Bill > SF3831

This bill clarifies that certain types of loans, specifically earned wage access payday loans, are considered consumer small and short-term loans under Minnesota law. It amends existing statutes to broaden the definition of a "consumer small loan" to include transactions where cash is advanced for personal use, with a repayment due in a single installment and an advance of $350 or less, and now explicitly includes agreements to defer check presentation or authorize account transfers. The bill also expands the definition of a "consumer small loan lender" to encompass entities that offer, solicit, arrange, make, or facilitate these loans, including those without a physical presence in Minnesota that operate online or via mobile apps, and defines "fee" broadly to include various charges beyond interest. Similarly, it clarifies that "consumer short-term loans" are loans of $1,300 or less that require a significant payment within 60 days, and broadens the definition of a "consumer short-term lender" to include entities involved in offering, soliciting, facilitating, making, or arranging these loans, again including out-of-state entities operating digitally. The bill also removes a provision that previously exempted entities without a physical Minnesota location from filing requirements for making consumer small loans electronically.

Business and Industry

https://www.revisor.mn.gov/bills/94/2026/0/SF/3831/