2006 Minnesota Code
Chapters 46 - 59 Banking
Chapter 56 Regulated Loans
Section 56.01 NECESSITY OF LICENSE.

56.01 NECESSITY OF LICENSE.
(a) Except as authorized by this chapter and without first obtaining a license from the
commissioner, no person shall engage in the business of making loans of money, credit, goods,
or things in action, in an amount or of a value not exceeding that specified in section 56.131,
subdivision 1 , and charge, contract for, or receive on the loan a greater rate of interest, discount,
or consideration than the lender would be permitted by law to charge if not a licensee under
this chapter.
(b) An agency or instrumentality of the United States government or a corporation otherwise
created by an act of the United States Congress or a lender approved or certified by the secretary of
housing and urban development, or approved or certified by the administrator of veterans affairs,
or approved or certified by the administrator of the Farmers Home Administration, or approved or
certified by the Federal Home Loan Mortgage Corporation, or approved or certified by the Federal
National Mortgage Association, that engages in the business of purchasing or taking assignments
of mortgage loans and undertakes direct collection of payments from or enforcement of rights
against borrowers arising from mortgage loans, is not required to be licensed under this chapter in
order to purchase or take assignments of mortgage loans from licensees under this chapter.
History: (7774-41) 1939 c 12 s 1; 1959 c 573 s 1; 1967 c 261 s 1; 1974 c 412 s 1; 1981 c
258 s 3; 1Sp1985 c 1 s 14; 1986 c 444