On May 15, MN LEG enacted bill re Minnesota cooperative housing act.
MN LEG enacted bill HF 3800 (SF 4053), the Minnesota cooperative housing act.
Provides for the organization and operation of housing cooperatives for seniors, low and moderate income people, limited equity cooperatives and leasing cooperatives.
Adds new Minnesota Statutes Ch. 308C (MN LEG 308C), makes conforming revisions.
Bill Highlights
Provides that cooperatives formed under preexisting chapters that convert to a housing cooperative under this chapter, shall be governed exclusively by this chapter.
Exempts membership interests in a housing cooperative from security registration requirements to the same extent that interests in preexisting cooperative are exempt.
Describes what must be included in the articles of organization for the cooperative.
Requires cooperative to maintain records, specifies what must be contained in records.
Gives cooperatives power to execute occupancy, lease agreements specifying terms.
Describes requirements for operations, board members, procedures for board actions, meetings, voting rights, sale of cooperative assets, transfer of rights, among others.
Legislative History
On Feb. 15, 2024, bill was introduced in House; on Apr. 24, 2024, bill passed House.
On Apr. 25, 2024, bill introduced in Senate; on Apr. 30, 2024, bill passed Senate.
On May 15, 2024, governor signed bill, filed with secretary of State, assigned Ch. 96.
Effectiveness
Bill provisions are effective on Aug. 1, 2025.
Regulators
MN LEG
Entity Types
CNSM; Corp; MG Orig
Reference
Ch. 96, Bill HF3800, SF4053, 5/15/2024;
Functions
Compliance; C-Suite; Financial; Legal; Operations; Record Retention; Registration/Licensing
