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

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

Out-of-state payday lenders will need to follow Minnesota’s strict loan provider legislation for online loans, hawaii 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 payday advances to Minnesota borrowers at yearly interest levels as high as 1,369 per cent.

In 2013, an area court figured the business violated Minnesota’s payday lending statutes “many thousands of that time period” and awarded $7 million in statutory damages and civil charges towards the state. Read more