Minn. R. agency 139, ch. 4308, pt. 4308.0060 - TERM OF LOANS
The maximum term of a loan must not exceed the useful life of the real property, or 80 percent of the useful life of the equipment or machinery, or the following limits, whichever is less:
A. ten years for land, buildings, septic
systems, or other real property;
B.
five years for equipment or machinery; or
C. a weighted average of the limits under
items A and B for loans for a combination of real property and equipment or
machinery.
Notes
Statutory Authority: MS s 116J.035; 116J.617; 116J.980
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