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Bill > SF2476


MN SF2476

MN SF2476
Various Department of Commerce governed or administered provisions modifications


summary

Introduced
03/13/2025
In Committee
03/13/2025
Crossed Over
Passed
Dead

Introduced Session

94th Legislature 2025-2026

Bill Summary

A bill for an act relating to commerce; making technical and housekeeping changes to various provisions governing or administered by the Department of Commerce; authorizing administrative rulemaking; amending Minnesota Statutes 2024, sections 45.24; 46A.04; 47.77; 53B.61; 55.07, by adding a subdivision; 58B.02, subdivision 8a; 62Q.73, subdivision 4; 80A.66.

AI Summary

This bill makes several technical and housekeeping changes to various provisions governed by the Minnesota Department of Commerce, affecting multiple areas of financial regulation. The bill modifies sections related to licensing technology fees, allowing the commissioner more flexibility in adjusting technology surcharges for electronic licensing systems; updates financial institution exemption criteria; clarifies rules about transfer and closure of deposit accounts; establishes guidelines for maintaining permissible investments for money transmission licensees; allows automatic renewal of safe deposit leases; updates definitions for student loan lenders; modifies contract requirements for independent external reviews; and revises securities and investment adviser reporting and record-keeping requirements. Specifically, the bill provides more administrative discretion to regulators, streamlines some reporting processes, and ensures that financial regulations remain current with industry practices. Notable changes include allowing commissioners more latitude in establishing fees, simplifying language around financial institution exemptions, and expanding the conditions under which financial institutions can close accounts. The bill also includes a provision for expedited rulemaking to update securities broker-dealer conduct rules to align with current industry standards.

Committee Categories

Business and Industry

Sponsors (1)

Last Action

Hearing (12:30:00 3/25/2025 ) (on 03/25/2025)

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