Center for Responsible Lending: Minnesota Governor Signs Popular Interest Rate Cap on Payday Loans
June 02, 2023
June 02, 2023
DURHAM, North Carolina, June 2 (TNSgov) -- The Center for Responsible Lending issued the following news release on June 1, 2023:
Governor Tim Walz signed into law last week a measure capping annual interest rates on payday loans at 36% in Minnesota, with strict limitations on loans bearing annual rates from 37% to 50%. Payday loans above 50% will be outlawed.
The measure is expected to stop predatory payday lending as Minnesotans know it, eliminating loans that carry av . . .
Governor Tim Walz signed into law last week a measure capping annual interest rates on payday loans at 36% in Minnesota, with strict limitations on loans bearing annual rates from 37% to 50%. Payday loans above 50% will be outlawed.
The measure is expected to stop predatory payday lending as Minnesotans know it, eliminating loans that carry av . . .