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, who will be appointed by the governor with the advice and consent of the senate. The bill also includes provisions for the commissioner to adopt rules for the Bureau's operations and emphasizes the recruitment of experienced investigators in various financial sectors.

Additionally, the bill amends several sections of the Minnesota Statutes to incorporate the Bureau into existing legal frameworks. It adds the Bureau to the list of agencies whose commissioners' salaries are determined by the Compensation Council and allows for the designation of unclassified positions within the Bureau. The bill appropriates funds for the Bureau's operation and administration for the fiscal years 2026 and 2027, ensuring that it has the necessary resources to fulfill its mission.

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