ADVERTISEMENT

ADVERTISEMENT

Minnesotans for Fair Lending to present at Bemidji City Council meeting tonight

At its Monday work session, the Bemidji City Council is scheduled to hear from the organization Minnesotans for Fair Lending regarding the state's payday loan regulations.

City of Bemidji web art .jpg

BEMIDJI -- The organization Minnesotans for Fair Lending will present information about payday loan laws to the Bemidji City Council Monday.

According to documents with the council's agenda, payday loans are small-dollar, high-interest loans. They require payback on the borrower's next payday and typically carry triple-digit interest rates.

During the meeting, the organization will cite an ordinance passed by the city of Moorhead. The ordinance allows no more than two consumer short-term loans of $1,000 or less per person, per calendar year.

Additionally, Moorhead sets a minimum repayment within 60 days of a loan's origination and lenders are not allowed to charge more than 33% annual interest on loans between $350 and $1,000. Lenders also can't charge additional fees for extension or increase the balance owned above the original amount.

No more than four consumer short-term loan businesses are allowed within Moorhead.

What To Read Next
The Bemidji Pioneer received 18 awards during the Minnesota Newspaper Association's 156th annual convention held Thursday in Brooklyn Park.
The administration is bringing back an Obama-era decision, later reversed by Trump, that bans new mineral leases on 225,500 acres of the Superior National Forest for the next two decades.
Marking the 50th anniversary of Roe v. Wade, more than 150 people gathered at the Beltrami County courthouse on Saturday, Jan. 21, to participate in Bemidji's March for Life.
Cass Lake-Bena Schools' Linsey Strand has been named among 131 finalists in the running for 2023 Minnesota Teacher of the Year.