(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 charge, contract for, or receive on the loan a greater rate of interest, discount, or consideration than the lender would be permitted by law to charge if not a licensee under this chapter.
(b) An agency or instrumentality of the United States government or a corporation otherwise created by an act of the United States Congress or a lender approved or certified by the secretary of housing and urban development, or approved or certified by the administrator of veterans affairs, or approved or certified by the administrator of the Farmers Home Administration, or approved or certified by the Federal Home Loan Mortgage Corporation, or approved or certified by the Federal National Mortgage Association, that engages in the business of purchasing or taking assignments of mortgage loans and undertakes direct collection of payments from or enforcement of rights against borrowers arising from mortgage loans, is not required to be licensed under this chapter in order to purchase or take assignments of mortgage loans from licensees under this chapter.
(7774-41) 1939 c 12 s 1; 1959 c 573 s 1; 1967 c 261 s 1; 1974 c 412 s 1; 1981 c 258 s 3; 1Sp1985 c 1 s 14; 1986 c 444
Structure Minnesota Statutes
Section 56.01 — Necessity Of License.
Section 56.02 — Application Fee.
Section 56.04 — Investigation; Issuance Of License; Denial; Refunds.
Section 56.05 — License; To Be Posted.
Section 56.07 — Control Over Location.
Section 56.08 — Annual License Fee.
Section 56.09 — Suspension Or Revocation Of License.
Section 56.10 — General Oversight And Administration.
Section 56.11 — Books Of Account; Annual Report.
Section 56.12 — Advertising; Taking Of Security; Place Of Business.
Section 56.125 — Open-end Loans.
Section 56.131 — Maximum Rates And Charges.
Section 56.132 — Installment Sales Contracts.
Section 56.14 — Duties Of Licensee.
Section 56.155 — Insurance In Connection With Loan.
Section 56.16 — Overages Deemed Interest.
Section 56.17 — Limitation; Assignment Of Wages; Security Agreement.
Section 56.18 — Unlicensed Persons Not To Make Loans.
Section 56.21 — Rules Of Commissioner.
Section 56.22 — Modification Of Law Not To Affect Contracts.
Section 56.24 — Existing Contracts Valid.