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Consumer Credit Code Adjustments


Dollar amounts indexed in the Regulated Loan Act, Minnesota Statutes, Chapter 56, and the Minnesota Consumer Credit Code, Minnesota Statutes, Section 47.59, will not increase effective July 1, 2014. Minnesota Statutes, Sections 47.59, subdivision 3(i), and 56.131, subdivision 4, provide for periodic adjustment in dollar amounts, effective on July 1 of even-numbered years, based on a percentage change in the Implicit Price Deflator for the Gross Domestic Product.

Statute establishes that the percentage change in the reference base index be 10% or more in order to adjust the dollar amounts. The portion of the percentage change in the index in excess of a multiple of ten percent is to be disregarded, and the dollar amounts shall change only in multiples of ten percent. Information provided by the U.S. Department of Commerce, Bureau of Economic Analysis indicates a percentage change from the revised reference base to be 3% calculated to the nearest whole percentage point as required. The index for December 2011 is the reference base index for adjustments, with 2005 = 100. The index was revised nationally to 2009 = 100. The rebased index for December 2011 is 103.783, increasing to 107.121 in December 2013, for a change of 3.22%.

The history of dollar amounts at various dates is available by reviewing prior official notices, or within the Commerce Department’s web site http://mn.gov/commerce.

The original and current dollar amounts are as follows:

Original

 Current
(7-1-12)

Chapter 47
Principal Subject to 33% Interest
M.S.§47.59 Subd. 3(a)(2)

$750

$1,125

Minimum Refund
M.S.§47.59 Subd. 3(e) and (f)

$5.00

$7.50

Default Charges
M.S. §47.59 Subd. 6(a)(4)

$5.20

$7.80

Chapter 56
Assumption Fee
M.S. §56.12

$240

$360

Minimum Real Estate Secured Loan
M.S. §56.12 & 56.125

$4,320

$6,480

Maximum Closing Costs on Real Estate Secured Loans
M.S. §56.131 Subd. 2(b)

$400

$600

Minimum New Funds Advance for Discount Points and Appraisal Fees
M.S. §56.131 Subd. 2(d)

$1,000

$1,500

Minimum Real Estate Secured Loan for Discount Points
M.S. §56.131 Subd. 6

$12,000

$18,000

  

Historic Adjustments - Minnesota Consumer Credit Code and Regulated Loan Act Adjustment of Dollar Amounts (.pdf)

The next published adjustment is scheduled on or before April 30, 2016, or July 1, 2016 based on the December 2015 index.