2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
Subdivision 1. Criminal penalty.
Any person or the several members, officers, directors,
agents, and employees thereof, who violates or participates in the violation of any of the
provisions of sections
is guilty of a gross misdemeanor.
Subd. 2.[Repealed, 1983 c 252 s 16
Subd. 2a. Penalty for intentional violations.
Any lender intentionally violating this chapter,
when the violation does not also constitute a violation of any other provision of state or federal
law for which there is a remedy, shall be liable to the consumer in an amount not to exceed
$100 for each violation.
Subd. 3. Unlicensed lenders.
If a person has violated this chapter by not obtaining a
license when required to make loans subject to this chapter, the loan is void and the debtor is not
obligated to pay any amounts owing. The debtor may recover from such persons all amounts
paid. No action may be brought under this subdivision more than one year after the date of the
last scheduled payment on the loan.
Subd. 4. Remedies exclusive.
The remedies set forth in this section and section
exclusive. A violation of this chapter does not impair rights on a debt.
History: (7774-59) 1939 c 12 s 19; 1981 c 258 s 18; 1Sp1981 c 4 art 4 s 13; 1983 c 252
s 13; 1Sp1985 c 1 s 22,23
Copyright © 2006 by the Revisor of Statutes, State of Minnesota. All rights reserved.