summary
Introduced
03/08/2023
03/08/2023
In Committee
05/17/2023
05/17/2023
Crossed Over
04/17/2023
04/17/2023
Passed
05/23/2023
05/23/2023
Dead
Signed/Enacted/Adopted
05/24/2023
05/24/2023
Introduced Session
93rd Legislature 2023-2024
Bill Summary
A bill for an act relating to commerce; establishing a biennial budget for Department of Commerce and related activities; adding and modifying various provisions governing health, property, life, homeowner's, and automobile insurance; regulating financial institutions; modifying provisions governing financial institutions; providing for certain consumer protections and privacy; modifying provisions governing commerce; making technical changes; establishing civil and criminal penalties; authorizing administrative rulemaking; requiring reports; appropriating and transferring money; amending Minnesota Statutes 2022, sections 46.131, subdivision 11; 47.0153, subdivision 1; 47.59, subdivision 2; 47.60, subdivisions 1, 2, by adding a subdivision; 47.601, subdivisions 1, 2, 6, by adding a subdivision; 53.04, subdivision 3a; 53C.01, subdivision 12c, by adding a subdivision; 53C.08, subdivision 1a; 56.131, subdivision 1; 60A.08, subdivision 15; 60A.14, subdivision 1; 61A.031; 61A.60, subdivision 3; 62A.152, subdivision 3; 62A.3099, by adding a subdivision; 62A.31, subdivisions 1, 1f, 1h, 1p, 1u, 4, by adding a subdivision; 62A.44, subdivision 2; 62D.02, by adding a subdivision; 62D.095, subdivisions 2, 3, 5; 62J.26, subdivisions 1, 2; 62K.10, subdivision 4; 62Q.096; 62Q.19, subdivision 1; 62Q.46, subdivisions 1, 3; 62Q.47; 62Q.735, subdivisions 1, 5; 62Q.76, by adding a subdivision; 62Q.78, by adding subdivisions; 62Q.81, subdivision 4, by adding a subdivision; 65B.49, by adding a subdivision; 80A.50; 80E.041, subdivision 4; 103G.291, subdivision 4; 151.071, subdivisions 1, 2; 237.066; 239.791, subdivision 8; 256B.0631, subdivision 1; 256B.69, subdivision 5a; 256L.03, subdivision 5; 325D.01, subdivision 5; 325D.44, subdivisions 1, 2; 325D.71; 325E.31; 325F.662, subdivisions 2, 3; 325F.6641, subdivision 2; 325F.69, subdivision 1, by adding a subdivision; 325G.051, subdivision 1; 327C.015, subdivision 17, by adding subdivisions; 327C.04, subdivisions 1, 2, by adding subdivisions; 515B.3-102; 515B.3-115; 515B.3-1151; 515B.3-116; Laws 2022, chapter 93, article 1, section 2, subdivision 5; Laws 2023, chapter 24, section 3; proposing coding for new law in Minnesota Statutes, chapters 47; 48; 52; 53B; 58; 58B; 60A; 62J; 62Q; 62W; 65A; 325E; 325F; 332; repealing Minnesota Statutes 2022, sections 48.10; 53B.01; 53B.02; 53B.03; 53B.04; 53B.05; 53B.06; 53B.07; 53B.08; 53B.09; 53B.10; 53B.11; 53B.12; 53B.13; 53B.14; 53B.15; 53B.16; 53B.17; 53B.18; 53B.19; 53B.20; 53B.21; 53B.22; 53B.23; 53B.24; 53B.25; 53B.26; 53B.27, subdivisions 1, 2, 5, 6, 7; 62A.31, subdivisions 1b, 1i; 327C.04, subdivision 4; Minnesota Rules, parts 2675.2610, subparts 1, 3, 4; 2675.2620, subparts 1, 2, 3, 4, 5; 2675.2630, subpart 3. 1 SF2744 REVISOR RSI S2744-4 4th Engrossment
AI Summary
This bill:
Establishes biennial budgets and appropriations for the Department of Commerce and related activities, including funding for grants, services, and staffing related to financial institutions, administrative services, enforcement, telecommunications, and insurance. The bill also appropriates funds to the Department of Education and Attorney General's Office for various initiatives.
The bill makes numerous changes to the regulation of financial institutions, including provisions related to consumer small loans, consumer short-term loans, money transmission, and coverage of virtual currency business activities. It updates requirements for mortgage servicers regarding capital, liquidity, corporate governance, and reporting. The bill also establishes a student loan advocate position within the Department of Commerce.
Regarding insurance, the bill makes changes to requirements for Medicare supplement policies, homeowner's insurance, and coverage of mental health and substance abuse services. It also prohibits excessive price increases for generic drugs and regulates assignment of benefits under property and casualty insurance policies.
The bill expands protections against unfair and deceptive trade practices, restricts certain gasoline sales below cost, and creates a new "Digital Fair Repair Act" to require manufacturers to provide parts, tools, and documentation to independent repair providers and consumers.
Finally, the bill includes provisions related to water conservation, state government telecommunications pricing, biofuel blending disclosure, and regulation of manufactured home communities.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (2)
Last Action
Secretary of State, Filed (on 05/24/2023)
Official Document
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