MN HF2936

Caps annual percentage rate for consumer small loans at 30 percent and maintains existing tiered fee structures ($5.50 for loans up to $50, scaling down to 6 percent for loans over $250).

Prohibits consumer short-term loan lenders from including contract provisions that select non-Minnesota law, choose forums outside Minnesota, or limit class actions for violations or excessive interest rates.

Adds restriction preventing licensees from making consumer short-term loans to borrowers in extended repayment plans until 14 days after the plan is paid in full.

Establishes new communications fraud crime covering knowingly engaging in communications to execute schemes to defraud, with penalties scaling from misdemeanor to felony based on number of victims (1 or more) and value obtained ($250 to $35,000+), and allows civil action for three times actual damages or $1,500 minimum plus attorney fees.

Prohibits property and casualty insurers from canceling, refusing to renew, or reducing coverage based solely on claims arising from natural causes beyond the policyholder's control.