Home Commerce Committee Approves New Tools to handle Predatory Payday Lending

Home Commerce Committee Approves New Tools to handle Predatory Payday Lending

St. Paul, MN- Today, the home Commerce Committee authorized bipartisan legislation to deal with a harmful period of financial obligation brought on by predatory payday financing. Rep. Jim Davnie (DFL-Minneapolis) offered HF 1501 , which will cap the attention price and yearly charge on pay day loans at 36%. Minnesota Attorney General Ellison testified meant for the legislation.

“HF 1501 is really a good judgment solution to predatory financing inside our state,” said Rep. Davnie. “Hardworking Minnesotans deserve and need usage of safe and accountable resources, maybe perhaps not a method made to simply just take them in and milk their bank records throughout the long haul, making them worse off and without funds to cover fundamental cost of living. It’s high time Minnesota joins those states that place reasonable restrictions regarding the rates of loans for struggling customers.”

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