Subdivision 1. Definitions.
For purposes for this section, the terms defined have actually the definitions offered them:
(a) ” Consumer little loan” is a loan deal for which money is advanced up to a debtor for the debtor’s personal, family members, or household function. a customer tiny loan is a short-term, unsecured loan become repaid in a solitary installment. The bucks advance of a customer small loan is corresponding to or lower than $350. a customer small loan includes an indebtedness evidenced by yet not limited by a promissory note or contract to defer the presentation of your own look for a cost.
(b) ” Consumer tiny loan loan provider” is a standard bank as defined in area 47.59 or a company entity registered using the commissioner and involved with the business enterprise of earning customer tiny loans.
Subd. 2. Authorization, terms, conditions, and prohibitions.
(a) in place of the attention, finance charges, or charges in virtually any other legislation, a customer loan that is small may charge the immediate following: