Subdivision 1. Definitions.
For purposes for this section, the terms defined have actually the definitions offered them:
(a) » Consumer little loan» is a loan deal for which money is advanced up to a debtor for the debtor’s personal, family members, or household function. a customer tiny loan is a short-term, unsecured loan become repaid in a solitary installment. The bucks advance of a customer small loan is corresponding to or lower than $350. a customer small loan includes an indebtedness evidenced by yet not limited by a promissory note or contract to defer the presentation of your own look for a cost.
(b) » Consumer tiny loan loan provider» is a standard bank as defined in area 47.59 or a company entity registered using the commissioner and involved with the business enterprise of earning customer tiny loans. »