This bill prohibits the state of Minnesota and its municipalities from entering into nondisclosure agreements that restrict the disclosure of information related to land development, economic development projects, or programs financed with public funds. The bill introduces new sections in Minnesota Statutes, specifically sections 15.70 and 471.3435, which define the terms "state" and "municipality" and outline the restrictions on nondisclosure agreements. Under these provisions, any agreement that violates the nondisclosure restrictions is deemed void and unenforceable, and any such agreements must be publicly disclosed.

Additionally, the bill mandates that if a contract contains a provision that is void due to these restrictions, that provision must be severed from the contract without affecting the remaining provisions. The effective date for these new regulations is set for the day following final enactment. Overall, the bill aims to enhance transparency in government dealings by ensuring that the public has access to information regarding projects funded by taxpayer money.