St. Paul, MN- On Tuesday, February 26, the House Commerce Committee will discuss bipartisan legislation to regulate predatory payday lending. Rep. Jim Davnie (DFL-Minneapolis) will present HF 1501, which would cap the interest rate and annual fee on payday loans at 36%. According to payday lending statistics in Minnesota from the Joint Religious Legislative Coalition, fees charged equate to annual interest percentage rates ranging from 391%-1,170%. Sixteen states, including South Dakota, and the District of Columbia already have payday loan regulation in law. Chair Laurie Halverson (DFL-Eagan) is also a sponsor of the bill. Minnesota Attorney General Ellison is supportive.
WHAT: A public hearing on HF 1501 in the House Commerce Committee
WHEN: February 26, 2:30 p.m.
WHERE: Basement Hearing Room, State Office Building, 100 Rev. Dr. Martin Luther King Jr. Blvd. St. Paul, MN 55155
WHO: House Commerce Committee members, advocates, financial institutions
Please note that committee may run later than 4:00 p.m. and/or recess and reconvene in the evening depending upon bill testimony and discussion.
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