Document Update: MT Acknowledgment that Real Property is Not Exempt From Execution (Cx1412)
Jul 25, 2022
The Minnesota Department of Commerce recently announced changes to dollar amounts which are indexed in the Minnesota Consumer Credit Code (Minn. Stat. Ann. § 47.59(3)(i)) and in the Regulated Loan Act (Minn. Stat. Ann. § 56.131(4)) effective July 1, 2002. These statutes provide for periodic adjustment in dollar amounts, effective on July 1st of even-numbered years, based on a percentage change in the Implicit Price Deflator for the Gross Domestic Product.
One of these changes includes the “minimum” default late charge which could be imposed under Minn. Stat. Ann. § 47.59(6)(a)(4). This amount has been increased from $8.84 to $9.36. However, this change does not impact Docutech’s ConformX Late Fee Defaults since these Defaults do not take into consideration permissible (rather than mandatory) “minimum” amounts.
The new Minnesota “minimum” default late charge increase is now reflected in the Late Fee Table which has been republished on the Matrices webpage.
If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
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The preceding is for informational purposes only and is not and may not be construed as legal advice. No third party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.
The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.