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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, 2022.  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 98.714, increasing to 121.190 in December 2021, for a change of 23%.

The original and current dollar amounts are as follows:

Original 10% Increase

Chapter 47

Principal Subject to 33% Interest

Minnesota Statute §47.59 Subd. 3



Minimum Refund

Minnesota Statute §47.59 Subd. 3

$5.00 $9.00

Default Charges

Minnesota Statute §47.59 Subd. 6

$5.20 $9.36

Loan Administration Fee

Minnesota Statute §47.59 Subd. 6

$4,320 $7,776

Chapter 56

Assumption Fee

Minnesota Statute §56.12

$240 $432

Minimum Real Estate Secured Loan

Minnesota Statute §56.12 & 56.125

$4,320 $7,776

Maximum Closing Costs on Real Estate Secured Loan

Minnesota Statute §56.131

$400 $720

Minimum New Fund Advance for Discount Points and Appraisal Fees

Minnesota Statute §56.131

$1,000 $1,800

Minimum Real Estate Secured Loan for Discount Points

Minnesota Statute §56.131

$12,000 $21,600

The next published adjustment is scheduled on or before April 30, 2024, for July 1, 2024, based on the December 2023 index.

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

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