Minnesota Administrative Rules
Agency 120 - Commerce Department
Chapter 2761 - CREDIT INVOLUNTARY UNEMPLOYMENT INSURANCE
Part 2761.0700 - PREMIUM RATES

Universal Citation: MN Rules 2761.0700
Current through Register Vol. 49, No. 13, September 23, 2024

No policies of credit involuntary unemployment insurance issued after January 9, 1996, shall be at a rate in excess of that set forth in this part except that benefit plans different from these basic benefit plans are subject to prior approval pursuant to part 2761.1100.

Schedule A - Single Premium Advance System

Monthly Rates per $10 of Monthly Benefit Provided

Nonretroactive Benefits for a 30-Day Elimination Period Retroactive Benefits for a 30-Day Elimination Period
Benefits Period in months 30-Day Waiting Period 60-Day Waiting Period 30-Day Waiting Period 60-Day Waiting Period
3 $0.19 $0.18 $0.29 $0.26
4 0.22 0.21 0.33 0.30
6 0.25 0.23 0.36 0.34
9 0.27 0.25 0.38 0.37
12 0.28 0.27 0.40 0.38

Single premium rates are determined by multiplying the above rates by the term of the loan in months.

Schedule B - Outstanding Balance System

Monthly Rates per $10 of Monthly Benefit Provided

Nonretroactive Benefits for a 30-Day Elimination Period Retroactive Benefits for a 30-Day Elimination Period
Benefits Period in months 30-Day Waiting Period 60-Day Waiting Period 30-Day Waiting Period 60-Day Waiting Period
3 $0.23 $0.21 $0.33 $0.31
4 0.26 0.24 0.38 0.35
6 0.29 0.27 0.42 0.40
9 0.31 0.30 0.45 0.43
12 0.33 0.31 0.47 0.45

Rates stated as $0.xx per $100 outstanding balance per month should be consistent with the above rates. For example, if a credit card required a minimum payment of five percent of the balance, a rate of 40 cents per $10 of monthly benefit could also be stated as 20 cents per $100 of outstanding balance because $10 is five percent of $200. As another example, if the minimum required payment is three percent of the outstanding balance, the 40 cents per $10 of monthly benefit rate translates to 12 cents per $100 of outstanding balance. For purposes of this part, the following formula may be used:

rm = rt x 10p
Where: rm = monthly rate per $100 of outstanding balance
rt = rate per $10 of payment of term "t"
p = percent of outstanding balance required as
monthly payment expressed as a decimal

Statutory Authority: MS s 45.023; 62B.12

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