Chapter 56 — Minnesota Regulated Loan Act

56.0001 Citation Names this chapter the Minnesota Regulated Loan Act. 56.001 Definitions Defines key terms used in the regulated lending chapter. 56.002 Application Lists which businesses are exempt from the regulated loan licensing requirements. 56.01 Necessity of License Requires lenders making small loans to get a license from the state. 56.02 Application Fee Sets the application process for getting a regulated lender license. 56.03 Lists the qualifications needed to get a regulated lender license. 56.04 Investigation; Issuance of License; Denial; Refunds Covers license renewal and the annual fees for regulated lenders. 56.05 License; to Be Posted Sets rules for the location and operation of licensed lending offices. 56.06 Allows the commissioner to examine the books and records of licensed lenders. 56.07 Control Over Location Gives the commissioner power to suspend or revoke a lender license. 56.08 Annual License Fee Sets the maximum interest rates that regulated lenders can charge. 56.09 Suspension or Revocation of License Lists what charges and fees regulated lenders can collect from borrowers. 56.10 General Oversight and Administration Requires lenders to give borrowers a written loan agreement. 56.11 Books of Account; Annual Report Gives borrowers the right to pay off their loan early without extra penalties. 56.12 Advertising; Taking of Security; Place of Business Requires lenders to give borrowers a receipt for every payment made. 56.125 Open-end Loans Limits how lenders can collect on defaulted loans. 56.13 Bans certain unfair lending practices by regulated lenders. 56.131 Maximum Rates and Charges Sets rules for insurance sold in connection with regulated loans. 56.132 Installment Sales Contracts Allows licensed lenders to buy and enforce installment sales contracts. 56.14 Duties of Licensee Requires licensed lenders to keep accurate books and records. 56.15 Charges Requires lenders to file annual reports with the commissioner. 56.155 Insurance in Connection With Loan Covers advertising rules for regulated lenders. 56.16 Overages Deemed Interest Sets penalties for violations of the regulated lending laws. 56.17 Limitation; Assignment of Wages; Security Agreement Gives borrowers the right to sue lenders who violate the law. 56.18 Unlicensed Persons Not to Make Loans Makes loans that violate the act void and unenforceable. 56.19 Violation Covers the authority of the commissioner to adopt rules for regulated lending. 56.20 Exempts certain types of lenders from the regulated loan requirements. 56.21 Rules of Commissioner Covers transition provisions for lenders under updated rules. 56.22 Modification of Law Not to Affect Contracts Sets rules for electronic records and signatures in regulated lending. 56.23 Appeals Covers coordination between state and federal lending regulations. 56.24 Existing Contracts Valid Covers the confidentiality of borrower information held by lenders. 56.25 Licensee to Be Responsible Addresses consumer complaints about regulated lenders. 56.26 Continuation of Licensing Sets effective dates and transition rules for the regulated loan chapter.