House File 3680/Senate File 3932: A Threat to Minnesota Credit Consumers
In Minnesota, the state legislature is considering a bill, H.F. 3680/S.F. 3932, that would severely restrict access to credit for millions of underserved Minnesota consumers
32% of consumers have non-prime credit scores – that’s 1.8M Minnesotans.
Nearly 30 percent of Minnesotans have limited credit history or poor/fair credit.
20% of Minnesotans had some or lots of difficulty paying for usual household expenses.
17% of Minnesotans have outstanding credit card debt that exceeds 75% of their total credit limit.
These are the consumers who would be most harmed by H.F. 3680/S.F. 3932—Minnesotans who can’t get a loan from a bank and struggle to access credit they need.
Read our one-pager here.
Watch testimony before the Minnesota House Commerce Committee starting at 44:00 here, including from DPC Secretary/Treasurer Kent Kaiser, Ph.D.
Watch testimony before the Minnesota Senate Commerce & Consumer Protection Committee starting at 1:16:00 here, including from DPC Secretary/Treasurer Kent Kaiser, Ph.D.