Minnesota Credit Laws
| INTEREST RATE | (Legal: 6%) | Judgment 5% (Changes Yearly) Business or Agricultrual Loan: 4½% over federal discount rate, the general usury limit is 7%. |
| STATUTE OF LIMITATIONS | (In Years) |
Goods Sold & Delivered (UCC): 4 - Open Acct: 6 - Written Contract 6 - Transportation Service: 3 - Domestic Judgment 10 - Foreign Judgment 10 |
| BAD CHECK LAWS | (Civil Penalty) | Amount due, $100 penalty, judgment interest rate, reasonable attorneys fees (if check over $1250), $15 service charge. |
| GENERAL GARNISHMENT EXEMPTIONS |
Greater of 75% or amount to 40 x fed. mm. hourly wage. |
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| HOMESTEAD EXEMPTION |
The Homestead exemption amount in Minnesota is $200,000. If the homestead is used primarily for agricultural purposes, then the exemption limit is $500,000. The property can't exceed a half acre area within a city or town, or 160 acres everywhere else. It is important to note that certain exemptions can be adjusted for inflation during even-numbered years. |
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ADDING FEES TO DEBT |
No collection agency or collector may attempt to collect any amount of money from a debtor or charge a fee to a creditor that is not authorized by agreement with the client. |