State of Minnesota v. Minnesota School of Business, Inc. d/b/a Minnesota School of Business

OPINION

ROSS, Judge.

This case involves two for-profit colleges that offer private educational loans to their students who cannot cover their tuition by other means. The state sued the schools, arguing that their loans, which carry interest rates as high as 18%, are usurious and that the schools are engaged in unlicensed lending in violation of the Minnesota Regu lated Loan Act. The district court granted summary judgment favoring the schools and dismissed the claims. We affirm the dismissal of both claims. Because the schools’ loans are open-end credit plans under Minnesota Statutes section…