🔴Illinois HB 3773IN EFFECT$10M fine|🔴Texas TRAIGAIN EFFECTActive enforcement|⚠️Colorado SB 205Jun 30, 2026Per-violation fines|⚠️California SB 942Aug 2, 2026$5K/day|⚠️EU AI Act Art. 50Aug 2, 2026€35M or 7% revenue|⚠️Virginia HB 2154Jul 1, 2026$10K/violation|⚠️Connecticut SB 2Oct 1, 2026$25K/violation|🔴Illinois HB 3773IN EFFECT$10M fine|🔴Texas TRAIGAIN EFFECTActive enforcement|⚠️Colorado SB 205Jun 30, 2026Per-violation fines|⚠️California SB 942Aug 2, 2026$5K/day|⚠️EU AI Act Art. 50Aug 2, 2026€35M or 7% revenue|⚠️Virginia HB 2154Jul 1, 2026$10K/violation|⚠️Connecticut SB 2Oct 1, 2026$25K/violation|
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Minnesota AI Laws for Enterprise (250+) in Finance & Banking

Comprehensive AI inventory, regular audits, board-level oversight, and dedicated legal counsel required.

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Maximum penalty: Civil penalties
Applies to enterprise (250+) in finance & banking

Applicable law: HF 4654 — AI Transparency Act

Automated decision systems used in employment must disclose AI use and allow human review.

Fair lending laws plus state AI requirements. AI credit decisions need documented bias testing.

Deadline: August 1, 2026Penalty: Civil penaltiesStatus: Enacted

Other company sizes

🚀 Startups (1-10)🏪 Small Business (11-50)🏢 Mid-Market (51-250)
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$10K+
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