Minnesota HF5162: Credit card annual percentage rates limited to ten percent.

What the bill says

A bill for an act relating to financial institutions; limiting credit card annual percentage rates to ten percent; amending Minnesota Statutes 2024, sections 47.59, subdivision 3; 48.185, subdivision 3, by adding a subdivision; 52.14, subdivision 2; proposing coding for new law in Minnesota Statutes, chapter 52.

From the introduced text, May 17, 2026:

A bill for an act relating to financial institutions; limiting credit card annual percentage rates to ten percent; amending Minnesota Statutes 2024, sections 47.59, subdivision 3; 48.185, subdivision 3, by adding a subdivision; 52.14, subdivision 2; proposing coding for new law in Minnesota Statutes, chapter 52. Section 1. Minnesota Statutes 2024, section 47.59, subdivision 3, is amended to read: Subd. 3. Finance charge for loans. (a) With respect to a loan, including a loan pursuant to open-end credit but excluding open-end credit pursuant to a credit card, a financial institution may contract for and receive a finance charge on the unpaid balance of the principal amount not to exceed the greater or (2) the total of: (i) 33 percent per year on that part of the unpaid balance of the principal amount not exceeding $1,425; and (ii) 19 percent per year on that part of the unpaid balance of the principal amount exceeding $1,425. With respect to open-end credit pursuant to a credit card, the financial institution may contract for and receive a finance charge on the unpaid balance of the principal amount at an annual percentage rate not exceeding deleted text begin 18deleted text end new text begin [ADDED: ten] new text end percent per year. (b) On a loan where the finance charge is calculated according to the …

Read the full official text

Sponsors

• Alex Falconer (D) · primary sponsor

Latest actions

1. May 17, 2026: Introduction and first reading, referred to Commerce Finance and Policy

Common questions

What is HF5162?

HF5162 is a bill in the Minnesota Legislature (94th Legislature 2025-2026): Credit card annual percentage rates limited to ten percent.

What does HF5162 do?

In its own words: A bill for an act relating to financial institutions; limiting credit card annual percentage rates to ten percent; amending Minnesota Statutes 2024, sections 47.59, subdivision 3; 48.185, subdivision 3, by adding a subdivision; 52.14, subdivision 2; proposing coding for new law in Minnesota Statutes, chapter 52.

What is the status of HF5162?

In committee as of May 17, 2026. Latest action: Introduction and first reading, referred to Commerce Finance and Policy (May 17, 2026).

Who sponsored HF5162?

Alex Falconer (D).

Where is the official record for HF5162?

On the Minnesota Legislature website: https://www.revisor.mn.gov/bills/bill.php?f=HF5162&y=2025&ssn=0&b=house