Section 56.0001 — Citation.
56.0001 CITATION. Sections 56.001 to 56.26 may be cited as the “Minnesota Regulated Loan Act.” History: 1982 c 547 s 4
Section 56.001 — Definitions.
56.001 DEFINITIONS. Subdivision 1. Terms. When used in this chapter, the terms defined in this section have the meanings given them, unless their context requires a different meaning. Subd. 2. Actuarial method. “Actuarial method” means the method of allocating payments made on a loan between the principal amount and interest whereby a payment is applied […]
Section 56.002 — Application.
56.002 APPLICATION. This chapter does not apply to a person doing business under and as permitted by any law of this state or of the United States relating to banks, savings associations, trust companies, licensed pawnbrokers, or credit unions. Notwithstanding the provisions of section 56.01, an industrial loan and thrift company under chapter 53 may […]
Section 56.01 — Necessity Of License.
56.01 NECESSITY OF LICENSE. (a) Except as authorized by this chapter and without first obtaining a license from the commissioner, no person shall engage in the business of making loans of money, credit, goods, or things in action, in an amount or of a value not exceeding that specified in section 56.131, subdivision 1, and […]
Section 56.02 — Application Fee.
56.02 APPLICATION FEE. (a) Application for license shall be in writing, under oath, and in the form prescribed by the commissioner, and contain the name and the address, both of the residence and place of business, of the applicant and, if the applicant is a copartnership or association, of every member thereof, and if a […]
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 55.02 — Powers.
55.02 POWERS. Any safe deposit company which complies with the provisions of this chapter shall have power: (1) to let out or rent as lessor, for hire, safe deposit boxes, upon such terms and for such compensation as may be agreed upon by such safe deposit company and the lessee; and (2) to take and […]
Section 55.03 — License Required.
55.03 LICENSE REQUIRED. Except as in this chapter otherwise provided, no person shall exercise the powers granted safe deposit companies by section 55.02 unless licensed so to do. History: (7747-3) 1933 c 340 s 3; 1945 c 114 s 3
Section 55.04 — Licenses.
55.04 LICENSES. Subdivision 1. Place of business. The commissioner of commerce may license any person to engage in the business of a safe deposit company and to exercise the powers set forth in section 55.02, which license shall designate the place of business of the safe deposit company, which place of business shall be located […]