✨Get Ready With Me✨
….to Advance Consumer Protections

Policy change is a long-game; it’s not as simple as 1, 2, and 3. In the constantly changing world of local politics, we find ourselves in the whirlwind of meetings, issue education, and… well, lots and lots of waiting. But even in the moments of pause, Exodus Lending is always working to remain poised and ready to act to advance consumer protections in Minnesota.

Exodus Lending is working with our partners on an advocate’s bill to regulate Earned Wage Access apps (EWAs), or payday loan apps, as small-dollar consumer loans. This would make them subject to the same regulations that every other lender in Minnesota already has to follow. 

The payday loan app industry has long insisted that they are “not loans” in order to skirt our consumer protections. However, multiple industry lobbyists have recently admitted that payday loan apps are indeed loans.

This is a huge development, since their own proposed legislation rests on the pretense that they should be exempt from existing Minnesota laws on interest rates, disclosures, and reporting, and that instead, we should write new laws that accommodate their business model. 

Our incredible bill authors, Representative Erin Koegel, Senator Erin Maye Quade, and Senator John Marty, are working hard behind the scenes. We have House File 3448 and Senate File 3831 introduced and waiting for hearings. Although we know it’s a short session and a divided legislature, we’re ready to take this on. We have borrowers and partners eager to testify, and we are excited to engage with legislators and communities in these conversations. 

If you would like to get ready with us to reform payday loan apps, here are a few quick resources:
Bill Language
Our House Bill
Our Senate Bill
Payday Loan App Fact Sheet
Revisit our Loan Shark Week(ly) Payday Loan App Education with Finneas Fish
Sophie’s GRWM! ↓