Bill > SF4365

This bill aims to enhance consumer protections across various financial and insurance products in Minnesota. Key provisions include prohibiting the operation of virtual-currency kiosks, which are automated and unstaffed terminals for exchanging virtual currency for money or other virtual currency, starting January 1, 2027, and requiring operators to remove them and issue refunds to customers by the end of 2026. The bill also introduces new standards for residential mortgage loan servicing, requiring servicers to continue processing loan modifications when servicing rights are transferred, to clearly and conspicuously explain fees, to maintain specific records, and to establish procedures for handling borrower complaints and inquiries, including a duty to act in good faith and deal fairly with borrowers, especially when considering alternatives to foreclosure. Additionally, it strengthens protections for student loan borrowers by clarifying definitions related to income-driven repayment programs and written communications, and by mandating more detailed annual reporting from student loan lenders and servicers to the commissioner of commerce, who will share this data with the commissioner of higher education. The bill also updates regulations for insurance lead generators, defining them and requiring them to comply with unfair and deceptive practices prohibitions, and mandates that insurance companies maintain accessible records of complaints and marketing data. Finally, it modifies definitions related to bullion product transactions to ensure they are considered Minnesota transactions if certain conditions involving a Minnesota consumer or address are met, and it introduces new notification requirements for licensees in real estate appraisal and appraisal management companies regarding changes in their application information, civil judgments, disciplinary actions, and criminal offenses.

Business and Industry

https://www.revisor.mn.gov/bills/94/2026/0/SF/4365/