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