MN SF2368

Expands the definition of "consumer short-term lender" to include entities offering or arranging payday loans, not just making them.

Requires lenders to document borrowers' ability to repay by verifying current and anticipated income before issuing loans.

Limits borrowers to a maximum of 8 consumer short-term loans within any 365-day period and requires a 45-day waiting period between loan payoffs.

Mandates lenders use real-time electronic consumer reporting services to verify total loans taken by borrowers and to promptly report each new loan transaction.

Requires compliance with federal military lending protections for covered borrowers, including specific disclosures and credit terms per Code of Federal Regulations 32 CFR 232, effective January 1, 2015.