Home Commerce Committee Approves Brand Brand 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 lending that is payday. Rep. Jim Davnie (DFL-Minneapolis) introduced HF 1501 , which may cap the attention price and fee that is annual pay day loans at 36%. Minnesota Attorney General Ellison testified meant for the legislation.

“HF 1501 is a sense that is common to predatory financing within our state,” stated Rep. Davnie. “Hardworking Minnesotans deserve and need usage of safe and accountable resources, perhaps maybe perhaps maybe not something built to just simply just just take them in and milk their bank records throughout the term that is long making them worse off and without funds to pay for fundamental cost of living. Continue Reading