summary
Introduced
03/08/2023
03/08/2023
In Committee
04/12/2023
04/12/2023
Crossed Over
Passed
Dead
05/20/2024
05/20/2024
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 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, 4, 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; 256B.0631, subdivision 1; 256B.69, subdivision 5a; 256L.03, subdivision 5; 325D.01, subdivision 5; 325D.44, subdivisions 1, 2; 325F.662, subdivisions 2, 3; 325F.6641, subdivision 2; 325F.69, subdivision 1, by adding a subdivision; 325F.70, 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; proposing coding for new law in Minnesota Statutes, chapters 13; 48; 52; 53B; 58; 58B; 60A; 62J; 62Q; 62W; 65A; 325E; 325F; 332; proposing coding for new law as Minnesota Statutes, chapter 325O; 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; 325D.71; 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 HF2680 FIRST ENGROSSMENT REVISOR RSI H2680-1
AI Summary
This bill establishes a biennial budget for the Department of Commerce and makes various modifications to the regulation of financial institutions, health insurance, property and casualty insurance, life insurance, homeowner's insurance, and automobile insurance.
The key provisions of this bill include:
- Appropriating funds to the Department of Commerce for various regulatory and enforcement activities, including consumer protection, financial institution oversight, insurance regulation, and utility regulation.
- Limiting the ability of motor vehicle dealers to impose certain fees and charges related to vehicle sales and financing.
- Prohibiting excessive price increases on generic or off-patent drugs and regulating the withdrawal of such drugs from the market.
- Establishing a Prescription Drug Affordability Board to review and potentially set upper payment limits for certain high-cost prescription drugs.
- Requiring health plan companies to provide coverage for mental health and substance use disorder services with parity to medical/surgical benefits.
- Regulating the use of global positioning system (GPS) starter interrupt devices and other theft deterrent devices by motor vehicle dealers.
- Requiring certain mortgage servicers to maintain minimum capital and liquidity levels and have strong corporate governance practices.
- Establishing a student loan advocate position within the Department of Commerce to assist borrowers.
- Prohibiting coerced debt and providing remedies for victims.
- Enacting the Minnesota Age-Appropriate Design Code Act to protect the privacy and well-being of children using online services and products.
The bill also makes technical changes, establishes penalties, authorizes rulemaking, and requires various reports.
Committee Categories
Budget and Finance, Business and Industry, Government Affairs
Sponsors (1)
Last Action
Hearing (09:00:00 4/24/2023 ) (on 04/24/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
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