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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 Web loans, their state Supreme Court ruled Wednesday.

The ruling 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 organization violated Minnesota’s lending that is payday “many thousands of that time period” and awarded $7 million in statutory damages and civil charges into the state. The business appealed towards the Supreme Court, arguing that their state payday lending legislation ended up being unconstitutional whenever used to online loan providers located in other states.

The court rejected that argument, holding that Minnesota’s payday lending law is constitutional in Wednesday’s opinion by Justice David Stras.