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Minnesota Promissory Note PDF
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Minnesota at a glance: Usury Limit: 8% per year (loans under $100k) · Governing Law: Minn. Stat. § 334.01
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Overview
Promissory Notes in Minnesota
Minnesota sets the default legal rate of interest at 6% and the maximum contract rate at 8% per year for standard consumer loans under $100,000.
Key Facts
Minnesota Promissory Note — Quick Reference
| Requirement | Minnesota Rule |
|---|---|
| Usury Limit | 8% per year (loans under $100k) |
| Governing Law | Minn. Stat. § 334.01 |
Legal Requirements
Minnesota Legal Requirements
- Contract interest rates must remain below 8% per year.
Governing Laws
Minnesota Governing Laws
Read the full text of these laws at Cornell Law School's Minnesota legal resources or your state legislature's official website.
Questions & Answers
Minnesota Promissory Note — Frequently Asked Questions
What is the usury limit in Minnesota?
The limit is 8% per year for personal loans under $100,000.