Consumer small and short-term loans include an earned wage access payday loan clarification

SF 3831 clarifies that earned wage access payday loans are explicitly included within Minnesota's definitions of consumer small and short-term loans. This means lenders offering these loans must now comply with the same licensing requirements, fee limits, and registration rules that apply to other small and short-term lenders. The bill affects all businesses providing earned wage access services to Minnesota residents, including online or mobile app-based lenders without a physical Minnesota location. This clarification ensures these loans are subject to the same consumer protections, such as annual percentage rate calculations and restrictions on non-interest fees.