summary
Introduced
01/14/2021
01/14/2021
In Committee
01/28/2021
01/28/2021
Crossed Over
Passed
Dead
05/23/2022
05/23/2022
Introduced Session
92nd Legislature 2021-2022
Bill Summary
A bill for an act relating to financial institutions; regulating interest rates for consumer short-term and small loans; amending Minnesota Statutes 2020, sections 47.59, subdivision 2; 47.60, subdivision 2; 47.601, subdivisions 2, 6; 53.04, subdivision 3a; 56.131, subdivision 1.
AI Summary
This bill regulates the interest rates for consumer short-term and small loans in Minnesota. It amends several sections of the state's financial institutions laws to cap the annual percentage rate (APR) for these types of loans at 36%. The bill also includes provisions regarding the terms and conditions of these loans, such as the maximum loan amount, repayment period, and prohibited practices. Additionally, the bill establishes penalties for lenders who violate the law, including making the loan void and unenforceable. The changes made by this bill apply to consumer short-term and small loans originated on or after August 1, 2021.
Committee Categories
Business and Industry
Sponsors (9)
Jim Davnie (D)*,
Kristin Bahner (D),
Peter Fischer (D),
Hodan Hassan (D),
Heather Keeler (D),
Erin Koegel (D),
Liz Olson (D),
Zack Stephenson (D),
John Thompson (I),
Last Action
Author added Keeler (on 05/03/2021)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0102&ssn=0&y=2021 |
| BillText | https://www.revisor.mn.gov/bills/text.php?number=HF102&version=0&session=ls92&session_year=2021&session_number=0&format=pdf |
Loading...