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Minn. House Bill Targets High-Interest 'Payday Loans'

Updated: 04/24/2014 5:48 PM
Created: 04/24/2014 4:35 PM KSTP.com
By: Cassie Hart

Minnesota lawmakers are taking a step forward Thursday to limit "payday loans."

The loans are very short-term and come at a high interest rate.

The house passed a bill that targets the lenders of these types of loans. It would require them to check borrowers' credit history and income. Lenders would also be prevented from loaning money without verifying the history under the bill.

 It would also require lenders to follow a rate schedule for small loans, instead of choosing any rate.

The senate still has to vote on the bill.


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