Minnesota Payday Loan Regulations Apply to Out-of-State Lenders
Following Pennsylvania’s interstate payday loan legal lead, Minnesota is now requiring all cash advance companies making small loans to Minnesota residents be licensed under MN law Monday.
According to the law, not having a physical presence anywhere in Minnesota doesn’t matter. Payday lenders are required to comply with state loan amounts, fees, charges and other requirement under MN state law.
This new law also pertains to payday loans via the Internet. After reviewing the statute the state legislation decided that the law were applicable to the residence of the borrower, not where the lender’s business was based. The new licensing requirements will become effective December 1, 2008.
November 12th, 2008 at 5:21 pm
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