Consumer small and short-term loans clarified to include earned wage access payday loans.

HF 3448 clarifies that Minnesota's regulations for consumer small and short-term loans now explicitly include earned wage access payday loans. This means lenders offering these loans must comply with existing requirements, such as registering with the commissioner, maintaining $50,000 in liquid assets, and adhering to defined loan limits. The bill specifies that these loans are short-term, unsecured transactions with maximum principal amounts of $350 for small loans and $1,300 for short-term loans. Borrowers using earned wage access payday loans will now be subject to the same regulatory framework as other consumers of these loan types.