The bill establishes the Minnesota Consumer Financial Protection Bureau (Bureau) to serve as a centralized authority for enforcing consumer financial laws and protecting consumers in the financial marketplace. It outlines the Bureau's purpose, which includes identifying and eliminating unfair practices, supervising companies, enforcing anti-discrimination laws in consumer finance, and enhancing financial education. The Bureau will be under the administrative control of a commissioner appointed by the governor, who will have specific duties and powers as defined in the bill. Additionally, the commissioner is tasked with recruiting experienced investigators in various financial sectors to ensure effective operation.

The bill also amends existing Minnesota statutes to incorporate references to the newly created Bureau. It includes provisions for the commissioner's salary and the designation of unclassified positions within the Bureau, ensuring that it aligns with other state agencies. The amendments specifically add the Bureau to the definitions of agencies and positions within the state, thereby integrating it into the broader framework of Minnesota's governance and regulatory structure.

Statutes affected:
Introduction: 10.65, 15A.0815, 43A.08