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MN SF2476
MN SF2476Various Department of Commerce governed or administered provisions modifications
summary
Introduced
03/13/2025
03/13/2025
In Committee
03/13/2025
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)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2476&ssn=0&y=2025 |
BillText | https://www.revisor.mn.gov/bills/text.php?number=SF2476&version=0&session=ls94&session_year=2025&session_number=0&format=pdf |
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