reglab/statecodes huggingface dataset:
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 55 — Safe Deposit Companies › Section 55.04 — Licenses.

55.04 LICENSES.
Subdivision 1.
Place of business.
The commissioner of commerce may license any person to engage in the business of a safe deposit company and to exercise the powers set forth in section 55.02, which license shall designate the place of business of the safe deposit company, which place of business shall be located upon the premises in which the safe deposit boxes are located.
Subd. 2.
Application for license.
Application for license shall be in writing, under oath, and in the form prescribed by the commissioner of commerce, and contain the name and address, both of the residence and place of business, of the applicant, and if the applicant is a partnership or unincorporated association, of every member thereof, and if a corporation, of each officer and director thereof; also the county and municipality, with street and number, if any, where the business is to be conducted; and further information the commissioner of commerce requires. The applicant at the time of making application shall pay to the commissioner the sum of $250 as a fee for investigating the application, and the additional sum of $150 as an annual license fee for a period terminating on the last day of the current calendar year.
Subd. 3.
Business at stated place only.
It shall be unlawful for any safe deposit company holding such license to engage in this business upon any premises or in any building other than that designated in the license.
History:
(7747-4) 1933 c 340 s 4; 1945 c 114 s 4; 1982 c 473 s 22; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1999 c 151 s 31
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 55 — Safe Deposit Companies › Section 55.041 — Annual License Fee.

55.041 ANNUAL LICENSE FEE.
Every licensee shall, on or before the 20th day of each December, pay to the commissioner the sum of $150 as an annual license fee for the next succeeding calendar year.
History:
1982 c 473 s 23
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 55 — Safe Deposit Companies › Section 55.05 — Bonds.

55.05 BONDS.
Before a license is issued, the applicant shall execute and file with the commissioner of commerce a bond to the state of Minnesota in the penal sum of not less than $5,000 nor more than $1,000,000, as fixed by the commissioner of commerce. The bond must be issued by a corporate surety in good standing authorized to do business in this state and must secure the faithful performance of the safe deposit company's contracts of rental or deposit and protect persons doing business with it from the results of its negligence. The bond must enure to the benefit of any one damaged by a breach of a rental or deposit contract or negligence. Each bond, or a substitute like bond, approved by the commissioner of commerce shall be kept on file and maintained in effect by the safe deposit company so long as that company continues to do business. Failure to maintain the bond shall be grounds for revocation of the safe deposit company's license by the commissioner of commerce. No safe deposit company shall lease a safe deposit box or receive valuable personal property for safekeeping or storage until the bond is on file and in force.
History:
(7747-5) 1933 c 340 s 5; 1945 c 114 s 5; 1982 c 473 s 24; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 55 — Safe Deposit Companies › Section 55.06 — Business Not To Be Conducted Without License.

55.06 BUSINESS NOT TO BE CONDUCTED WITHOUT LICENSE.
Subdivision 1.
Prohibition.
No person except a bank, a savings bank, a credit union, a savings association, industrial loan and thrift company issuing investment certificates of indebtedness, or a trust company may let out or rent as lessor, for hire, safe deposit boxes or take or receive valuable personal property for safekeeping and storage, as bailee, for hire, without procuring a license and giving a bond, as required by this chapter, except as otherwise authorized by law so to do.
Subd. 2.
Civil penalty.
Every person who shall violate the provisions of subdivision 1 or any other provision of this chapter shall forfeit to the state the sum of not to exceed $100 for each day the violation shall continue, after written notice by the commissioner of commerce to discontinue such violation, to be recovered in a civil action brought by the attorney general in the name of the state at the request of the commissioner of commerce, and may be enjoined by any court having jurisdiction from any further violation, in an equitable action brought by the attorney general in the name of the state for that purpose.
History:
(7747-6) 1933 c 340 s 6; 1945 c 114 s 6; 1977 c 84 s 2; 1980 c 524 s 6; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1997 c 157 s 47
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 55 — Safe Deposit Companies › Section 55.07 — Deposits, How Kept; Accounts Kept.

55.07 DEPOSITS, HOW KEPT; ACCOUNTS KEPT.
Subdivision 1.
Vault approved by commissioner.
No person shall carry on the business of a safe deposit company as authorized by section 55.02 unless the safe deposit boxes let out or rented by it and the valuable personal property taken and received by it for safekeeping and storage are kept in a fireproof vault approved by the commissioner of commerce.
Subd. 2.
Accounts.
Every licensed safe deposit company shall keep books in which shall be entered an account of all its transactions relative to the letting, renting, or leasing of its safe deposit boxes, and to the receipt of valuable personal property for safekeeping or storage.
History:
(7747-7) 1933 c 340 s 7; 1945 c 114 s 7; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 55 — Safe Deposit Companies › Section 55.08 — License Posted.

55.08 LICENSE POSTED.
Immediately upon the receipt of the license issued by the commissioner of commerce, pursuant to the provisions of this chapter, the licensee named therein shall cause the license to be posted and conspicuously displayed in the place of business for which it is issued, so that all persons visiting the place of business may readily see the same. It shall be unlawful for any safe deposit company holding a license to post the license, or permit the license to be posted, upon premises other than that designated therein, or knowingly deface or destroy any such license.
History:
(7747-8) 1933 c 340 s 8; 1945 c 114 s 8; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 55 — Safe Deposit Companies › Section 55.095 — Duties Of Commissioner Of Commerce.

55.095 DUTIES OF COMMISSIONER OF COMMERCE.
Every safe deposit company is at all times under the supervision and subject to the control of the commissioner of commerce. The commissioner may at any time examine a licensed safe deposit company to ascertain whether the safe deposit company is complying with the provisions of this chapter and whether its methods and systems are in accordance with law and designed to protect the property of persons doing business with it. For each examination the commissioner shall charge the actual expenses of examination. If the commissioner of commerce determines that the safe deposit company is violating the provisions of this chapter, any law of the state, or has engaged or the commissioner has reason to believe that a licensee is about to engage in an unlawful, unsafe, or unsound practice in the conduct of its business, the commissioner may proceed pursuant to sections 46.24 to 46.33 or serve notice on the safe deposit company of intention to revoke the license, stating in general the grounds therefor and giving reasonable opportunity to be heard. If for a period of 15 days after the notice, the violation continues, the commissioner of commerce may revoke the license and take possession of the business and property of the safe deposit company and maintain possession until the time the commissioner permits it to continue business, or its affairs are finally liquidated. The liquidation must proceed pursuant to sections 49.04 to 49.32.
History:
1945 c 114 s 10; 1977 c 347 s 14; 1980 c 524 s 7; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1Sp1985 c 13 s 190; 1986 c 444; 1987 c 349 art 2 s 1
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 55 — Safe Deposit Companies › Section 55.11 — Not Charged With Notice Of Fiduciary Relation.

55.11 NOT CHARGED WITH NOTICE OF FIDUCIARY RELATION.
No such safe deposit company shall be obliged to ascertain or take notice of any trust or fiduciary relationship which the tenant of a safe deposit box may bear to the contents thereof, but shall be presumed to deal with the tenant of a box in an individual and not in a representative capacity, and shall be protected if it grants access to a box to the lessee thereof, according to the terms of the contract of rental.
History:
(7747-11) 1933 c 340 s 11; 1945 c 114 s 12; 1986 c 444
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 55 — Safe Deposit Companies › Section 55.12 — Liability May Be Limited.

55.12 LIABILITY MAY BE LIMITED.
Any licensed safe deposit company may, in any lease or contract governing or regulating the use of any safe deposit box to or by any customer or customers, limit its liability as such lessor or bailee in the following respects:
(1) limit its total liability for any loss by negligence to such maximum amount as may be stipulated; and
(2) stipulate that it shall in no event be liable for loss of such valuable property as may be excepted against in such lease or contract.
History:
(7747-12) 1933 c 340 s 12; 1945 c 114 s 13
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 55 — Safe Deposit Companies › Section 55.15 — Application.

55.15 APPLICATION.
This chapter shall not be held or construed as limiting, restricting, or in any way affecting the operation or management of safe deposit boxes or vaults, or a safe deposit business, by any savings bank, bank, credit union, or trust company. If any bank, savings bank, credit union, or trust company elects to transact the business of a safe deposit company under the provisions of this chapter, it shall so notify the commissioner of commerce and thereafter the provisions of sections 55.02 and 55.10 to 55.12 shall apply to such safe deposit business and said bank, savings bank, credit union, or trust company shall have the benefit thereof. The provisions of sections 55.03 to 55.08 and the provisions of section 55.095 shall not apply to a bank, savings bank, credit union, or trust company carrying on the business of a safe deposit company.
History:
(7747-15) 1933 c 340 s 15; 1945 c 114 s 16; 1Sp1981 c 4 art 1 s 48; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1987 c 349 art 1 s 35; 1987 c 384 art 2 s 1; 2004 c 174 s 1
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 56 — Regulated Loans › Section 56.001 — Definitions.

56.001 DEFINITIONS.
Subdivision 1.
Terms.
When used in this chapter, the terms defined in this section have the meanings given them, unless their context requires a different meaning.
Subd. 2.
Actuarial method.
"Actuarial method" means the method of allocating payments made on a loan between the principal amount and interest whereby a payment is applied first to the accumulated interest and then to the unpaid principal amount.
Subd. 3.
Applicable charge.
"Applicable charge" means the amount of interest attributable to each monthly installment period of the loan contract. The applicable charge is computed as if each installment period were one month and any charge for extending the first installment period beyond one month, or reduction in charge for a first installment less than one month, is ignored. The applicable charge for any installment period is that which would have been made for the period had the loan been made on an interest-bearing basis at the single annual percentage rate permitted by section 56.131, subdivision 1, based upon the assumption that all payments were made according to schedule. For convenience in computation, the licensee may round the single annual rate to the nearest one quarter of one percent.
Subd. 4.
Commissioner.
"Commissioner" means the commissioner of commerce.
Subd. 5.
[Repealed, 2014 c 222 art 1 s 58]
Subd. 6.
[Repealed, 2014 c 222 art 1 s 58]
Subd. 7.
Precomputed loan.
"Precomputed loan" means a loan in which the debt is a sum comprising the principal amount and the amount of interest computed actuarially in advance on the assumption that all scheduled payments will be made when due.
Subd. 8.
Person.
"Person" includes individuals, copartnerships, associations, and corporations.
Subd. 9.
Principal amount.
"Principal amount" means the amount of cash paid to, or paid or payable for, the account of the borrower.
History:
1981 c 258 s 1; 1Sp1981 c 4 art 4 s 35; 1983 c 250 s 26; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 56 — Regulated Loans › Section 56.002 — Application.

56.002 APPLICATION.
This chapter does not apply to a person doing business under and as permitted by any law of this state or of the United States relating to banks, savings associations, trust companies, licensed pawnbrokers, or credit unions. Notwithstanding the provisions of section 56.01, an industrial loan and thrift company under chapter 53 may contract for and receive the charges, including those in section 56.155, authorized by this chapter without being licensed pursuant to this chapter, but shall comply with all other provisions of this chapter when contracting for or receiving charges on loans regulated by this chapter.
History:
1981 c 258 s 2; 1Sp1981 c 4 art 4 s 11; 1995 c 202 art 1 s 25
2023 Minnesota Statutes › 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
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 56 — Regulated Loans › Section 56.02 — Application Fee.

56.02 APPLICATION FEE.
(a) Application for license shall be in writing, under oath, and in the form prescribed by the commissioner, and contain the name and the address, both of the residence and place of business, of the applicant and, if the applicant is a copartnership or association, of every member thereof, and if a corporation, of each officer and director thereof; also the county and municipality, with street and number, if any, where the business is to be conducted, and such further information as the commissioner may require. The applicant at the time of making application, shall pay to the commissioner the sum of $500 as a fee for investigating the application, and the additional sum of $250 as an annual license fee for a period terminating on the last day of the current calendar year. In addition to the annual license fee, every licensee hereunder shall pay to the commissioner the actual costs of each examination, as provided for in section 56.10. All money collected by the commissioner under this chapter shall be deposited in the financial institutions account under section 46.131, subdivision 11.
(b) Every applicant shall also prove, in form satisfactory to the commissioner, that the applicant has available for the operation of the business at the location specified in the application, liquid assets of at least $50,000.
(c) Section 58A.04, subdivisions 2 and 3, apply to this section.
History:
(7774-42) 1939 c 12 s 2; 1959 c 573 s 2; 1969 c 347 s 3; 1969 c 399 s 1; 1975 c 379 s 1; 1981 c 258 s 4; 1986 c 444; 1999 c 151 s 32; 2003 c 112 art 2 s 50; 2009 c 101 art 2 s 109; 2020 c 80 art 1 s 8; 2022 c 93 art 2 s 17
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 56 — Regulated Loans › Section 56.04 — Investigation; Issuance Of License; Denial; Refunds.

56.04 INVESTIGATION; ISSUANCE OF LICENSE; DENIAL; REFUNDS.
Upon the filing of the application and payment of these fees, the commissioner shall investigate the facts, and if the commissioner shall find (1) that the financial responsibility, experience, character, and general fitness of the applicant, and of the members thereof if the applicant be a copartnership or association, and of the person with direct responsibility for the operation and management of the proposed office are such as to command confidence and to warrant belief that the business will be operated honestly, fairly, and efficiently within the purposes of this chapter, and primarily for purposes other than making loans to finance the purchase of products or services, other than insurance products authorized in this chapter or chapter 62B, offered by the applicant, a person which controls or is controlled by the applicant, or a person which is controlled by persons which also control the applicant; and (2) that the applicant has available for the operation of the business, at the specified location, liquid assets of at least $50,000 (the foregoing facts being conditions precedent to the issuance of a license under this chapter), the commissioner shall thereupon issue and deliver a license to the applicant to make loans, in accordance with the provisions of this chapter, at the location specified in the application. If the commissioner shall not so find, the commissioner shall not issue a license and shall notify the applicant of the denial and return to the applicant the sum paid by the applicant as a license fee, retaining the $500 investigation fee to cover the costs of investigating the application. The commissioner shall approve or deny every application for license hereunder within 60 days from the filing thereof with the fees.
If the application is denied, the commissioner shall, within 20 days thereafter, file in the commissioner's office a written decision and findings with respect thereto containing the evidence and the reasons supporting the denial, and forthwith serve upon the applicant a copy thereof.
There is hereby appropriated to such persons as are entitled to such refund, from the fund or account in the state treasury to which the money was credited, an amount sufficient to make the refund and payment.
History:
(7774-44) 1939 c 12 s 4; 1959 c 157 s 4; 1959 c 573 s 3; 1971 c 526 s 1; 1981 c 258 s 5; 1Sp1985 c 1 s 15; 1986 c 444; 1992 c 587 art 1 s 22; 2001 c 56 s 7
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 56 — Regulated Loans › Section 56.05 — License; To Be Posted.

56.05 LICENSE; TO BE POSTED.
The license shall state the address at which the business is to be conducted and shall state fully the name of the licensee, and if the licensee is a copartnership or association, the names of the members thereof, and if a corporation, the date and place of its incorporation. The license shall be kept conspicuously posted in the place of business of the licensee, and shall not be transferable or assignable.
History:
(7774-45) 1939 c 12 s 5
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 56 — Regulated Loans › Section 56.07 — Control Over Location.

56.07 CONTROL OVER LOCATION.
Subdivision 1.
General.
Not more than one place of business shall be maintained under the same license, but the commissioner may issue more than one license to the same licensee upon compliance with all the provisions of this chapter governing an original issuance of a license, for each such new license. To the extent that previously filed applicable information remains substantially unchanged, the applicant need not refile this information, unless requested.
When a licensee shall wish to change a place of business, the licensee shall give written notice thereof 30 days in advance to the commissioner, who shall within 30 days of receipt of such notice, issue an amended license approving the change. No change in the place of business of a licensee to a location outside of its current trade area or more than 25 miles from its present location, whichever distance is greater, shall be permitted under the same license unless all of the requirements of section 56.04 have been met.
A licensed location must be open for business and examination purposes on a schedule provided to and approved by the commissioner. This schedule of regular business must be conspicuously posted at the licensed location.
Subd. 2.
Interactive kiosk locations.
Licensed locations providing limited services on an interactive telephone-customer service communications terminal are required to comply with paragraphs (a) to (c).
(a) The licensee must maintain business books, accounts, and records on a suitable alternative system of maintenance approved by the commissioner.
(b) The license required to be posted under section 56.05 may be displayed on the customer service communications terminal screen for a period of no less than 15 seconds.
(c) The full and accurate schedule of charges required by section 56.14, clause (5), may be displayed on the customer service communications terminal screen for no less than 20 seconds.
History:
(7774-47) 1939 c 12 s 7; 1965 c 45 s 7; 1981 c 258 s 6; 1Sp1985 c 1 s 16; 1986 c 444; 1992 c 587 art 1 s 23; 1997 c 157 s 48
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 56 — Regulated Loans › Section 56.08 — Annual License Fee.

56.08 ANNUAL LICENSE FEE.
Every licensee shall, on or before the 20th day of each December, pay to the commissioner the sum of $150 as an annual license fee for the next succeeding calendar year.
History:
(7774-48) 1939 c 12 s 8; 1959 c 573 s 5; 1975 c 379 s 2
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 56 — Regulated Loans › Section 56.09 — Suspension Or Revocation Of License.

56.09 SUSPENSION OR REVOCATION OF LICENSE.
The commissioner shall, upon ten days' notice to the licensee stating the contemplated action and in general the grounds therefor, and upon reasonable opportunity to be heard, revoke any license issued hereunder if the commissioner shall find that:
(1) The licensee has failed to pay the annual license fee required under the provisions of this chapter, or to comply with any demand, ruling, or requirement of the commissioner lawfully made pursuant to and within the authority of this chapter; or that
(2) The licensee has violated any material provision of this chapter or any rule lawfully made by the commissioner under and within the authority of this chapter; or that
(3) Any fact or condition exists which, if it had existed at the time of the original application for the license, clearly would have warranted the commissioner in refusing originally to issue the license.
The commissioner may, upon three days' notice and a hearing, suspend any license for a period not exceeding 30 days, pending investigation.
The commissioner may revoke or suspend only the particular license with respect to which grounds for revocation or suspension may occur or exist, or, if the commissioner shall find that the grounds for revocation or suspension are of general application to all offices, or to more than one office, operated by the licensee, the commissioner shall revoke or suspend all of the licenses issued to the licensee or the licenses as the grounds apply to, as the case may be.
Any licensee may surrender any license by delivering to the commissioner written notice that the licensee thereby surrenders the license, but the surrender shall not affect the licensee's civil or criminal liability for acts committed prior to the surrender.
No revocation or suspension or surrender of any license shall impair or affect the obligation of any preexisting lawful contract between the licensee and any borrower.
Every license issued hereunder shall remain in force and effect until the same shall have been surrendered, revoked, or suspended in accordance with the provisions of this chapter, but the commissioner shall have authority, on the commissioner's own initiative, to reinstate suspended licenses or to issue new licenses to a licensee whose license or licenses shall have been revoked if no fact or condition then exists which clearly would have warranted the commissioner in refusing originally to issue the license under this chapter.
When the commissioner shall revoke or suspend a license issued pursuant to this chapter, a written order to that effect and findings with respect thereto containing the evidence and the reasons supporting the revocation or suspension shall be filed in the commissioner's office, and a copy thereof forthwith served upon the licensee.
History:
(7774-49) 1939 c 12 s 9; 1959 c 573 s 6; 1981 c 258 s 7; 1985 c 248 s 70; 1986 c 444
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 56 — Regulated Loans › Section 56.10 — General Oversight And Administration.

56.10 GENERAL OVERSIGHT AND ADMINISTRATION.
Subdivision 1.
Examinations.
For the purpose of discovering violations of this chapter or securing information lawfully required by the commissioner hereunder, the commissioner may, at any time, either personally or by a person or persons duly designated, investigate the loans and business and examine the books, accounts, records, and files used therein, of every licensee and of every person who shall be engaged in the business described in section 56.01, whether the person shall act or claim to act as principal or agent, or under or without the authority of this chapter. For that purpose the commissioner and a duly designated representative shall have free access to the offices and places of business, books, accounts, papers, records, files, safes, and vaults of all such persons. The commissioner and all persons duly designated shall have authority to require the attendance of and to examine, under oath, all persons whomsoever whose testimony the commissioner may require relative to the loan or the business or to the subject matter of any examination, investigation, or hearing. Upon written agreement with the licensee, the commissioner may conduct examinations applying the procedures for purposes of this subdivision and section 46.04, subdivision 1, to facilitate the qualifications of the licensee to participate in the United States Small Business Administration loan guarantee or similar programs.
Each licensee shall pay to the commissioner such amount as may be required under section 46.131, and the commissioner may maintain an action for the recovery of such costs in any court of competent jurisdiction.
Subd. 2.
Interpretive opinions.
The commissioner may honor requests from interested parties for interpretive opinions in connection with the administration of this chapter. No provision of this chapter or of any other chapter to which this chapter refers which imposes any penalty shall apply to any act done or omitted to be done in conformity with any written interpretive opinion of the commissioner, notwithstanding that such written interpretive opinion may, after such act or omission, be amended or rescinded or be determined by judicial or other authority to be invalid for any reason.
History:
(7774-50) 1939 c 12 s 10; 1965 c 475 s 3; 1981 c 258 s 8; 1986 c 444; 1993 c 257 s 36; 1997 c 157 s 49
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 56 — Regulated Loans › Section 56.11 — Books Of Account; Annual Report.

56.11 BOOKS OF ACCOUNT; ANNUAL REPORT.
The licensee shall keep and use in the licensee's business such books, accounts, and records as will enable the commissioner to determine whether the licensee is complying with the provisions of this chapter and with the rules lawfully made by the commissioner hereunder. Every licensee shall preserve such books, accounts, and records, including cards used in the card system, if any, for at least two years after making the final entry on any loan recorded therein. Accounting systems maintained in whole or in part by mechanical or electronic data processing methods which provide information equivalent to that otherwise required are acceptable for this purpose.
Each licensee shall annually on or before the first day of March, file a report with the commissioner giving such relevant information as the commissioner reasonably may require concerning the business and operations during the preceding calendar year of each licensed place of business, conducted by such licensee within the state. Such report shall be made under oath and shall be in the form prescribed by the commissioner, who shall make and publish annually an analysis and recapitulation of such reports.
History:
(7774-51) 1939 c 12 s 11; 1943 c 106 s 1; 1981 c 258 s 9; 1985 c 248 s 70; 1986 c 444; 1995 c 202 art 1 s 19
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 56 — Regulated Loans › Section 56.132 — Installment Sales Contracts.

56.132 INSTALLMENT SALES CONTRACTS.
A person may enter into a credit sale or service contract for sale to a licensee under this chapter doing business in this state, and a licensee may purchase and enforce the contract under the terms and conditions set forth in section 47.59, subdivisions 2 and 4 to 14.
History:
1993 c 257 s 41; 1995 c 202 art 3 s 19
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 56 — Regulated Loans › Section 56.15 — Charges.

56.15 CHARGES.
Subdivision 1.
Limitation.
No licensee shall directly or indirectly, charge, contract for, or receive any interest, discount, charges, or consideration greater than the lender would be permitted by law to charge if the lender were not a licensee hereunder upon the loan, use or forbearance of money, goods, or things in action, or upon the loan, use or sale of credit, of the amount or value of more than that regulated by this chapter. The foregoing prohibition shall also apply to any licensee who permits any person, as borrower, or otherwise, to owe, directly or contingently, or both, to the licensee at any time a sum of more than that regulated by this chapter for principal.
Subd. 2.
[Repealed, 1981 c 258 s 23]
History:
(7774-55) 1939 c 12 s 15; 1959 c 573 s 10; 1963 c 117 s 1; 1967 c 261 s 5; 1974 c 412 s 5; 1977 c 382 s 2; 1981 c 258 s 13; 1986 c 444
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 56 — Regulated Loans › Section 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.
History:
(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
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 56 — Regulated Loans › Section 56.17 — Limitation; Assignment Of Wages; Security Agreement.

56.17 LIMITATION; ASSIGNMENT OF WAGES; SECURITY AGREEMENT.
No assignment of, or order for payment of, any salary, wages, commissions, or other compensation for services earned or to be earned, given to secure any loan made by any licensee under this chapter, shall be valid unless the principal amount of the loan is paid to the borrower simultaneously with its execution; nor shall any assignment or order, or any security agreement or other lien on household furniture then in the possession and use of the borrower, be valid unless it is in writing, signed in person by the borrower. If the borrower is married, an assignment, order, security agreement, or other lien is not valid without the spouse's written consent, if the spouse's consent would be necessary under applicable law to make the property offered as security available to satisfy the debt in the event of default.
Under any assignment or order for the payment of future salary, wages, commissions, or other compensation for services, given as security for a loan made by any licensee under this chapter, a sum not to exceed ten percent of the borrower's salary, wages, commissions, or other compensation for services shall be collectible from the employer of the borrower by the licensee at the time for each payment to the borrower of salary, wages, commissions, or other compensation for services, from the time that a copy of the assignment, verified by the oath of the licensee or the licensee's agent, together with a similarly verified statement of the amount unpaid upon the loan and a printed copy of this section is served upon the employer; provided, that this section shall not be construed as giving the assignee any greater rights than those under section 181.05.
This section shall control, with respect to licensees, notwithstanding anything in section 47.59, subdivision 12, paragraph (c), to the contrary.
History:
(7774-57) 1939 c 12 s 17; 1981 c 258 s 16; 1986 c 444; 1995 c 202 art 1 s 24
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 56 — Regulated Loans › Section 56.18 — Unlicensed Persons Not To Make Loans.

56.18 UNLICENSED PERSONS NOT TO MAKE LOANS.
No person, except as authorized in this chapter, shall, directly or indirectly, charge, contract for, or receive any interest, discount, or consideration greater than the lender would be permitted by law to charge if that person were not authorized hereunder upon the loan, use, or forbearance of money, goods, or things in action, or upon the loan, use, or sale of credit of the amount regulated by this chapter.
The foregoing prohibition shall apply to any person who, by any device, subterfuge, or pretense, shall charge, contract for, or receive greater interest, consideration, or charges than is authorized by this chapter for any such loan, use or forbearance of money, goods, or things in action, or for any such loan, use or sale of credit.
No loan made by a person not authorized hereunder in an amount regulated by this chapter for which a greater rate of interest, consideration, or charges than is permitted by the laws of this state has been charged, contracted for, or received, wherever made, shall be enforced by a licensee in this state, and every person in anywise participating therein in this state shall be subject to the provisions of this chapter, provided, that the foregoing shall not apply to loans legally made in another state.
History:
(7774-58) 1939 c 12 s 18; 1959 c 573 s 12; 1967 c 261 s 7; 1974 c 412 s 7; 1981 c 258 s 17; 1986 c 444
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 56 — Regulated Loans › Section 56.19 — Violation.

56.19 VIOLATION.
Subdivision 1.
Criminal penalty.
Any person or the several members, officers, directors, agents, and employees thereof, who violates or participates in the violation of any of the provisions of sections 56.01 and 56.18 is guilty of a gross misdemeanor.
Subd. 2.
[Repealed, 1983 c 252 s 16]
Subd. 2a.
Penalty for intentional violations.
Any lender intentionally violating this chapter, when the violation does not also constitute a violation of any other provision of state or federal law for which there is a remedy, shall be liable to the consumer in an amount not to exceed $100 for each violation.
Subd. 3.
Unlicensed lenders.
If a person has violated this chapter by not obtaining a license when required to make loans subject to this chapter, the loan is void and the debtor is not obligated to pay any amounts owing. The debtor may recover from such persons all amounts paid. No action may be brought under this subdivision more than one year after the date of the last scheduled payment on the loan.
Subd. 4.
Remedies exclusive.
The remedies set forth in this section and section 48.196 are exclusive. A violation of this chapter does not impair rights on a debt.
History:
(7774-59) 1939 c 12 s 19; 1981 c 258 s 18; 1Sp1981 c 4 art 4 s 13; 1983 c 252 s 13; 1Sp1985 c 1 s 22,23
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 56 — Regulated Loans › Section 56.21 — Rules Of Commissioner.

56.21 RULES OF COMMISSIONER.
The commissioner of commerce is hereby authorized and empowered to make general rules and specific rulings, demands, and findings for the enforcement of this chapter, in addition hereto and not inconsistent herewith.
History:
(7774-61) 1939 c 12 s 21; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1985 c 248 s 70
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 56 — Regulated Loans › Section 56.22 — Modification Of Law Not To Affect Contracts.

56.22 MODIFICATION OF LAW NOT TO AFFECT CONTRACTS.
This chapter, or any part thereof, may be modified, amended, or repealed so as to effect a cancellation or alteration of any license or right of a licensee hereunder; provided, that such cancellation or alteration shall not impair or affect the obligation of any preexisting lawful contract between any licensee and any borrower.
History:
(7774-62) 1939 c 12 s 22
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 56 — Regulated Loans › Section 56.23 — Appeals.

56.23 APPEALS.
Any applicant or licensee may appeal from any decision or order of the commissioner to the court of appeals in accordance with chapter 14.
History:
(7774-63) 1939 c 12 s 23; 1983 c 247 s 27
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 56 — Regulated Loans › Section 56.24 — Existing Contracts Valid.

56.24 EXISTING CONTRACTS VALID.
Nothing herein contained shall be so construed as to impair or affect the obligation of any contract of loan, which was lawfully entered into prior to June 1, 1939.
History:
(7774-64) 1913 c 439 s 1,2; 1915 c 117 s 1; 1939 c 12 s 24
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 56 — Regulated Loans › Section 56.25 — Licensee To Be Responsible.

56.25 LICENSEE TO BE RESPONSIBLE.
The licensee hereunder shall, at all times, be beholden and liable to the commissioner for all acts and proceedings taken by assignees, assigns, endorsees, and transferees in enforcing, and as to the method of enforcing, collection of any obligation taken hereunder, as fully and to the same extent as though the same were taken by the licensee hereunder.
History:
(7774-65) 1939 c 12 s 25; 1986 c 444
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 56 — Regulated Loans › Section 56.26 — Continuation Of Licensing.

56.26 CONTINUATION OF LICENSING.
All persons licensed under the provisions of this chapter on August 1, 1981 are licensed to make loans regulated by Laws 1981, chapter 258, and the commissioner shall, upon request, within 90 days deliver evidence of licensing to the requester.
History:
(7774-60a) 1939 c 22 s 1; 1981 c 258 s 19
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 58 — Mortgage Originator And Servicer Licensing › Section 58.03 — Classes Of License.

58.03 CLASSES OF LICENSE.
The commissioner may issue the following classes of license under this chapter:
(1) a residential mortgage originator license; and
(2) a residential mortgage servicer license.
History:
1998 c 343 art 1 s 3
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 58 — Mortgage Originator And Servicer Licensing › Section 58.05 — Exemptions From License.

58.05 EXEMPTIONS FROM LICENSE.
Subdivision 1.
Exempt person.
An exempt person as defined by section 58.04, subdivision 1, paragraph (c), and subdivision 2, paragraph (b), is exempt from the licensing requirements of this chapter, but is subject to all other provisions of this chapter.
Subd. 2.
[Repealed, 2000 c 427 s 21]
Subd. 3.
Certificate of exemption.
A person must obtain a certificate of exemption from the commissioner to qualify as an exempt person under section 58.04, subdivision 1, paragraph (c), a financial institution under clause (2), or by order of the commissioner under clause (6); or under section 58.04, subdivision 2, paragraph (b), as a financial institution under clause (4), or by order of the commissioner under clause (8).
History:
1998 c 343 art 1 s 5; 2000 c 427 s 14; 2007 c 57 art 3 s 14; 2009 c 37 art 3 s 6; 2009 c 86 art 1 s 9
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 58 — Mortgage Originator And Servicer Licensing › Section 58.09 — Term Of License.

58.09 TERM OF LICENSE.
Licenses for residential mortgage originators and residential mortgage servicers issued under this chapter expire on December 31 and are renewable on January 1 of each year after that date.
History:
1998 c 343 art 1 s 9; 2010 c 347 art 5 s 4
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 58 — Mortgage Originator And Servicer Licensing › Section 58.10 — Fees.

58.10 FEES.
Subdivision 1.
Amounts.
The following fees must be paid to the commissioner:
(1) for a residential mortgage originator license, $1,000, $50 of which is credited to the consumer education account in the special revenue fund;
(2) for a renewal license, $500, $50 of which is credited to the consumer education account in the special revenue fund;
(3) for a residential mortgage servicer's license, $500;
(4) for a renewal license, $250; and
(5) for a certificate of exemption, $100.
Subd. 2.
Forfeiture.
All fees are nonrefundable except that an overpayment of a fee must be refunded upon proper application.
Subd. 3.
Consumer education account; money credited and appropriated.
(a) The consumer education account is created in the special revenue fund. Money credited to this account may be appropriated to the commissioner for the purpose of making grants to programs and campaigns designed to help consumers avoid being victimized by unscrupulous lenders and mortgage brokers. Preference shall be given to programs and campaigns designed by coalitions of public sector, private sector, and nonprofit agencies, institutions, companies, and organizations.
(b) A sum sufficient is appropriated annually from the consumer education account to the commissioner to make the grants described in paragraph (a).
History:
1998 c 343 art 1 s 10; 2000 c 427 s 16; 2001 c 208 s 3,4; 2007 c 57 art 3 s 18; 2010 c 347 art 5 s 5
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 58 — Mortgage Originator And Servicer Licensing › Section 58.11 — License Renewal.

58.11 LICENSE RENEWAL.
Subdivision 1.
Term.
Licenses are renewable on January 1 of each year.
Subd. 2.
Timely renewal.
(a) A person whose application is properly and timely filed who has not received notice of denial of renewal is considered approved for renewal and the person may continue to transact business as a residential mortgage originator or servicer whether or not the renewed license has been received on or before January 1 of the renewal year. Application for renewal of a license is considered timely filed if received by the commissioner by, or mailed with proper postage and postmarked by, December 15 of the renewal year. An application for renewal is considered properly filed if made upon forms duly executed and sworn to, accompanied by fees prescribed by this chapter, and containing any information that the commissioner requires.
(b) A person who fails to make a timely application for renewal of a license and who has not received the renewal license as of January 1 of the renewal year is unlicensed until the renewal license has been issued by the commissioner and is received by the person.
Subd. 3.
Contents of renewal application.
Application for the renewal of an existing license must contain the information specified in section 58.06, subdivision 2; however, only the requested information having changed from the most recent prior application need be submitted.
Subd. 4.
Cancellation.
A licensee ceasing an activity or activities regulated by this chapter and desiring to no longer be licensed shall so inform the commissioner in writing and, at the same time, surrender the license and all other symbols or indicia of licensure. The licensee shall include a plan for the withdrawal from regulated business, including a timetable for the disposition of the business.
History:
1998 c 343 art 1 s 11; 2010 c 347 art 5 s 6
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 58 — Mortgage Originator And Servicer Licensing › Section 58.115 — Examinations.

58.115 EXAMINATIONS.
The commissioner has under this chapter the same powers with respect to examinations that the commissioner has under section 46.04.
History:
2007 c 57 art 3 s 19; 2014 c 222 art 1 s 9