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, enforcing anti-discrimination laws in consumer finance, accepting and investigating consumer complaints, enhancing financial education, and monitoring financial markets for risks to consumers. 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 bill amends several sections of the Minnesota Statutes to incorporate the Bureau into existing legal frameworks. It includes provisions for the commissioner's salary and the recruitment of employees with relevant experience in consumer finance. The bill also adds the Bureau to the list of state agencies referenced in various statutes, ensuring its integration into the state's governance structure. Overall, the legislation aims to enhance consumer protection in financial matters through the establishment of this new Bureau.

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