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

St. Paul, MN- Today, the home Commerce Committee authorized bipartisan legislation to handle a harmful period of financial obligation brought on by predatory payday financing. Rep. Jim Davnie (DFL-Minneapolis) offered HF 1501 , which will cap the attention price and fee that is annual payday advances at 36%. Minnesota Attorney General Ellison testified to get the legislation.

“HF 1501 is really a good judgment solution to predatory financing in our state,” stated Rep. Davnie. “Hardworking Minnesotans deserve and need usage of safe and accountable resources, perhaps perhaps maybe not a method made to simply simply take them in and milk their bank reports on the term that is long making them worse off and without funds to pay for fundamental cost of living. Leia o resto deste post »