This bill proposes a new law in Minnesota Statutes, chapter 16C, that prohibits state agencies from entering into contracts for goods or services with companies owned by individuals who have been convicted of certain fraud-related offenses. Specifically, the bill outlines that a state agency cannot contract with a company if the owner has been convicted of theft, perjury, aggravated forgery, or similar federal offenses, or if they have been held liable for making false claims against the state or federal government.

The bill also clarifies the definition of ownership for the purposes of this prohibition. It specifies that for a sole proprietorship, the owner is the sole proprietor; for a business partnership, it is any partner with an ownership interest; and for a corporation, it includes any person with an ownership interest in the company. This legislation aims to ensure that state contracts are not awarded to individuals or businesses that have a history of fraudulent behavior.