Bill > HF1501

This bill regulates the interest rates and terms for consumer short-term and small loans in Minnesota. The key provisions are: 1. Limits the maximum annual percentage rate (APR) for consumer small loans to 36%. 2. Prohibits consumer short-term loan lenders from including certain contract terms, such as requiring the application of non-Minnesota law or limiting class actions. 3. Requires consumer short-term loan lenders to provide borrowers with a written loan contract containing specific disclosures, including the lender's contact information and the loan's APR. 4. Imposes penalties, including the voiding of the loan, if a consumer short-term or small loan is made in violation of the law. 5. Requires industrial loan and thrift companies making consumer small loans or consumer short-term loans to comply with the respective laws governing those loan types.