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 [Repealed, 1983 c 252 s 16] Subd. 2a.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 This chapter, or any part thereof, may be modified, amended, or repealed so as to effect a cancellation or alteration of any license or right of a licensee hereunder; provided, that such cancellation or alteration shall not impair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 […]
Section 56.23 — Appeals.
56.23 APPEALS. Any applicant or licensee may appeal from any decision or order of the commissioner to the court of appeals in accordance with chapter 14. History: (7774-63) 1939 c 12 s 23; 1983 c 247 s 27
Section 56.24 — Existing Contracts Valid.
56.24 EXISTING CONTRACTS VALID. Nothing herein contained shall be so construed as to impair or affect the obligation of any contract of loan, which was lawfully entered into prior to June 1, 1939. History: (7774-64) 1913 c 439 s 1,2; 1915 c 117 s 1; 1939 c 12 s 24
Section 56.132 — Installment Sales Contracts.
56.132 INSTALLMENT SALES CONTRACTS. A person may enter into a credit sale or service contract for sale to a licensee under this chapter doing business in this state, and a licensee may purchase and enforce the contract under the terms and conditions set forth in section 47.59, subdivisions 2 and 4 to 14. History: 1993 […]
Section 56.14 — Duties Of Licensee.
56.14 DUTIES OF LICENSEE. Every licensee shall: (1) deliver to the borrower (or if there are two or more borrowers to one of them) at the time any loan is made a statement making the disclosures and furnishing the information required by the federal Truth-in-Lending Act, United States Code, title 15, sections 1601 to 1667e, […]
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. […]