Minnesota Statutes

Minn. Stat. § 56.01 (2026)

Necessity Of License

✓ current as of May 2026

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(a) Except as authorized by this chapter and without first obtaining a license from the commissioner, no person shall engage in the business of making loans of money, credit, goods, or things in action, in an amount or of a value not exceeding that specified in section 56.131, subdivision 1, and charge, contract for, or receive on the loan a greater rate of interest, discount, or consideration than the lender would be permitted by law to charge if not a licensee under this chapter.

(b) An agency or instrumentality of the United States government or a corporation otherwise created by an act of the United States Congress or a lender approved or certified by the secretary of housing and urban development, or approved or certified by the administrator of veterans affairs, or approved or certified by the administrator of the Farmers Home Administration, or approved or certified by the Federal Home Loan Mortgage Corporation, or approved or certified by the Federal National Mortgage Association, that engages in the business of purchasing or taking assignments of mortgage loans and undertakes direct collection of payments from or enforcement of rights against borrowers arising from mortgage loans, is not required to be licensed under this chapter in order to purchase or take assignments of mortgage loans from licensees under this chapter.

Notes of Decisions

Cited in 6 cases (2 in the last 5 years), 1999–2025 · leading case: State v. Minnesota Sch. of Bus., Inc., 899 N.W.2d 467 (Minn. 2017).

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State v. Minnesota Sch. of Bus., Inc., 899 N.W.2d 467 (Minn. 2017). · cites it 12× “2 The State later filed an amended complaint that added claims against the Schools for lending without the license required by Minn. Stat. § 56.01 (a) (2016) (Count 3), and charging usurious interest rates in violation of Minn.”

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 22× “Minn.Stat. §§ 56.01(a), .131, subd. 1(a); see also Minn.”

Middleton Ex Rel. Middleton v. Nw. Airlines, 600 N.W.2d 707 (Minn. 1999). · cites it 2× “Larson, Larson's Workers' Compensation Laws, § 56.01 (1999). [3] Before 1967, Minn.Stat.”

State v. Minn. Sch. of Bus., Inc., 915 N.W.2d 903 (Minn. Ct. App. 2018). · cites it 2× “The complaint also alleged unlicensed lending in violation of Minnesota Statutes section 56.01, and usury in violation of Minnesota Statutes section 334.”

State of Minnesota v. GoodLeap LLC (D. Minnesota 2024). · cites it 2× “And Count V is a usury claim against GoodLeap, Solar Mosaic, and Dividend Solar, which is brought under the MRLA, Minn. Stat. §§ 56.01 , 56.131, 56.18, and the Minnesota Consumer Credit Code, Minn.”

State of Minnesota v. GoodLeap LLC (D. Minnesota 2025). · cites it 2× “Count V – Usury for Lending Businesses, Minn. Stat. §§ 56.01 , 56.131, subd. 1(a), 56.”

— Minn. Stat. § 56.01(a) — 1 case

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). “Minn.Stat. §§ 56.01(a), .131, subd. 1(a); see also Minn.”

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