HF 5162·MN·house
Credit card annual percentage rates limited to ten percent.
FailedFiled May 17, 2026
Sponsor: Falconer
Latest Action
Introduction and first reading, referred to
May 17, 2026
Summary
The bill caps the annual percentage rate on credit‑card balances at 10% and revises Minnesota statutes that govern finance charges. It applies to banks, credit unions and other lenders, adds borrower refund provisions for prepaid loans, and makes the law effective only if federal regulations change. The measure was introduced and referred but ultimately failed.
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