Minnesota payday loans may get another hit in the state if Governor Dayton has his way.
He is on a mission against these companies and is looking for stronger payday loan laws in Minnesota.
Even though the Minnesota house of representatives just passed bill HF2293 Dayton says more needs to be done.
The Governor is urging the State laws makers to think in terms of protecting the people of the state and not the economic health of the payday loan companies.
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Bill HF 2293
This bill is called the payday lending regulated bill and it will do several things to protect the borrowers of payday loans in the state of Minnesota.
- This bill will require payday lenders to make sure borrowers can afford to pay back the loan.
- The bill limits the number of payday loans a person can take out in a calender year
- This bill will eliminate the ability for payday loan companies to charge up to 700% interest.
You may see the amendments and this bill here: HR2293
While it is nice to see new bills popping up that will help keep the consumers of payday loans from getting caught in the payday loan trap, it is also nice to see Governor Dayton asking for even more regulation.
While too much regulation in any form can be a bad thing, when it comes to these loans no amount of regulation in our opinion here at Help payday Loan Debt ios too much.
Kudos to Governor Dayton and the state of Minnesota!
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