1.1 	A bill for an act
1.2 	relating to higher education; capping the interest rate on higher education loan 
1.3 	program; amending Minnesota Statutes 2022, section 136A.1701, subdivision 6.
1.4 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.5 	Section 1. Minnesota Statutes 2022, section 136A.1701, subdivision 6, is amended to 
1.6 	read:
1.7 		Subd. 6.Rate of interest. The office shall determine the rate of interest to be charged 
1.8 	on loans. The rate of interest on student loans however computed, shall not be subject to 
1.9 	any provision of state law limiting the rate of interest to be charged for a loan of money rate 
1.10 	of interest for variable and fixed loans is capped at three percent.