Workplace associated with the Revisor of Statutes

By |May 21st, 2021|

Workplace associated with the Revisor of Statutes

2020 Minnesota Statutes


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About Minnesota Statutes

2020 Statutes New, Amended or Repealed

2020 Dining Table of Chapters

2020 Statutes Topics (Index)

Chapter 47

Dining table of parts

Complete Chapter Text

Variation List

Area 47.601


Attorney general

Banking Institutions

Commerce division

Customer security

Banking institutions

Industrial thrift and loan businesses


Payday advances

Popular names of functions

Regulated loan providers

Savings associations

Savings banks

Trust organizations

Current History

2009 47.601 brand new 2009 c 68 s 3


Subdivision 1. Definitions.

(b) “Borrower” means someone who obtains a customer loan that is short-term for individual, family members, or home purposes.

(c) “Commissioner” means the commissioner of business.

(d) “customer short-term loan” means that loan to a debtor which includes a principal quantity, or an advance on a borrowing limit, of $1,000 or less and needs a minimum payment within 60 times of loan origination or credit advance greater than 25 % associated with the major stability or credit advance. Each new advance of money to a borrower under a consumer short-term loan agreement constitutes a new consumer short-term loan for the purposes of this section. A “customer short-term loan” doesn’t add any deal made under chapter 325J or a loan produced by a consumer short-term loan provider where, in the eventuality of standard in the loan, the only real recourse for data recovery of this balance due, aside from a lawsuit for damages when it comes to financial obligation, would be to continue against real items pledged by the debtor as security when it comes to loan.

(age) “customer lender that is short-term means a person or entity involved in the business enterprise of creating or organizing customer short-term loans, apart from a situation or federally chartered bank, cost savings bank, or credit union. […]