State to regulate payday loans made via Internet | Detroit Lakes Online

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State to regulate payday loans made via Internet

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The Minnesota Department of Commerce announced it is now requiring all payday lenders making small denomination, short-term loans to Minnesota residents via the internet be licensed pursuant to Minnesota law.


Licensing is required regardless of whether the lender has a physical presence in Minnesota. Payday lenders will also be required to comply with the limits on loan amounts, fees and charges, and other requirements of state law.

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