4 ms·
Minnesota is where a lot of credit card companies are based from. I believe that there was a Regan-era law(may have been earlier, not sure) that allowed multi-
by cube13 15y ago
Minnesota is where a lot of credit card companies are based from. I believe that there was a Regan-era law(may have been earlier, not sure) that allowed multi-state credit card corporations to basically use their "home state" laws for everyone, rather than the individual state laws. MN, at the time, had very permissive laws for credit card regulation, so a lot of companies relocated to the Twin Cities.
- ianb 15y agoHuh, I always associated that with the Dakotas (eg: http://resources.lawinfo.com/en/Articles/Credit-Card-Gift-Card-and-E-payments/Federal/south-dakota-a-favorite-state-for-credit-card.html http://resources.lawinfo.com/en/Articles/Credit-Card-Gift-Ca...). I can't find anything referring to that happening with Minnesota, and I haven't noticed a particularly large amount of that sort of activity here.
- cube13 15y agoOh, that's right. It was the Dakotas. Whoops!
- mturmon 15y agoThis is surprising, do you have a link? Because the Minnesota phenomenon is interesting. I was able to find this: http://en.wikipedia.org/wiki/List_of_companies_based_in_Minneapolis-Saint_Paul http://en.wikipedia.org/wiki/List_of_companies_based_in_Minn... E.g., Norwest Bank (which bought Wells-Fargo), Target, and some others.