The terms defined in this subdivision have the meanings given for the purposes of this section.
2020 Minnesota Statutes
47.601 CUSTOMER SHORT-TERM LOANS.
Subdivision 1. Definitions.
(b) “Borrower” means a person who obtains a customer short-term loan mainly for individual, household, or home purposes.
(c) “Commissioner” means the commissioner of business.
(d) “Consumer loan that is short-term means that loan to a debtor which includes a principal quantity, or an advance on a borrowing limit, of $1,000 or less and needs the absolute minimum payment within 60 times of loan origination or credit advance of greater than 25 % regarding the major stability or credit advance. When it comes to purposes of the area, each new advance of income to a borrower under a consumer short-term loan contract comprises a unique customer short-term loan. A “customer short-term loan” doesn’t add any deal made under chapter 325J or a loan produced by a consumer short-term loan provider where, in case of standard in the loan, the only real recourse for data recovery associated with balance, except that a lawsuit for damages for the financial obligation, is always to continue against real products pledged by the debtor as security for the loan.
(age) “customer short-term loan provider” means a person or entity involved with the company of creating or organizing consumer short-term loans, except that a state or federally chartered bank, cost savings bank, or credit union. Continue reading “The terms defined in this subdivision have the meanings given for the purposes of this section.”
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