Certain regulations on lenders to cannabis businesses establishment provision

SF 3348 establishes fair lending requirements for non-bank lenders providing loans over $10,000 to cannabis businesses in Minnesota. It directly affects cannabis business applicants, license holders, and non-bank lenders (excluding federally regulated banks/credit unions). The bill requires lenders to provide borrowers with detailed written disclosures at least five days before a loan agreement, including interest rates, finance charges, payment schedules, and total repayment amounts. Violations make the loan void, relieving borrowers of repayment obligations. The law takes effect August 1, 2025.