Bill > HF3246

This bill establishes a new requirement for certain corporations regarding payment terms for goods and services. Specifically, corporations whose stock is classified as a federal covered security (a term referring to securities that are exempt from state-level registration requirements under federal law) must now pay for goods and services within 45 days of receiving them. The bill also expands this requirement to include wholly owned subsidiaries of such corporations. This means that large publicly traded companies and their fully owned sub-companies will be legally obligated to complete payments to vendors and service providers within a 45-day window, potentially providing more financial predictability and timely compensation for businesses supplying goods or services to these corporations. The bill proposes to add this provision to Minnesota Statutes, Chapter 325E, which covers various commercial regulations.

Business and Industry

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF3246&ssn=0&y=2025