Minn. Stat. » CHAPTER 56. REGULATED LOANS
Minnesota Statutes

Minn. Stat. § 56.002 (2026)

Application

✓ current as of May 2026
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This chapter does not apply to a person doing business under and as permitted by any law of this state or of the United States relating to banks, savings associations, trust companies, licensed pawnbrokers, or credit unions. Notwithstanding the provisions of section 56.01, an industrial loan and thrift company under chapter 53 may contract for and receive the charges, including those in section 56.155, authorized by this chapter without being licensed pursuant to this chapter, but shall comply with all other provisions of this chapter when contracting for or receiving charges on loans regulated by this chapter.

Notes of Decisions
Cited in 4 cases, 1986–2016 · leading case: VanderWeyst v. First State Bank of Benson, 425 N.W.2d 803 (Minn. 1988).
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VanderWeyst v. First State Bank of Benson, 425 N.W.2d 803 (Minn. 1988). · cites it 2× “While § 56.002 says that industrial thrifts shall comply, except for licensure, with all other provisions of Chapter 56, the section then perversely adds "when contracting for or receiving charges on loans regulated by this chapter.”
VanderWeyst v. First State Bank of Benson, 408 N.W.2d 208 (Minn. Ct. App. 1987). · cites it 4× “” Minn.Stat. § 56.002 (1982). Those “other provisions” include the restrictions listed in § 56.”
First Bank East v. Bobeldyk, 391 N.W.2d 17 (Minn. Ct. App. 1986). · cites it 2× “See Minn.Stat. § 56.002 (1984). It is not explicitly limited to consumer loans, nor does it exclude business loans.”
State of Minnesota v. Minnesota Sch. of Bus., Inc. d/b/a Minnesota Sch. of Bus., 885 N.W.2d 512 (Minn. Ct. App. 2016). · cites it 2× “1(a); see also Minn.Stat. § 56.002 (excluding “banks, savings associations, trust companies, licensed pawnbrokers, [and] credit unions” from the licensure requirement).”
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