Minnesota payday loan laws

Legal Status:  Legal

Citation:   Minn. Stat. 47.60 et seq.

Loan Terms:

Maximum Loan Amount:  $350
Loan Term: Max:  30 days
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)
Finance Charge for 14-day $100 loan:  $15
APR for 14-day $100 loan:  390%

Debt Limits:

Maximum Number of Outstanding Loans at One Time:  Not Specified
Rollovers Permitted:  None (cannot repay with proceeds of another loan by the same lender)
Cooling-off Period:
Repayment Plan:

Collection Limits:

Collection Fees:  $30 NSF fee
Criminal Action:

Where to Complain, Get Information:
Regulator: Minnesota Department of Commerce
Address: Division of Financial Examinations, 85 7th Place East, Suite 500 St. Paul MN 55101
Phone: (651) 296-2135
Fax: (651) 296-8591

Sourced from paydayloaninfo.org

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