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Consumer Credit Code

    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 increase effective July 1, 2024.  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 10% calculated to the nearest whole percentage point as required.  The index for December 2011 is the reference base index for adjustments.  The index was revised nationally to 2009 = 100.  The index was again revised nationally to 2012 = 100. The rebased index for December 2011 is 98.985, increasing to 123.273 in December 2023, for a change of 34%.

    The original and current dollar amounts are as follows:

    Original 10% Increase
    7-1-2024

    Chapter 47

    Principal Subject to 33% Interest

    Minnesota Statute §47.59 Subd. 3

    $750

    		 $1,425

    Minimum Refund

    Minnesota Statute §47.59 Subd. 3

    		 $5.00 $9.50

    Default Charges

    Minnesota Statute §47.59 Subd. 6

    		 $5.20 $9.88

    Loan Administration Fee

    Minnesota Statute §47.59 Subd. 6

    		 $4,320 $8,208

    Chapter 56

    Assumption Fee

    Minnesota Statute §56.12

    		 $240 $456

    Minimum Real Estate Secured Loan

    Minnesota Statute §56.12 & 56.125

    		 $4,320 $8,208

    Maximum Closing Costs on Real Estate Secured Loan

    Minnesota Statute §56.131

    		 $400 $760

    Minimum New Fund Advance for Discount Points and Appraisal Fees

    Minnesota Statute §56.131

    		 $1,000 $1,900

    Minimum Real Estate Secured Loan for Discount Points

    Minnesota Statute §56.131

    		 $12,000 $22,800

    The next published adjustment is scheduled on or before April 30, 2026, for July 1, 2026, based on the December 2025 index.

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

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