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Key: (1) language to be deleted (2) new language

                            CHAPTER 190-H.F.No. 1182 
                  An act relating to commerce; modifying requirements 
                  for invention developers; amending Minnesota Statutes 
                  2000, sections 325A.04, by adding a subdivision; 
                  325A.06, subdivision 1; and 325A.09, subdivision 5, 
                  and by adding a subdivision; repealing Minnesota 
                  Statutes 2000, section 325A.06, subdivision 3. 
           Section 1.  Minnesota Statutes 2000, section 325A.04, is 
        amended by adding a subdivision to read: 
           Subd. 13.  The contract must state that the invention 
        developer has fully complied with the bonding requirements of 
        section 325A.06. 
           Sec. 2.  Minnesota Statutes 2000, section 325A.06, 
        subdivision 1, is amended to read: 
           Subdivision 1.  Every invention developer rendering or, 
        offering to render, or advertising invention development 
        services in this state shall maintain a continuous corporate 
        surety bond issued by a surety admitted to do business in this 
        state, and equal to either ten percent of the invention 
        developer's gross income from the invention development business 
        in this state during the invention developer's preceding fiscal 
        year, or $25,000 $50,000, whichever is larger.  A copy of the 
        bond shall be approved by the attorney general and filed with 
        the secretary of state before the invention developer 
        renders or, offers to render, or advertises invention 
        development services in this state.  The secretary of state 
        shall maintain a list of all outstanding bonds filed under this 
        subdivision.  The invention developer shall have 90 days after 
        the end of each fiscal year within which to change the bond as 
        may be necessary to conform to the requirements of this 
           Sec. 3.  Minnesota Statutes 2000, section 325A.09, 
        subdivision 5, is amended to read: 
           Subd. 5.  Any person who has been injured by a violation of 
        sections 325A.01 to 325A.10 by an invention developer, by any 
        false or fraudulent statement, representation or omission of 
        material fact by an invention developer or by failure of an 
        invention developer to make all the disclosures required by 
        sections 325A.01 to 325A.10 may bring a civil action against the 
        invention developer for the damages sustained together with 
        costs and disbursements, including reasonable attorney's fees.  
        The court in its discretion may increase the award of damages to 
        an amount not to exceed three times the damages sustained or 
        $2,500 $10,000, whichever is greater. 
           Sec. 4.  Minnesota Statutes 2000, section 325A.09, is 
        amended by adding a subdivision to read: 
           Subd. 8.  The statute of limitations on actions arising out 
        of a breach of contract for invention development services shall 
        be six years as provided in section 541.05, subdivision 1. 
           Sec. 5.  [REPEALER.] 
           Minnesota Statutes 2000, section 325A.06, subdivision 3, is 
        repealed the day following final enactment. 
           Presented to the governor May 23, 2001 
           Signed by the governor May 25, 2001, 12:02 p.m.

Official Publication of the State of Minnesota
Revisor of Statutes