Minnesota Payday Loan Laws
Minnesota Payday loan laws. Minnesota Payday loan legislation. Minnesota state has specific payday loans laws. A scale of fees (e.g., on a payday loan between $50-$100, 10% of the loan + $5 administration fee). Minnesota Payday loans maximum term of a payday loan is 30 days. Minnesota Payday loans Maximum amount of a cash advance is $350. Minnesota Payday loans Rollovers are prohibited.
Minnesota State Payday Loan Laws and Legislation InformationMinnesota Payday loans Legal Status: Legal Minnesota Payday loans Citation: Minn. Stat. § 47.60 et seq. Minnesota Payday loans Terms: Minnesota Payday loans Maximum Loan Amount: $350 Minnesota Payday loans Term: Max: 30 days Minnesota Payday loans 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) Minnesota Payday loans Finance Charge for 14-day $100 loan: $15 Minnesota Payday loans Debt Limits: Minnesota Payday loans Maximum Number of Outstanding Loans at One Time: Not Specified Minnesota Payday loans Rollovers Permitted: None (cannot repay with proceeds of another loan by same lender) Minnesota Payday loans Cooling-off Period: Minnesota Payday loans Repayment Plan: Minnesota Payday loans Collection Limits: Minnesota Payday loans Collection Fees: $30 NSF fee Minnesota Payday loans Criminal Action: Minnesota Payday loans Regulator: Minnesota Department of Commerce Minnesota Payday loans Address: Division of Financial Examinations, 85 7th Place East, Suite 500 St. Paul MN 55101 Minnesota Payday loans Phone Number: (651) 296-2135 Minnesota Payday loans Fax: (651) 296-8591 Minnesota Payday loans Regulatory Contact: Kevin Murphy, Deputy Commissioner |
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