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Minnesota Supreme Court upholds constitutionality of Minnesota’s payday financing legislation

Minnesota Supreme Court upholds constitutionality of Minnesota’s payday financing legislation

Out-of-state payday lenders will need to follow Minnesota’s strict loan provider legislation for Web loans, their state Supreme Court ruled Wednesday.

The governing sides with Attorney General Lori Swanson, whom filed suit against Integrity Advance, LLC in Delaware last year. The organization made 1,269 pay day loans to Minnesota borrowers at yearly rates of interest as much as 1,369 %.

In 2013, an area court figured the organization violated Minnesota’s lending that is payday “many thousands of that time period” and awarded $7 million in statutory damages and civil charges to your state. Continue reading ‚Minnesota Supreme Court upholds constitutionality of Minnesota’s payday financing legislation‘

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