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 [Repealed, 1983 c 252 s 16] Subd. 2a.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 56.07 — Control Over Location.
56.07 CONTROL OVER LOCATION. Subdivision 1. General. Not more than one place of business shall be maintained under the same license, but the commissioner may issue more than one license to the same licensee upon compliance with all the provisions of this chapter governing an original issuance of a license, for each such new license. […]
Section 56.08 — Annual License Fee.
56.08 ANNUAL LICENSE FEE. Every licensee shall, on or before the 20th day of each December, pay to the commissioner the sum of $150 as an annual license fee for the next succeeding calendar year. History: (7774-48) 1939 c 12 s 8; 1959 c 573 s 5; 1975 c 379 s 2
Section 56.09 — Suspension Or Revocation Of License.
56.09 SUSPENSION OR REVOCATION OF LICENSE. The commissioner shall, upon ten days’ notice to the licensee stating the contemplated action and in general the grounds therefor, and upon reasonable opportunity to be heard, revoke any license issued hereunder if the commissioner shall find that: (1) The licensee has failed to pay the annual license fee […]
Section 56.10 — General Oversight And Administration.
56.10 GENERAL OVERSIGHT AND ADMINISTRATION. Subdivision 1. Examinations. For the purpose of discovering violations of this chapter or securing information lawfully required by the commissioner hereunder, the commissioner may, at any time, either personally or by a person or persons duly designated, investigate the loans and business and examine the books, accounts, records, and files […]
Section 56.11 — Books Of Account; Annual Report.
56.11 BOOKS OF ACCOUNT; ANNUAL REPORT. The licensee shall keep and use in the licensee’s business such books, accounts, and records as will enable the commissioner to determine whether the licensee is complying with the provisions of this chapter and with the rules lawfully made by the commissioner hereunder. Every licensee shall preserve such books, […]
Section 56.12 — Advertising; Taking Of Security; Place Of Business.
56.12 ADVERTISING; TAKING OF SECURITY; PLACE OF BUSINESS. No licensee shall advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, in any manner any statement or representation with regard to the rates, terms, or conditions for the lending of money, credit, goods, or things […]
Section 56.125 — Open-end Loans.
56.125 OPEN-END LOANS. Subdivision 1. Authorization. A licensee may make open-end loans under this chapter other than loans under an overdraft checking plan and may charge a daily, monthly, or other periodic rate of finance charge on unpaid balances not in excess of the maximum rate of interest permitted by section 56.131, subdivision 1, paragraph […]
Section 56.131 — Maximum Rates And Charges.
56.131 MAXIMUM RATES AND CHARGES. Subdivision 1. Interest rates and charges. (a) On any loan in a principal amount not exceeding $100,000 or 15 percent of a Minnesota corporate licensee’s capital stock and surplus as defined in section 53.015, if greater, a licensee may contract for and receive interest, finance charges, and other charges as […]