MN HF3448

Expands the definition of "consumer small loan" (loans of $350 or less) to include transactions involving authorization or preauthorization of account transfers, capturing earned wage access products

Expands the definition of "consumer short-term loan" (loans of $1,300 or less with repayment expected within 60 days) to cover loans that set a "default expectation" through authorization or preauthorization, not just those that explicitly require or schedule payments

Broadens the definition of "fee" to explicitly include membership, subscription, participation, convenience, expediting fees, as well as tips, contributions, or donations charged in connection with these loans

Requires consumer small loan and short-term lenders operating via Internet or mobile applications to register with the Commissioner of Commerce, even without a physical Minnesota location

Expands lender business activities subject to regulation to include marketing, lead generation, underwriting, servicing, and collecting loans—not just arranging or facilitating them