Late fee dollar amounts indexed in Section 56.131(4) of the Minnesota Regulated Loan Act and Section 47.59(3)(i) of the Minnesota Consumer Credit Code are subject to periodic adjustment on July 1 of even-numbered years, based on a percentage change in the Implicit Price Deflator for the Gross Domestic Product.
The change in dollar amounts for 2020 are published by the Minnesota Department of Commerce as Consumer Credit Code Adjustments. Effective July 1, 2020, the minimum dollar amount lenders may charge for late fees in Minnesota will increase from $8.32 to $8.84, for all subordinate-lien loans and first-lien loans below $100,000 in Minnesota.
DocMagic will update its system on July 1, 2020 to reflect the increased late fee dollar amount for loans with a property state of Minnesota.
If you have any questions, please contact DocMagic’s Compliance Department.
