as introduced - 91st Legislature (2019 - 2020) Posted on 03/07/2019 02:50pm
Engrossments | ||
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Introduction | Posted on 03/07/2019 |
A bill for an act
relating to economic development; appropriating money for a nonprofit to create
a credit union; requiring a report.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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(a) $500,000 in fiscal year 2020 and $500,000 in fiscal year 2021 are appropriated from
the general fund to the commissioner of employment and economic development for a grant
to a nonprofit to create a federally chartered credit union or a state-chartered credit union
operating under Minnesota Statutes, chapter 52. This is a onetime appropriation.
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(b) The credit union created by this grant must:
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(1) be designed to serve low-income individuals with limited access to or experience
with traditional banking services;
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(2) provide deposit, investment, and loan services that meet the needs of the community
in a responsible and culturally appropriate manner; and
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(3) operate at least one physical location where credit union members can access these
services.
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(c) By February 15, 2022, the commissioner shall submit a report on grant activities and
quantifiable outcomes to the chairs and ranking minority members of the committees of the
house of representatives and senate with jurisdiction over economic development.
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