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September 8, 2008 - The Minnesota Department of Commerce announced that it is requiring all payday lenders who make small denomination, short-term loans to Minnesota residents via the Internet to be licensed by the state.
In Minnesota, licensing is required regardless of physical presence in the state. The agency determined that the law considers a loan made via the Internet is made in the state where the borrower resides and the payday lender making such a loan is subject to Minnesota laws and licensure. Consequently, all payday lenders making loans to Minnesota residents via the Internet must meet the new licensing requirements effective December 1, 2008.
Payday lenders will also be subject to the state law’s limits on loan amounts and fees and charges. Read more about this news on the Minnesota Department of Commerce’s Web site at this link.
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