MN SF308

Modifies the interest rate formula for confessions of judgment on qualifying homestead properties with delinquent property taxes by removing the "two percent above" premium over the prime rate

Sets the interest rate at the greater of 5% or the prime rate charged by banks during the six-month period ending September 30, rounded to the nearest full percent

Maintains the cap that the rate cannot exceed the maximum annual rate specified in section 279.03, subdivision 1a

Interest rate remains fixed for the duration of the judgment once established at the time judgment is confessed

Effective the day following final enactment