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 […]
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 56.04 — Investigation; Issuance Of License; Denial; Refunds.
56.04 INVESTIGATION; ISSUANCE OF LICENSE; DENIAL; REFUNDS. Upon the filing of the application and payment of these fees, the commissioner shall investigate the facts, and if the commissioner shall find (1) that the financial responsibility, experience, character, and general fitness of the applicant, and of the members thereof if the applicant be a copartnership or […]
Section 56.05 — License; To Be Posted.
56.05 LICENSE; TO BE POSTED. The license shall state the address at which the business is to be conducted and shall state fully the name of the licensee, and if the licensee is a copartnership or association, the names of the members thereof, and if a corporation, the date and place of its incorporation. The […]
Section 55.11 — Not Charged With Notice Of Fiduciary Relation.
55.11 NOT CHARGED WITH NOTICE OF FIDUCIARY RELATION. No such safe deposit company shall be obliged to ascertain or take notice of any trust or fiduciary relationship which the tenant of a safe deposit box may bear to the contents thereof, but shall be presumed to deal with the tenant of a box in an […]