ST. PAUL – SF1816, Rep. Dennis Smith’s (R – Maple Grove) bill to clarify state law surrounding fraudulent transfers, passed the Minnesota House of Representatives unanimously. The law strengthens creditor protections and brings documentation requirements into the 21st century by allowing electronic records to serve as evidence.
“The Uniform Fraudulent Transfers Act brings our state law into line with surrounding states, providing predictability for business owners and consumers,” said Smith. “Additionally, my bill allows electronic records, commonly used in transactions today, to serve as evidence in court cases involving fraudulent transfers. Thank you to my colleagues for their unanimous support of strengthened consumer and business protections.”
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