Minnesota HF2987 establishes fair lending requirements for cannabis businesses, including disclosures and prohibitions on false advertisements.

Minnesota HF2987 introduces regulations on lenders to cannabis businesses, ensuring fair lending practices. Lenders must provide borrowers with detailed disclosures at least five days before executing a loan contract. These disclosures include the loan's interest rate, finance charges, payment schedule, total amount financed, balloon payment details, and total payment amount over the loan's life. The loan contract and all disclosures must be written in the language used to negotiate the transaction.

Minnesota HF2987 establishes fair lending requirements for cannabis businesses, including disclosures and prohibitions on false advertisements.

Minnesota HF2987 introduces regulations on lenders to cannabis businesses, ensuring fair lending practices. Lenders must provide borrowers with detailed disclosures at least five days before executing a loan contract. These disclosures include the loan's interest rate, finance charges, payment schedule, total amount financed, balloon payment details, and total payment amount over the loan's life. The loan contract and all disclosures must be written in the language used to negotiate the transaction.