per call after 1,000 free per month.

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