SF 2371

as introduced - 91st Legislature (2019 - 2020) Posted on 03/14/2019 08:37am

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:

Section 1. new text begin CREDIT UNION FOR THE UNDERSERVED; APPROPRIATION.
new text end

new text begin (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.
new text end

new text begin (b) The credit union created by this grant must:
new text end

new text begin (1) be designed to serve low-income individuals with limited access to or experience
with traditional banking services;
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new text begin (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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new text begin (3) operate at least one physical location where credit union members can access these
services.
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new text begin (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.
new text end