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Senate committee advances bill to create consumer fraud restitution fund capped at $1 million
Summary
The State and Local Government Committee recommended Senate File 447 as amended for further committee review after testimony from AARP, victims and the attorney general's office on a proposal to direct half of certain enforcement recoveries up to $1,000,000 annually into a new restitution account for defrauded Minnesotans.
The Minnesota Senate State and Local Government Committee on March 11 recommended Senate File 447, as amended, move forward after testimony from victims, AARP and the attorney general's office on legislation to create a consumer fraud restitution account.
The bill would direct 50% of certain non-restitution recoveries obtained in attorney general consumer enforcement actions, up to $1,000,000 per year, into a new consumer protection restitution account to pay restitution to identified consumers when the defendant is insolvent or otherwise unable to satisfy court-ordered restitution. The measure also treats awards from the fund as nontaxable income and excludes them from calculations for renter and homeowner tax credits, and contains an amendment fixing an effective date to…
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