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 56.15 — 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 56.07 — 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 […]