Licensing Requirements
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Statutes
No person without a license can engage in the business of making loans of money, credit, goods, or things in action over the maximum amount under the law, and charge, contract for, or receive a higher rate of interest, discount, or consideration than the lender would be permitted to charge. Minn. Stat. §56.01.
Cases
Comments
Violation of any provisions of sections 56.01-56.18 is a gross misdemeanor. Minn. Stat. §56.19.
Violation also renders the loan void & the debtor is not obligated to pay any amounts owing. Minn. Stat. §56.19 subd. 3.
Contributors
Joseph Lawver
The statutory information was edited and reviewed with the support of MultiState
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