House Commerce Committee Approves Brand New Tools to handle Predatory Payday Lending

St. Paul, MN- Today, the House 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 would cap the attention price and fee that is annual pay day loans at 36%. Minnesota Attorney General Ellison testified meant for the legislation. “HF 1501 …