Payday Pundit

We knew this was coming.  Here’s the story:
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.
After further review of Minnesota law and statute the Department is now […]

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We reported this before, but it looks like the State of Minnesota has moved forward to bring Internet lenders into compliance with state laws. 

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The Minnesota Department of Commerce has issued new rules.  From the article:
Out-of-state lenders who provide short-term consumer loans against workers’ next paychecks will be subject to Minnesota law and licensing requirements, the Minnesota Department of Commerce ruled Friday.
Kevin Murphy, a deputy commissioner in charge of state-licensed financial institutions, said the volume of so-called payday loans […]

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Boring story about the differences between Minnesota and North Dakota payday lending rules so we spiced in up with that catchy headline.  

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An article in the Minneapolis Star-Tribune  incorrectly states,
“If all Twin Cities employees used direct deposit, it would save employees $58 million per year in payday lending and check cashing fees and employers $21 million per year in processing, according to Itasca.
Somebody didn’t do their research.  Direct deposit has absolutely nothing to do with payday lending. Customers […]

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