Bill
Bill > SF4164
summary
Introduced
03/05/2026
03/05/2026
In Committee
03/05/2026
03/05/2026
Crossed Over
Passed
Dead
Introduced Session
94th Legislature 2025-2026
Bill Summary
A bill for an act relating to financial institutions; modifying various provisions governing nondepository financial institutions; amending Minnesota Statutes 2024, sections 47.20, subdivision 1; 47.59, subdivision 1; 47.60, subdivision 1; 53.04, subdivision 3a; 53B.74; 53C.09, subdivision 4; 56.002; 56.01; 56.05; 58.06, subdivision 2; 58B.051; 332.52, subdivision 3; 332B.04, subdivision 1; repealing Minnesota Statutes 2024, sections 56.08; 332A.02, subdivision 2; 332A.04, subdivision 1; 332B.02, subdivision 2.
AI Summary
This bill modifies various provisions governing nondepository financial institutions, which are entities that provide financial services but do not accept traditional deposits like banks. Key changes include expanding the definition of financial institutions to include residential mortgage originators and servicers under chapter 58, and sales finance companies under chapter 53C, allowing them to operate under certain regulations. It also clarifies the definition of a "consumer small loan lender" to include those who arrange such loans, and updates requirements for virtual currency businesses regarding their tangible net worth calculations. The bill also adjusts the surety bond requirement for residential mortgage originators and servicers to $125,000 and removes a requirement for debt settlement services providers to be accredited if they do not offer credit counseling. Finally, it repeals certain statutes related to annual license fees, accreditation definitions, and registration requirements for debt management and settlement services.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Referred to Commerce and Consumer Protection (on 03/05/2026)
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/94/2026/0/SF/4164/ |
| BillText | https://www.revisor.mn.gov/bills/94/2026/0/SF/4164/versions/0/pdf/ |
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