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

“HF 1501 is really a good sense solution to predatory financing within our state,” stated Rep. Davnie. “Hardworking Minnesotans deserve and need usage of safe and accountable resources, maybe not a method made to just simply just take them in and milk their bank reports throughout the term that is long making them worse off and without funds to pay for fundamental cost of living. It’s high time Minnesota joins those states that place reasonable restrictions in the rates of loans for struggling customers.”

At a public hearing, a previous payday debtor, advocates, and professionals described the economic destruction brought on by loans holding 200% to 300per cent annual interest levels with unaffordable terms that creates a cycle of financial obligation. Sixteen states in addition to the District of Columbia limit interest that is annual pay day loans at 36% or reduced to disrupt this period of financial obligation. Continue reading