Schemmel v. State Bank of Pennock

OPINION

POPOVICH, Chief Judge.

These appeals are from summary judgments dismissing with prejudice appellants’ causes of action alleging usurious interest rates on agricultural loans. Appellants claim the trial court erred because (1) federal usury statutes preempt Minnesota usury statutes and the most favored lender doctrine, (2) the most favored lender doctrine does not apply to agricultural loans, and (3) most favored lenders must comply with the lending and licensing requirements of Minn.Stat. § 56.131. We affirm.

FACTS

Appellants Pat and Glennys Schemmel and LaVerne and Janice Wilke sued…