Minnesota § 334.012 - RATES OF INTEREST; LOANS SECURED BY SAVINGS ACCOUNTS
Full text of Minnesota Minnesota Statutes § 334.012 — RATES OF INTEREST; LOANS SECURED BY SAVINGS ACCOUNTS, with citation guidance and answers to common questions.
§ 334.012. RATES OF INTEREST; LOANS SECURED BY SAVINGS ACCOUNTS
Notwithstanding the provisions of section 334.01, a financial institution may, in the case of a loan or forbearance of money, goods, or things in action, secured by a savings or time deposit account owned by the borrower, charge interest at a rate of not more than the greater of two percent in excess of the rate of interest payable on the savings or time deposit account or the contracted rate authorized in section 334.01, subdivision 1. For purposes of this section, "financial institution" means a bank, savings bank, trust company, mutual savings bank, or savings association organized under the laws of this state or the United States and having its main office in this state.
History:
1978 c 643 s 1; 1995 c 202 art 1 s 25
Official Publication of the State of Minnesota
Revisor of Statutes
Source: official Minnesota text · Last verified 2026-08-27
Frequently Asked Questions About Minnesota § 334.012
What does Minnesota Statutes § 334.012 cover?
Section 334.012 ("RATES OF INTEREST; LOANS SECURED BY SAVINGS ACCOUNTS") is part of the Minnesota Statutes, the codified statutory law of Minnesota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Minnesota § 334.012?
A common citation format is "Minnesota Statutes § 334.012" (Minnesota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Minnesota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.
How does Minnesota § 334.012 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Minnesota.