Minnesota Statutes 56.002 – Application
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This chapter does not apply to a person doing business under and as permitted by any law of this state or of the United States relating to banks, savings associations, trust companies, licensed pawnbrokers, or credit unions. Notwithstanding the provisions of section 56.01, an industrial loan and thrift company under chapter 53 may contract for and receive the charges, including those in section 56.155, authorized by this chapter without being licensed pursuant to this chapter, but shall comply with all other provisions of this chapter when contracting for or receiving charges on loans regulated by this chapter.
Terms Used In Minnesota Statutes 56.002
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes individuals, copartnerships, associations, and corporations. See Minnesota Statutes 56.001
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44