Minnesota bill HF3448 clarifies that consumer small and short-term loans include earned wage access payday loans.

Minnesota bill HF3448 amends the definitions of consumer small and short-term loans to include earned wage access payday loans. It specifies that a consumer small loan is a short-term, unsecured loan for personal, family, or household purposes, with a cash advance of $350 or less. A consumer short-term loan is defined as a loan with a principal amount of $1,300 or less, requiring a minimum payment of more than 25 percent of the principal balance within 60 days.

Minnesota bill HF3448 clarifies that consumer small and short-term loans include earned wage access payday loans.

Minnesota bill HF3448 amends the definitions of consumer small and short-term loans to include earned wage access payday loans. It specifies that a consumer small loan is a short-term, unsecured loan for personal, family, or household purposes, with a cash advance of $350 or less. A consumer short-term loan is defined as a loan with a principal amount of $1,300 or less, requiring a minimum payment of more than 25 percent of the principal balance within 60 days.