Bill Text: MN HF648 | 2013-2014 | 88th Legislature | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Motor vehicle title loans regulated.
Spectrum: Partisan Bill (Democrat 15-0)
Status: (Passed) 2013-05-10 - Secretary of State Chapter 40 05/07/13 [HF648 Detail]
Download: Minnesota-2013-HF648-Introduced.html
Bill Title: Motor vehicle title loans regulated.
Spectrum: Partisan Bill (Democrat 15-0)
Status: (Passed) 2013-05-10 - Secretary of State Chapter 40 05/07/13 [HF648 Detail]
Download: Minnesota-2013-HF648-Introduced.html
1.2relating to commerce; regulating certain lenders that use motor vehicle titles of
1.3the borrower as collateral;proposing coding for new law in Minnesota Statutes, chapter 47.1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. [47.602] MOTOR VEHICLE TITLE LOANS.
1.7A lender who is not a pawnbroker, as that term is defined in section 325J.01,
1.8subdivision 4, and uses a title to a motor vehicle as collateral for extending credit:
1.9(1) must possess a valid license from the Department of Commerce as either an
1.10industrial loan and thrift company under chapter 53 or a regulated lender under chapter 56;
1.11(2) must comply with all provisions of section 325J.095; and
1.12(3) may not demand or collect interest, fees, or any other charges that in the aggregate
1.13exceed the amounts allowed to be demanded and collected under section 325J.07.
1.14EFFECTIVE DATE.This section is effective August 1, 2013, and applies to credit
1.15extended on or after that date.
1.3the borrower as collateral;proposing coding for new law in Minnesota Statutes, chapter 47.1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. [47.602] MOTOR VEHICLE TITLE LOANS.
1.7A lender who is not a pawnbroker, as that term is defined in section 325J.01,
1.8subdivision 4, and uses a title to a motor vehicle as collateral for extending credit:
1.9(1) must possess a valid license from the Department of Commerce as either an
1.10industrial loan and thrift company under chapter 53 or a regulated lender under chapter 56;
1.11(2) must comply with all provisions of section 325J.095; and
1.12(3) may not demand or collect interest, fees, or any other charges that in the aggregate
1.13exceed the amounts allowed to be demanded and collected under section 325J.07.
1.14EFFECTIVE DATE.This section is effective August 1, 2013, and applies to credit
1.15extended on or after that date.
