Clarifies that consumer small and short-term loans include earned wage access payday loans.

The bill amends Minnesota Statutes to clarify that consumer small and short-term loans include earned wage access payday loans. It defines "consumer small loan" as a short-term, unsecured loan for personal, family, or household purposes, with a cash advance of $350 or less. "Consumer short-term loan" is defined as a loan of $1,300 or less with a minimum payment expectation of more than 25% within 60 days. The bill also outlines requirements for consumer small loan lenders, including a filing with the commissioner and evidence of liquid assets of at least $50,000.

Clarifies that consumer small and short-term loans include earned wage access payday loans.

The bill amends Minnesota Statutes to clarify that consumer small and short-term loans include earned wage access payday loans. It defines "consumer small loan" as a short-term, unsecured loan for personal, family, or household purposes, with a cash advance of $350 or less. "Consumer short-term loan" is defined as a loan of $1,300 or less with a minimum payment expectation of more than 25% within 60 days. The bill also outlines requirements for consumer small loan lenders, including a filing with the commissioner and evidence of liquid assets of at least $50,000.