2005 Minnesota Statutes - 56.16 — Overages deemed interest.

     56.16 Overages deemed interest. 


    The payment of money, credit, goods, or things in action, 
 as consideration for any sale or assignment of, or order for, 
 the payment of wages, salary, commissions, or other compensation 
 for services, whether earned or to be earned, shall, for the 
 purposes of regulation under this chapter, be deemed a loan 
 secured by the assignment, and the amount by which the assigned 
 compensation exceeds the amount of the consideration actually 
 paid shall, for the purposes of regulation under this chapter, 
 be deemed interest or charges upon the loan from the date of the 
 payment to the date the compensation is payable.  This 
 transaction shall be governed by, and subject to, the provisions 
 of this chapter. 


    HIST: (7774-56) 1939 c 12 s 16; 1959 c 573 s 11; 1967 c 261 s 
 6; 1974 c 412 s 6; 1981 c 258 s 15