Payday loan providers resist stress to cut prices from about Minnesota

A bill that could cap rates that are payday-loan unlikely to get to Gov. Tim Walz’s desk this springtime.

Sen. Gary Dahms, the Republican from Redwood Falls who chairs the Senate Commerce committee, is not likely to allow the reform bill away from committee for the Senate that is full vote.

“there are lots of reasons Minnesotans may need use of safe and affordable short-term loans, such as for instance unforeseen expenses, bills due before payday or perhaps an infusion that is quick of in order to avoid overdraft charges,” Dahms stated by way of a spokeswoman. “Payday loan providers provide that cash quickly. I’ve no fascination with destroying that market and minnesotans that are forcing the hands of illegal loan sharks.”

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