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Key Votes

HF 2293 - Amends Regulations for Payday Lenders - Minnesota Key Vote

Roger Chamberlain voted Nay (Passage With Amendment) on this Legislation.

Read statements Roger Chamberlain made in this general time period.

Timeline

Issues Related to HF 2293

Stage Details

Legislation - Bill Passed With Amendment (Senate) (37-25) - (Key vote)
See How Your Politicians Voted

Title: Amends Regulations for Payday Lenders

Vote Result
Yea Votes
Nay Votes
Vote Smart's Synopsis:

Vote to pass a bill that establishes regulations for consumer short-term lenders.

Highlights:
  • Prohibits a consumer short-term lender from granting a loan to a borrower who meets any of the following conditions (Sec. 3):
    • The borrower is not presently indebted to a consumer short-term lender;
    • The borrower does not have 10 or more consumer short-term loans within the preceding 12 months; and
    • The borrower has allowed 45 days to elapse after the satisfaction of the fourth and seventh consumer short-term loans within the preceding 12 months. 
  • Requires a consumer short-term lender to examine the following records prior to engaging in a short-term consumer loan (Sec. 3):
    • Any records on site or maintained at other locations owned by the lender; and
    • Any information from a consumer reporting service. 
  • Requires a consumer short-term lender to verify whether the borrower is a “covered borrower” (Sec. 3).
  • Defines “covered borrower” as the following (Sec. 3):
    • A regular or reserve member of the Army, Navy, Marine Corps, Air Force, or Coast Guard, serving for a period of at least 30 days; or
    • A member's spouse, child, or an individual for whom the member provided more than one-half of the individual's support for 180 days immediately preceding an extension of consumer credit.
  • Prohibits a consumer short-term lender from imposing an annual percentage rate greater than 36 percent to a covered borrower (Sec. 3).
Legislation - Bill Passed (House) (73-58) - (Key vote)
See How Your Politicians Voted

Title: Establishes Regulations for Consumer Short-term Lenders.

Vote Result
Yea Votes
Nay Votes
Vote Smart's Synopsis:

Vote to pass a bill that establishes regulations for consumer short-term lenders.

Highlights:
  • Requires a consumer short-term lender to determine if a potential borrower has the “reasonable” ability to repay the loan by at least verifying his or her debt-to-income ratio and checking his or her credit history (Sec. 4). 
  • Defines “debt-to-income ratio” as the ratio of a borrower’s total monthly debt obligations to the borrower’s gross monthly income (Sec. 2). 
  • Prohibits a consumer short-term lender from providing a loan to a borrower who meets the following conditions (Sec. 4):
    • The borrower’s debt-to-income ratio would equal more than 41 percent as a result of payments on the short-term loan being requested;
    • The borrower has received 4 loans within the past year; or
    • The borrower would accumulate consumer short-term debt totaling more than 90 days as a result of the short-term loan being requested. 
  • Exempts a consumer short-term lender from the 4 loans per year limit authorized by this bill if the lender charges no more than 36 percent interest or the borrower meets any of following conditions (Sec. 4):
    • The borrower cannot obtain a loan elsewhere and lack of funds would result in a failure to make a schedule student loan payment, residential payment, or child support payment;
    • The borrower is an honorably discharged military veteran; or
    • The borrower falls beneath the poverty threshold as defined by the U.S Department of Health and Human Services.
Legislation - Introduced (House) -

Title: Amends Regulations for Payday Lenders

Sponsors

  • Joseph 'Joe' Atkins (MN - D) (Out Of Office)

Co-sponsors

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