MN HF1751

Appropriates $150,000 in fiscal year 2024 and $150,000 in fiscal year 2025 from the general fund to the commissioner of commerce for a grant to Exodus Lending to help individuals resolve payday loans and reach financial stability, with funds available until June 30, 2027.

Appropriates $200,000 in fiscal year 2024 as a onetime grant to the commissioner of commerce for Exodus Lending to develop a character-based small dollar loan program, available until expended.

Requires loans issued under the program to be interest- and fee-free and made to Minnesotans facing significant barriers to mainstream financial products.

Mandates program participants be recruited through a statewide network of trusted community-based partners and requires loan payments by borrowers be reported to credit bureaus.