Subdivision 1. Limitation. No licensee shall directly or indirectly, charge, contract for, or receive any interest, discount, charges, or consideration greater than the lender would be permitted by law to charge if the lender were not a licensee hereunder upon the loan, use or forbearance of money, goods, or things in action, or upon the loan, use or sale of credit, of the amount or value of more than that regulated by this chapter. The foregoing prohibition shall also apply to any licensee who permits any person, as borrower, or otherwise, to owe, directly or contingently, or both, to the licensee at any time a sum of more than that regulated by this chapter for principal.
Subd. 2. [Repealed, 1981 c 258 s 23]
(7774-55) 1939 c 12 s 15; 1959 c 573 s 10; 1963 c 117 s 1; 1967 c 261 s 5; 1974 c 412 s 5; 1977 c 382 s 2; 1981 c 258 s 13; 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.