The amount of a deficiency judgment found in Minnesota Statutes, Section 325G.22, and property exempt from creditor collection action in Minnesota Statutes, Section 550.37 will increase 10% effective July 1, 2008. These statutes require that the dollar amounts be adjusted in even numbered years based on a percentage change in the Implicit Price Deflator for the Gross National Product.
The statute requires that the percentage of change in the reference base index be 10% or more in order to adjust the dollar amounts. The portion of the percentage change in the index in excess of a multiple of ten percent is to be disregarded, and dollar amounts shall change only in multiples of ten percent. Information obtained from the U.S. Department of Commerce, Bureau of Economic Analysis, indicates the percentage change from the revised reference base to be 110% calculated to the nearest whole percentage point as required. The index for December 1980 is the reference base index for adjustments, with 1972=100. The index was revised nationally to 2000=100. The index for December 1980 is 56.043, increasing to 120.535 in December 2007, for a change of 115.08%, when rounded to the nearest whole percentage point is 115%. Indexed dollar amounts have increased by 100% in prior years, and will increase 10% effective July 1, 2008, with the new amounts listed on the following chart.
The original and current dollar amounts are as follows:
| Original | Current | |
| Chapter 325G |
| |
| Credit Extended: M.S. § 325G.22, subd. 1 | | |
| Chapter 550 |
| |
| Personal Goods: M.S. § 550.37, subd. 4 | $4,500 | $9,450 |
| Wedding Ring: § 550.37, subd. 4 (eff. 6-3-05) | $1,225 | $2,572.50 |
| Business: M.S. § 550.37, subd. 6 | $5,000 | $10,500 |
| Insurance Benefits | $20,000 | $42,000 |
| $5,000 | $10,500 |
| Motor Vehicle | $2,000 | $4,200 |
| $20,000 | $42,000 |
| $1,500 | $3,150 |
| Accrued Interest: M.S. § 550.37, subd. 23 | $4,000 | $8,400 |
| Employee Benefits: M.S. § 550.37, subd. 24 | $30,000 | $63,000 |
The next published adjustment is scheduled on or before April 30, 2010, for July 1, 2010 based on the December 2009 index.