Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
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 section56.131,
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
(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
subdivision 1
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
Official Publication of the State of Minnesota
Revisor of Statutes