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MN HF2033
Bill
Status
3/10/2025
Primary Sponsor
Andrew Smith
Click for details
AI Summary
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Maximum state loan contribution to cannabis microbusinesses increases from $50,000 to $75,000 for standard loans, and from $150,000 to $200,000 for loans with private investment matching of at least 25% (changed from requiring equal or greater matching)
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Commissioner must make loan application approval decisions within 30 days of receiving an application, with 14 days to notify nonprofit corporations if additional information is needed
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Nonprofit corporations may retain loan interest payments to cover loan servicing and origination expenses, rather than depositing them in a revolving loan account for redistribution
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Average interest rates charged by nonprofit corporations must be reported biannually and publicly published by both the agency and the nonprofit corporation
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Nonprofit corporations may use up to 15% of contract funds for administrative expenses including technology, utilities, legal services, training, accounting, insurance, and audits
Legislative Description
Maximum amount of state contributions to cannabis microbusinesses amended, commissioner's deadline to approve loan applications amended, nonprofit corporations allowed to retain loan interest payments to cover expenses, loan interest rates required to be reported, and nonprofit corporations allowed to use contract funds to cover expenses.
Last Action
Motion to recall and re-refer, motion prevailed Workforce, Labor, and Economic Development Finance and Policy
3/17/2025