Minnesota SF3348 establishes fair lending requirements for loans to cannabis businesses.

Minnesota SF3348 introduces fair lending requirements for loans to cannabis businesses. It defines terms such as "borrower," "lender," and "loan," and specifies that loans must comply with fair lending practices. Lenders must provide borrowers with detailed disclosures at least five days before executing a loan contract. The bill prohibits lenders from making false, misleading, or deceptive loan solicitations. Violations render the loan void, and borrowers are not obligated to pay any amounts owed. The provisions take effect August 1, 2025.

Minnesota SF3348 establishes fair lending requirements for loans to cannabis businesses.

Minnesota SF3348 introduces fair lending requirements for loans to cannabis businesses. It defines terms such as "borrower," "lender," and "loan," and specifies that loans must comply with fair lending practices. Lenders must provide borrowers with detailed disclosures at least five days before executing a loan contract. The bill prohibits lenders from making false, misleading, or deceptive loan solicitations. Violations render the loan void, and borrowers are not obligated to pay any amounts owed. The provisions take effect August 1, 2025.