Notwithstanding any law to the contrary, a bank, savings bank, savings association, or credit union organized under the laws of this state, or a national bank or federally chartered savings bank, savings association, or credit union, doing business in this state, may charge on any loan or discount made or upon any note, bill or other evidence of debt, except an extension of credit made pursuant to section 48.185 , interest at a rate of not more than 4-1/2 percent in excess of the discount rate, including any surcharge thereon, on 90-day commercial paper in effect at the Federal Reserve Bank located in the Ninth Federal Reserve District.
Minn. Stat. § 48.195
INTEREST RATES; USURY LIMIT FOR DEPOSITORY INSTITUTIONS.
Known as the Interstate Banking Act
The act spans §§ 48–48 (81 sections).
Applied in 6 court decisions — leading case 794 F. Supp. 312 - Nelson v. Citibank (South Dakota) N.A. (1992)
Most recently applied in Taft v. Wells Fargo Bank, N.A. (November 2011)
1980 c 343 s 1; 1981 c 259 s 1; 2Sp1981 c 4 s 1; 1982 c 494 s 3; 1995 c 202 art 1 s 25
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Official source: Minnesota Office of the Revisor of Statutes. Reproduced from public-domain Minnesota statutes; confirm against the official source for the current text. Not legal advice.