Reminiscent of the scene in “The Princess Bride” where Billy Crystal’s character says the body lying in front of him is “mostly dead” — a House conference committee that declared its work done May 5 really meant it was “mostly done.”
The conference committee on the commerce budget and policy bill met briefly Monday to adopt a delete-all amendment to construct the committee’s report, making just one notable change. The cap on “payday loans” would now be a 50% annual percentage rate rather than the previous limit of 36%.
Sen. Matt Klein (DFL-Mendota Heights), who sponsors HF2680/SF2744* with Rep. Zack Stephenson (DFL-Coon Rapids), calls it a “historic bill.”
“It will really improve the lives of Minnesotans. Many of these initiatives are ones that Minnesotans have been asking for for many years.”
The agreement would appropriate $834.7 million in the 2024-25 biennium to fund operations and programs of the Department of Commerce.
[MORE: View financial agreement spreadsheet]
Several policy changes are included, most notably:
Stephenson expressed confidence that both bodies would repass the bill before the House’s anticipated adjournment date of May 18.