By David Chanen and Neal St. Anthony , celebrity Tribune October 07, 2015 – 8:35 PM
Out-of-state payday lenders will need to follow Minnesota’s strict loan provider law for online loans, hawaii 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 high as 1,369 %.
In 2013, an area court determined that 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. The business appealed into the Supreme Court, arguing that their state lending that is payday had been unconstitutional whenever used to online loan providers located in other states.
In Wednesday’s opinion by Justice David Stras, the court rejected that argument, keeping that Minnesota’s payday lending legislation is constitutional.
“Unlicensed Web payday loan providers charge astronomical interest levels to cash-strapped Minnesota borrowers in contravention of our state lending that is payday. Today’s ruling signals to those online loan providers that they need to adhere to state law, similar to other “bricks and mortar” lenders must,” Swanson said. 继续阅读“Minnesota Supreme Court upholds constitutionality of Minnesota’s payday financing legislation”