MN HF2987

Establishes fair lending requirements for non-bank lenders making loans of $10,000 or more to cannabis business license holders, applicants, and prospective applicants in Minnesota

Requires lenders to provide written disclosures at least 5 days before loan execution, including annual interest rate, finance charges, payment schedule, total amount financed, balloon payment details, and total payment amount

Mandates loan contracts and disclosures be written in the language used to negotiate the transaction, and requires lenders to provide notice of default with reasonable opportunity to cure before enforcement

Prohibits false, misleading, or deceptive advertisements or solicitations regarding loan rates, terms, or conditions

Loans violating these requirements are void, releasing borrowers from repayment obligations; effective August 1, 2025