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

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

By David Chanen and Neal St. Anthony , celebrity Tribune 07, 2015 – 8:35 PM october

Out-of-state payday lenders will need to follow Minnesota’s lender that is strict for online loans, their state Supreme Court ruled Wednesday.

The sides that are ruling Attorney General Lori Swanson, whom filed suit against Integrity Advance, LLC in Delaware in 2011. The organization made 1,269 pay day loans to Minnesota borrowers at yearly rates of interest as payday loans in South Carolina much as 1,369 %.

In 2013, an area court figured the organization violated Minnesota’s payday lending statutes “many thousands of that time period” and awarded $7 million in statutory damages and civil penalties to your state. The business appealed towards the Supreme Court, arguing that hawaii lending that is payday ended up being unconstitutional whenever applied to online loan providers located in other states.

In Wednesday’s viewpoint by Justice David Stras, the court rejected that argument, holding that Minnesota’s payday lending legislation is constitutional. Continue reading Minnesota Supreme Court upholds constitutionality of Minnesota’s payday financing legislation