Loading chat...

MN HF4466

Bill

Official Source

Status

Introduced

4/26/2018

Primary Sponsor

Bob Loonan

Click for details

Origin

House of Representatives

90th Legislature 2017-2018

AI Summary

  • Increases maximum annual percentage rate for most loans from 21.75% to 29.99% percent.

  • Raises tiered rate limits: 36% annually (previously 33%) on unpaid principal up to $5,000 (previously $1,125), and 25% annually (previously 19%) on amounts exceeding $5,000.

  • Increases maximum one-time loan administrative fee for closed-end credit from $25 to $75.

  • Maintains existing 18% annual percentage rate cap for credit card open-end credit.

  • Effective for loans made on or after August 1, 2018.

Legislative Description

Allowable finance charges for loans modified.

Last Action

Introduction and first reading, referred to Commerce and Regulatory Reform

4/26/2018

Committee Referrals

Commerce and Regulatory Reform4/26/2018

Full Bill Text

No bill text available