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House DFLers Announce Feb. 26 Public Hearing to Address Predatory Payday Lending

SAINT PAUL, MINNESOTA —  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 PM

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 PM and/or recess and reconvene in the evening depending upon bill testimony and discussion.

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