need info on mn law for pdl please
Date: Sat, 10/18/2008 - 19:36
Dec 1 MN will require internet pdl companies to be licensed in MN, what if anything does that mean for my existing loans?
PDL laws of Minnesota: - Quote:Minnesota State Information L
PDL laws of Minnesota: -
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 |