Minnesota Administrative Rules

2675.4110 MAXIMUM LOAN APPLIES TO MULTIPLE OFFICES.

Licensees shall not induce or permit any borrower to become obligated, directly or contingently, for a total amount in excess of maximum limit stated in Minnesota Statutes, section 56.131 on loans obtained from two or more licensed offices operated in Minnesota by the same individual, partnership, affiliated partnership, corporation, or affiliated corporation. Licensees shall take reasonable precautions to prevent borrowers from obtaining amounts in excess of the maximum limit in this manner.

Statutory Authority:

MS s 56.21

Published Electronically:

September 14, 2007