(1) 'barriers to financial inclusion' means a person's financial history, credit history and credit score requirements, scarcity of depository institutions in lower income and communities of color, and low or irregular income flows (g) For the purposes of paragraphs (e) and (f), the following terms have the meanings given: This is a onetime appropriation and is available until June 30, 2027. (f) $200,000 in the first year is for a grant to Exodus Lending to assist in the development of a character-based small dollar loan program. These are onetime appropriations and are available until June 30, 2027. Loan payments by borrowers must be reported to the credit bureaus. Program participants must be recruited through a statewide network of trusted community-based partners. Loans issued under the program must be: (1) interest- and fee-free and (2) made to Minnesotans facing significant barriers to mainstream financial products. (e) $150,000 each year is for a grant to Exodus Lending to expand program and operational capacity to assist individuals with financial stability through small dollar consumer loans, including but not limited to resolving consumer short-term loans carrying interest rates greater than 36 percent. The base in fiscal year 2026 is $500,000. (d) $568,000 in the first year and $537,000 in the second year are to create and maintain the Prescription Drug Affordability Board established under Minnesota Statutes, section 62J.87. (c) $249,000 each year is for the senior safe fraud prevention program. (b) $564,000 each year is for additional operations of the unclaimed property program. (a) $353,000 each year is for system modernization and cybersecurity upgrades for the unclaimed property program.

Relating to commerce establishing a biennial budget for Department of Commerce and related activities adding and modifying various provisions governing health, property, life, homeowner's, and automobile insurance regulating financial institutions modifying provisions governing financial institutions providing for certain consumer protections and privacy modifying provisions governing commerce making technical changes establishing civil and criminal penalties authorizing administrative rulemaking requiring reports appropriating and transferring money Īmending Minnesota Statutes 2022, sections 46.131, subdivision 11 47.0153, subdivision 1 47.59, subdivision 2 47.60, subdivisions 1, 2, by adding a subdivision 47.601, subdivisions 1, 2, 6, by adding a subdivision 53.04, subdivision 3a 53C.01, subdivision 12c, by adding a subdivision 53C.08, subdivision 1a 56.131, subdivision 1 60A.08, subdivision 15 60A.14, subdivision 1 61A.031 61A.60, subdivision 3 62A.152, subdivision 3 62A.3099, by adding a subdivision 62A.31, subdivisions 1, 1f, 1h, 1p, 1u, 4, by adding a subdivision 62A.44, subdivision 2 62D.02, by adding a subdivision 62D.095, subdivisions 2, 3, 5 62J.26, subdivisions 1, 2 62K.10, subdivision 4 62Q.096 62Q.19, subdivision 1 62Q.46, subdivisions 1, 3 62Q.47 62Q.735, subdivisions 1, 5 62Q.76, by adding a subdivision 62Q.78, by adding subdivisions 62Q.81, subdivision 4, by adding a subdivision 65B.49, by adding a subdivision 80A.50 80E.041, subdivision 4 103G.291, subdivision 4 151.071, subdivisions 1, 2 237.066 239.791, subdivision 8 256B.0631, subdivision 1 256B.69, subdivision 5a 256L.03, subdivision 5 325D.01, subdivision 5 325D.44, subdivisions 1, 2 325D.71 325E.31 325F.662, subdivisions 2, 3 325F.6641, subdivision 2 325F.69, subdivision 1, by adding a subdivision 325G.051, subdivision 1 327C.015, subdivision 17, by adding subdivisions 327C.04, subdivisions 1, 2, by adding subdivisions 515B.3-102 515B.3-115 515B.3-1151 515B.3-116 Laws 2022, chapter 93, article 1, section 2, subdivision 5 Laws 2023, chapter 24, section 3 proposing coding for new law in Minnesota Statutes, chapters 47 48 52 53B 58 58B 60A 62J 62Q 62W 65A 325E 325F 332 repealing Minnesota Statutes 2022, sections 48.10 53B.01 53B.02 53B.03 53B.04 53B.05 53B.06 53B.07 53B.08 53B.09 53B.10 53B.11 53B.12 53B.13 53B.14 53B.15 53B.16 53B.17 53B.18 53B.19 53B.20 53B.21 53B.22 53B.23 53B.24 53B.25 53B.26 53B.27, subdivisions 1, 2, 5, 6, 7 62A.31, subdivisions 1b, 1i 327C.04, subdivision 4 Minnesota Rules, parts 2675.2610, subparts 1, 3, 4 2675.2620, subparts 1, 2, 3, 4, 5 2675.2630, subpart 3.īE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

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