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Minnesota laws

Date: Sat, 01/10/2009 - 08:55

Submitted by kabrosam
on Sat, 01/10/2009 - 08:55

Posts: 15 Credits: [Donate]

Total Replies: 7


Okay so if the online lenders I have used for payday loans are giving me loans for more than $350 and are allowing me to rollover my loans 3-4 times, this is illegal? What can I do about this? I have one loan for a principle of $500 and they allow me to roll it over 4 times (paydayone). my other loans are $350 or less but they also let me rollover the loan 3 times. any response would be appreciated!


Hi kabrosam,

Here are the law's for Minnesota. Can you list the name's of y our companies...I can check to see if they are licensed anywhere:
[quote]
Minnesota allows an Internet based payday loan company to lend legally as long as it is licensed in any US State. They would need to follow the laws of the state they are licensed out of, not the state the consumer is in.


Quote:
Minnesota State Information

Legal Status: Legal

Citation:
Minn. Stat. ???? 47.60 et seq.

Loan Terms:
Maximum Loan Amount: $350
Loan Term: Max: 30 days
Maximum Finance Rate and Fees: $5.50: $0-$50; 10%+$5: $51-$100; 7% (min. $10) + $5: $101-$250; 6% (min. $17.50) + $5: $251-$350 (After default: 2.75% per month)
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot repay with proceeds of another loan by same lender)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: $30 NSF fee
Criminal Action:

Where to Complain, Get Information:
Regulator: Minnesota Department of Commerce
Address: Division of Financial Examinations, 85 7th Place East, Suite 500 St. Paul MN 55101
Phone: (651) 296-2135
Fax: (651) 296-8591
Regulatory Contact: Kevin Murphy,, Deputy Commissioner

_________________[/quote]


lrhall41

Submitted by dawnlango7 on Sat, 01/10/2009 - 09:28

( Posts: 1147 | Credits: )


Hi,

I found y our companies in another post:
CashNetUSA - legal
PayDayOne - Legal
CashCentral - legal

All of your companies are licensed and legal, you would need to work out some type of payment arrangement with them. I'm not sure if you have to default first or not, but I would be careful. If you don't close you account, they can try to take the full amount and put your account in the negative


lrhall41

Submitted by dawnlango7 on Sat, 01/10/2009 - 09:30

( Posts: 1147 | Credits: )


I know they are all licensed in mn but is it legal for them to give me a loan for more than $350? The MN law states that the maximum loan amount is $350 and I have one for $500. Also the law states that no rollovers are permitted, yet all three of the companies have let me roll the loan over 3-4 times. Thanks for the info!!!


lrhall41

Submitted by kabrosam on Sat, 01/10/2009 - 09:34

( Posts: 15 | Credits: )