Section 56.25 — Licensee To Be Responsible.
56.25 LICENSEE TO BE RESPONSIBLE. The licensee hereunder shall, at all times, be beholden and liable to the commissioner for all acts and proceedings taken by assignees, assigns, endorsees, and transferees in enforcing, and as to the method of enforcing, collection of any obligation taken hereunder, as fully and to the same extent as though […]
Section 56.26 — Continuation Of Licensing.
56.26 CONTINUATION OF LICENSING. All persons licensed under the provisions of this chapter on August 1, 1981 are licensed to make loans regulated by Laws 1981, chapter 258, and the commissioner shall, upon request, within 90 days deliver evidence of licensing to the requester. History: (7774-60a) 1939 c 22 s 1; 1981 c 258 s […]
Section 56.15 — Charges.
56.15 CHARGES. Subdivision 1. Limitation. No licensee shall directly or indirectly, charge, contract for, or receive any interest, discount, charges, or consideration greater than the lender would be permitted by law to charge if the lender were not a licensee hereunder upon the loan, use or forbearance of money, goods, or things in action, or […]
Section 56.155 — Insurance In Connection With Loan.
56.155 INSURANCE IN CONNECTION WITH LOAN. Subdivision 1. Authorization. Notwithstanding section 47.59 to the contrary, no licensee shall, directly or indirectly, sell or offer for sale any insurance in connection with any loan made under this chapter except as and to the extent authorized by this section. The sale of credit life, credit accident and […]
Section 56.16 — Overages Deemed Interest.
56.16 OVERAGES DEEMED INTEREST. The payment of money, credit, goods, or things in action, as consideration for any sale or assignment of, or order for, the payment of wages, salary, commissions, or other compensation for services, whether earned or to be earned, shall, for the purposes of regulation under this chapter, be deemed a loan […]
Section 56.17 — Limitation; Assignment Of Wages; Security Agreement.
56.17 LIMITATION; ASSIGNMENT OF WAGES; SECURITY AGREEMENT. No assignment of, or order for payment of, any salary, wages, commissions, or other compensation for services earned or to be earned, given to secure any loan made by any licensee under this chapter, shall be valid unless the principal amount of the loan is paid to the […]
Section 56.18 — Unlicensed Persons Not To Make Loans.
56.18 UNLICENSED PERSONS NOT TO MAKE LOANS. No person, except as authorized in this chapter, shall, directly or indirectly, charge, contract for, or receive any interest, discount, or consideration greater than the lender would be permitted by law to charge if that person were not authorized hereunder upon the loan, use, or forbearance of money, […]
Section 56.19 — Violation.
56.19 VIOLATION. Subdivision 1. Criminal penalty. Any person or the several members, officers, directors, agents, and employees thereof, who violates or participates in the violation of any of the provisions of sections 56.01 and 56.18 is guilty of a gross misdemeanor. Subd. 2. [Repealed, 1983 c 252 s 16] Subd. 2a. Penalty for intentional violations. […]
Section 56.21 — Rules Of Commissioner.
56.21 RULES OF COMMISSIONER. The commissioner of commerce is hereby authorized and empowered to make general rules and specific rulings, demands, and findings for the enforcement of this chapter, in addition hereto and not inconsistent herewith. History: (7774-61) 1939 c 12 s 21; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 […]
Section 56.22 — Modification Of Law Not To Affect Contracts.
56.22 MODIFICATION OF LAW NOT TO AFFECT CONTRACTS. This chapter, or any part thereof, may be modified, amended, or repealed so as to effect a cancellation or alteration of any license or right of a licensee hereunder; provided, that such cancellation or alteration shall not impair or affect the obligation of any preexisting lawful contract […]