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Home Commerce Committee Approves Brand New Tools to deal with Predatory Payday Lending

Home Commerce Committee Approves Brand New Tools to deal with Predatory Payday Lending

St. Paul, MN- Today, the home Commerce Committee approved bipartisan legislation to handle a harmful cycle of financial obligation brought on by predatory payday financing. Rep. Jim Davnie (DFL-Minneapolis) introduced HF 1501 , which may cap the attention rate and fee that is annual pay day loans at 36%. Minnesota Attorney General Ellison testified meant for the legislation.

“HF 1501 is just a wise practice solution to predatory financing in our state,” stated Rep. Davnie. “Hardworking Minnesotans deserve and need usage of safe and accountable resources, perhaps not a method built to simply simply simply take them in and milk their bank reports within the term that is long making them worse off and without funds to pay for fundamental cost of living. Ler mais