MN SF3831

Expands the definition of "consumer small loan" ($350 or less) and "consumer short-term loan" ($1,300 or less) to explicitly include transactions involving authorization or preauthorization of account transfers, capturing earned wage access products

Broadens the definition of "fee" to include tips, contributions, donations, and membership/subscription fees charged in connection with these loan transactions

Requires consumer small and short-term lenders operating online or via mobile apps without a physical Minnesota location to register with the commissioner if serving Minnesota residents

Expands regulated lender business activities to include marketing, lead generation, underwriting, servicing, and collection of consumer small and short-term loans

Removes redundant language about internet-based lenders from the filing requirements section while incorporating this coverage into the main lender definitions