This bill establishes a new requirement for certain corporations regarding payment terms for goods and services. Specifically, it mandates that if a corporation's stock is classified as a federal covered security under United States Code, title 15, section 77r(b), the corporation must remit payment within 45 days of receiving the goods or services.

Additionally, the bill clarifies that the term "corporation" includes any subsidiary that is wholly owned by a corporation subject to this payment requirement. This new legal language is proposed to be codified in Minnesota Statutes, chapter 325E, under the section designated as [325E.251] REMITTANCE OF PAYMENT.