This chapter does not apply to a person doing business under and as permitted by any law of this state or of the United States relating to banks, savings associations, trust companies, licensed pawnbrokers, or credit unions. Notwithstanding the provisions of section 56.01 , an industrial loan and thrift company under chapter 53 may contract for and receive the charges, including those in section 56.155 , authorized by this chapter without being licensed pursuant to this chapter, but shall comply with all other provisions of this chapter when contracting for or receiving charges on loans regulated by this chapter.
Minn. Stat. § 56.002
APPLICATION.
Known as the Minnesota Regulated Loan Act
The act spans §§ 56–56 (29 sections).
Applied in 3 court decisions — leading case First Bank East v. Bobeldyk (1986)
Most recently applied in State of Minnesota v. Minnesota School of Business, Inc. d/b/a Minnesota School of Business (September 2016)
1981 c 258 s 2; 1Sp1981 c 4 art 4 s 11; 1995 c 202 art 1 s 25
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Official source: Minnesota Office of the Revisor of Statutes. Reproduced from public-domain Minnesota statutes; confirm against the official source for the current text. Not legal advice.