| 1 | 1 | | 1.1 A bill for an act |
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| 2 | 2 | | 1.2 relating to economic development; appropriating money for a nonprofit to create |
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| 3 | 3 | | 1.3 a credit union; requiring a report. |
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| 4 | 4 | | 1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: |
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| 5 | 5 | | 1.5 Section 1. CREDIT UNION FOR THE UNDERSERVED; APPROPRIATION. |
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| 6 | 6 | | 1.6 (a) $500,000 in fiscal year 2026 and $500,000 in fiscal year 2027 are appropriated from |
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| 7 | 7 | | 1.7the general fund to the commissioner of employment and economic development for a grant |
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| 8 | 8 | | 1.8to a nonprofit to create a federally chartered credit union or a state-chartered credit union |
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| 9 | 9 | | 1.9operating under Minnesota Statutes, chapter 52. This is a onetime appropriation. |
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| 10 | 10 | | 1.10 (b) The credit union created by this grant must: |
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| 11 | 11 | | 1.11 (1) be designed to serve low-income individuals with limited access to or experience |
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| 12 | 12 | | 1.12with traditional banking services; |
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| 13 | 13 | | 1.13 (2) provide deposit, investment, and loan services that meet the needs of the community |
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| 14 | 14 | | 1.14in a responsible and culturally appropriate manner; and |
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| 15 | 15 | | 1.15 (3) operate at least one physical location where credit union members can access these |
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| 16 | 16 | | 1.16services. |
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| 17 | 17 | | 1.17 (c) By February 15, 2028, the commissioner shall submit a report on grant activities and |
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| 18 | 18 | | 1.18quantifiable outcomes to the chairs and ranking minority members of the committees of the |
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| 19 | 19 | | 1.19house of representatives and senate with jurisdiction over economic development. |
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| 20 | 20 | | 1Section 1. |
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| 21 | 21 | | REVISOR SS/NS 25-0496203/17/25 |
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| 22 | 22 | | State of Minnesota |
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| 23 | 23 | | This Document can be made available |
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| 24 | 24 | | in alternative formats upon request |
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| 25 | 25 | | HOUSE OF REPRESENTATIVES |
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| 26 | 26 | | H. F. No. 2982 |
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| 27 | 27 | | NINETY-FOURTH SESSION |
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| 28 | 28 | | Authored by Hussein; Pérez-Vega; Lee, K.; Noor; Xiong and others04/01/2025 |
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| 29 | 29 | | The bill was read for the first time and referred to the Committee on Workforce, Labor, and Economic Development Finance and Policy |
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