HF 1751

as introduced - 93rd Legislature (2023 - 2024) Posted on 02/20/2023 07:05pm

A bill for an act
relating to commerce; appropriating money for a loan resolution and financial
stability program and for a character-based innovative loan program.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin EXODUS LENDING; APPROPRIATION.
new text end

new text begin $150,000 in fiscal year 2024 and $150,000 in fiscal year 2025 are appropriated from the
general fund to the commissioner of commerce for a grant to Exodus Lending to assist
individuals reach financial stability and resolve payday loans. The appropriations under this
section are available until June 30, 2027.
new text end

Sec. 2. new text begin CHARACTER-BASED INNOVATIVE LOAN PROGRAM;
APPROPRIATION.
new text end

new text begin (a) $200,000 in fiscal year 2024 is appropriated to the commissioner of commerce for
a grant to Exodus Lending to assist the development of a character-based small dollar loan
program. This is a onetime appropriation and is available until expended.
new text end

new text begin (b) Loans issued under the program must be (1) interest- and fee-free, and (2) made to
Minnesotans facing significant barriers to mainstream financial products. Program
participants must be recruited through a statewide network of trusted community-based
partners. Loan payments by borrowers must be reported to the credit bureaus.
new text end