Usury

"The interest rate for any legal indebtedness shall be 6% per year unless a different rate is contracted for. No person shall directly or indirectly take or receive in money, goods, or things in action, or in any other way, any greater sum, or any greater value, for the loan or forbearance of money, goods, or things in action, than 8% per year. Minn. Stat. §334.01(a)

Every person who paid or delivered any greater sum or value than allowed may recover in an action the full amount of interest or premium paid, with costs, if action is brought within two years. Limited exceptions apply. Minn. Stat. §334.02. Such contracts are invalid with limited exceptions. Minn. Stat. §334.03; Minn. Stat. §334.05

Contract for Loan of Forebearance A loan, guaranty, surety contract, or other financial assistance made by a corporation may be with or without interest. Minn. Stat. §302A.501.

In the case of a contract for the loan or forbearance of money, goods, or other things in action in an amount of less than $100,000 for business or agricultural purposes, an interest rate of not more than 4 1/2 % in excess of the discount rate on 90 day commercial paper in effect at the Federal Reserve Bank in the Federal Reserve District encompassing Minnesota. Minn. Stat. §334.011.

The law existing at the time of a contract shall determine whether the interest charged exceeded the maximum allowed by law, as well as the penalty. Minn. Stat. §334.20

Judgement Interest on a judgment for the recovery of money is calculated as simple interest per annum. The rate of interest shall be based on the secondary market yield of one year United States Treasury bills, calculated on a bank discount basis on or before the 20th day of December of each year. Minn. Stat. §549.09.