Minnesota Regulated Loan Act
Minnesota · Regulated Loans · §§ 56.0001 to 56.26 · 29 sections
Overview
The act establishes a licensing regime for consumer lending companies, requiring lenders to obtain a license from the state banking regulator, post a bond, and pay application and annual fees before making regulated loans. It sets limits on loan principal amounts, permissible interest rates and charges, and the sale of credit-related and property insurance, while granting borrowers rights concerning repayment and prohibiting specified lending practices. Oversight runs through the banking superintendent, who examines licensees, receives annual reports, maintains a public list of licensees, and may impose disciplinary action for violations, subject to judicial review.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
In the courts
Sections of this act have been cited in 12 court decisions.
Most-cited authority: 391 N.W.2d 17 - First Bank East v. Bobeldyk
Sections covered
- Minn. Stat. § 56.0001CITATION.
- Minn. Stat. § 56.001DEFINITIONS.
- Minn. Stat. § 56.002APPLICATION.3 cites
- Minn. Stat. § 56.01NECESSITY OF LICENSE.2 cites
- Minn. Stat. § 56.02APPLICATION FEE.
- Minn. Stat. § 56.04INVESTIGATION; ISSUANCE OF LICENSE; DENIAL; REFUNDS.
- Minn. Stat. § 56.05LICENSE; TO BE POSTED.
- Minn. Stat. § 56.07CONTROL OVER LOCATION.
- Minn. Stat. § 56.08ANNUAL LICENSE FEE.
- Minn. Stat. § 56.09SUSPENSION OR REVOCATION OF LICENSE.
- Minn. Stat. § 56.10GENERAL OVERSIGHT AND ADMINISTRATION.
- Minn. Stat. § 56.11BOOKS OF ACCOUNT; ANNUAL REPORT.
- Minn. Stat. § 56.12ADVERTISING; TAKING OF SECURITY; PLACE OF BUSINESS.1 cite
- Minn. Stat. § 56.125OPEN-END LOANS.
- Minn. Stat. § 56.131MAXIMUM RATES AND CHARGES.3 cites
- Minn. Stat. § 56.132INSTALLMENT SALES CONTRACTS.
- Minn. Stat. § 56.14DUTIES OF LICENSEE.1 cite
- Minn. Stat. § 56.15CHARGES.1 cite
- Minn. Stat. § 56.155INSURANCE IN CONNECTION WITH LOAN.1 cite
- Minn. Stat. § 56.16OVERAGES DEEMED INTEREST.
- Minn. Stat. § 56.17LIMITATION; ASSIGNMENT OF WAGES; SECURITY AGREEMENT.
- Minn. Stat. § 56.18UNLICENSED PERSONS NOT TO MAKE LOANS.
- Minn. Stat. § 56.19VIOLATION.
- Minn. Stat. § 56.21RULES OF COMMISSIONER.
- Minn. Stat. § 56.22MODIFICATION OF LAW NOT TO AFFECT CONTRACTS.
- Minn. Stat. § 56.23APPEALS.
- Minn. Stat. § 56.24EXISTING CONTRACTS VALID.
- Minn. Stat. § 56.25LICENSEE TO BE RESPONSIBLE.
- Minn. Stat. § 56.26CONTINUATION OF LICENSING.
Enacted in other states
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