MN SF2704

Establishes regulatory framework for civil litigation funding companies in Minnesota by requiring registration with the commissioner of commerce, with initial registration fee of $1,000 and annual renewal fee of $500.

Mandates specific contract provisions including complete disclosure of funding amount, all fees, total repayment amount calculated in six-month intervals, and annual percentage rate return with compounding frequency.

Requires contracts to be written in English and the language of oral negotiations, include cancellation rights within five business days, and contain multiple consumer protection notices in 12-point or 15-point boldface type.

Prohibits percentage-based repayment structures, commissions to attorneys and medical providers for referrals, and multiple assignments without buyout of prior funding companies' accrued balances.

Grants commissioner of commerce enforcement authority under chapter 45 to take necessary action to enforce the act and protect consumers, effective January 1, 2011.