Certain regulations on lenders to cannabis businesses established.

HF 2987 establishes fair lending requirements for non-bank lenders providing loans to cannabis businesses in Minnesota. It requires lenders to provide borrowers (cannabis license applicants or holders) with clear, written disclosures at least five days before a loan agreement, including interest rates, fees, payment schedules, and total repayment amounts. The bill prohibits deceptive advertising and makes loans violating these rules void, meaning borrowers wouldn’t owe any payment on such loans. The law applies to loans of $10,000 or more and takes effect August 1, 2025, excluding traditional banks and credit unions.