summary
Introduced
03/17/2025
03/17/2025
In Committee
04/30/2025
04/30/2025
Crossed Over
04/30/2025
04/30/2025
Passed
Dead
Introduced Session
94th Legislature 2025-2026
Bill Summary
A bill for an act relating to commerce; modifying and adding various provisions governing financial institutions, insurance, limited long-term care insurance; Medicare supplement insurance, and insurance holding company systems; modifying the Minnesota Business Corporations Act; modifying various provisions implemented or enforced by the Department of Commerce; authorizing administrative rulemaking; making technical and conforming changes; amending Minnesota Statutes 2024, sections 41A.09, subdivision 2a; 45.027, subdivisions 1, 2, by adding a subdivision; 45.24; 46A.04; 47.20, subdivisions 2, 4a, 8; 47.77; 53B.61; 55.07, by adding a subdivision; 58B.02, subdivision 8a; 60D.09, by adding a subdivision; 60D.15, subdivisions 4, 7, by adding subdivisions; 60D.16, subdivision 2; 60D.17, subdivision 1; 60D.18, subdivision 3; 60D.19, subdivision 4, by adding subdivisions; 60D.20, subdivision 1; 60D.217; 60D.22, subdivisions 1, 3, 6, by adding a subdivision; 60D.24, subdivision 2; 60D.25; 62A.31, subdivisions 1, 1f, 1h, 1p, 1u, 4; 62A.44, subdivision 2; 62A.65, subdivision 2, by adding a subdivision; 62D.12, subdivisions 2, 2a; 62D.121, subdivision 1; 62Q.73, subdivision 4; 65B.02, subdivision 7; 65B.05; 65B.06, subdivisions 1, 2, 3; 65B.10, subdivision 2; 72A.20, by adding a subdivision; 80A.66; 80E.12; 82B.19, subdivision 5; 168.27, by adding a subdivision; 239.761, subdivisions 3, 4, 5, 6; 239.791, subdivision 11; 296A.01, subdivisions 20, 23, 24; 302A.011, subdivision 41, by adding subdivisions; 302A.111, subdivision 2; 302A.161, by adding a subdivision; 302A.181, by adding a subdivision; 302A.201, subdivision 1; 302A.237, by adding a subdivision; 302A.361; 302A.461, subdivision 4; 302A.471, subdivisions 1, 3; 302A.611, by adding a subdivision; 334.01, subdivision 2; 580.07, subdivisions 1, 2; 581.02; proposing coding for new law in Minnesota Statutes, chapters 60D; 62A; 302A; 325F; repealing Minnesota Statutes 2024, sections 62A.3099, subdivision 18b; 62A.31, subdivision 1w; 65B.10, subdivision 3; 325F.02; 325F.03; 325F.04; 325F.05; 325F.06; 325F.07; Laws 2023, chapter 57, article 2, section 66. 1 HF2403 SECOND ENGROSSMENT REVISOR RSI H2403-2
AI Summary
This bill is a comprehensive commerce policy bill that makes changes across multiple areas of Minnesota law, including financial institutions, insurance, limited long-term care insurance, Medicare supplement insurance, insurance holding company systems, and business corporations.
The bill includes numerous technical amendments and provisions that modify existing statutes. Some key highlights include:
1. Financial Institutions: Updates regulations related to conventional loans, including changes to interest rate calculations, mortgage notice requirements, and account transfer procedures.
2. Insurance: Introduces new provisions for limited long-term care insurance, including disclosure standards, incontestability periods, and nonforfeiture benefits. It also modifies Medicare supplement insurance regulations and insurance holding company system rules.
3. Business Corporations: Adds new definitions and provisions related to corporate governance, including how to handle defective corporate acts, emergency powers for boards, and clarifications on shareholder rights.
4. Miscellaneous Commerce Provisions: Includes updates to various commercial regulations, such as auto show participation rules, gasoline and ethanol specifications, and securities broker-dealer conduct.
The bill also repeals several existing statutes, including some related to match manufacturing, flame-resistant tents, and other outdated regulations. Many of the changes appear to be technical updates to align with current industry practices and federal regulations, modernizing Minnesota's commercial legal framework across multiple sectors.
The bill includes effective dates for different sections, with some provisions taking effect immediately and others becoming effective on specific future dates, allowing for smooth implementation of the various regulatory changes.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Referred to Commerce and Consumer Protection (on 04/30/2025)
Official Document
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