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. Notably, it adds the Bureau to the definitions of "agency" and "additional unclassified positions," ensuring that it is recognized alongside other state agencies. The bill also specifies that the commissioner's salary will be determined according to existing procedures and appropriates funds for the Bureau's operation in fiscal years 2026 and 2027. Overall, the legislation aims to enhance consumer protection in financial matters within Minnesota.

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