Minnesota Legislature
Office of the Revisor of Statutes
Minnesota Administrative Rules
4308.0050 INTEREST RATE FOR LOANS.
The interest rate on a direct loan or on the department's portion of a participation loan shall be determined at the time of closing by the department and shall be set at, or up to, three percentage points below a full faith and credit obligation of the United States government of comparable maturity, calculated at the time of initial implementation of the program, rounded to the nearest one-half percent, and revised as needed on a semiannual basis. The interest rate for septic system loans shall be fixed at two percent per annum. The interest rate on a participation loan to the borrower shall be a blended rate of the bank's rate and the state's rate in proportion to the respective rate of participation.
History:
14 SR 1419; 19 SR 887
Published Electronically:
September 26, 2007
Official Publication of the State of Minnesota
Revisor of Statutes