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BankersOnline.com Forums State-Specific Compliance Issues Minnesota Fee on Returned Check/Payment on Loan
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#1144830 - 03/13/09 05:42 PM Fee on Returned Check/Payment on Loan
MadisonCali Offline
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Joined: Jun 2006
Posts: 2,515
For some reason I have it in my head that you can't have an NSF fee higher than $30 for a returned check used to pay on a line or loan in the state of MN...am I imagining this?

If I'm not, can someone show me where it is in the statutes (I can't seem to find it...).

Thanks so much!
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#1145249 - 03/15/09 12:45 PM Re: Fee on Returned Check/Payment on Loan MadisonCali
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 84,599
Galveston, TX
47.59 FINANCIAL INSTITUTION CREDIT EXTENSION MAXIMUM RATES.

Subdivision 6(a)(5) which then refers to 604.113 which has the $30 limitation.
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#1145797 - 03/16/09 07:46 PM Re: Fee on Returned Check/Payment on Loan rlcarey
MadisonCali Offline
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Joined: Jun 2006
Posts: 2,515
Thanks so much!
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The beatings will continue until morale improves...

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