Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
334.02 USURIOUS INTEREST; RECOVERY.
Every person who for any such loan or forbearance shall have paid or delivered any greater
sum or value than in section 334.01 allowed to be received may, personally or through personal
representatives, recover in an action against the person who shall have received the same, or the
receiver's personal representatives, the full amount of interest or premium so paid, with costs, if
action is brought within two years after such payment or delivery. This section does not apply
when the loan or forbearance is made by a lender and the lender is subject to section 47.59 or
48.196 or chapter 56 in connection with the loan or forbearance. For purposes of this section, the
term "lender" means a bank or savings bank organized under the laws of this state, a federally
chartered savings association or savings bank, a savings association organized under chapter 51A,
a federally chartered credit union, a credit union organized under chapter 52, an industrial loan
and thrift company organized under chapter 53, a licensed lender under chapter 56, or a mortgagee
or lender approved or certified by the secretary of housing and urban development or approved or
certified by the administrator of veterans affairs.
History: (7037) RL s 2734; 1978 c 529 s 6; 1980 c 606 s 3; 1981 c 258 s 21; 1982 c 547 s 9;
1986 c 444; 1996 c 414 art 2 s 12
Every person who for any such loan or forbearance shall have paid or delivered any greater
sum or value than in section 334.01 allowed to be received may, personally or through personal
representatives, recover in an action against the person who shall have received the same, or the
receiver's personal representatives, the full amount of interest or premium so paid, with costs, if
action is brought within two years after such payment or delivery. This section does not apply
when the loan or forbearance is made by a lender and the lender is subject to section 47.59 or
48.196 or chapter 56 in connection with the loan or forbearance. For purposes of this section, the
term "lender" means a bank or savings bank organized under the laws of this state, a federally
chartered savings association or savings bank, a savings association organized under chapter 51A,
a federally chartered credit union, a credit union organized under chapter 52, an industrial loan
and thrift company organized under chapter 53, a licensed lender under chapter 56, or a mortgagee
or lender approved or certified by the secretary of housing and urban development or approved or
certified by the administrator of veterans affairs.
History: (7037) RL s 2734; 1978 c 529 s 6; 1980 c 606 s 3; 1981 c 258 s 21; 1982 c 547 s 9;
1986 c 444; 1996 c 414 art 2 s 12
Official Publication of the State of Minnesota
Revisor of Statutes