This bill aims to enhance transparency and prevent conflicts of interest within the Minnesota legislature by requiring legislators to disclose any financial ties to entities seeking state funding. Specifically, legislators must report if they or a family member receive compensation from such entities within five days of a bill's introduction. The designated legislative staff will then notify relevant parties, including the bill's author and committee leaders, and ensure that all disclosures are publicly posted on the respective legislative websites.

Additionally, the bill prohibits legislative staff from accepting compensation from entities that request funding through bills or grants associated with legislators. Violations of this provision could lead to disciplinary actions, including dismissal. The new requirements are intended to complement existing conflict of interest laws and economic interest disclosures, thereby reinforcing ethical standards in legislative practices.