Bill > HF4188

This bill modifies various consumer protections for insurance and financial products, prohibits virtual-currency kiosks, and makes technical changes to provisions administered by the Department of Commerce, including those governing securities broker-dealers and their agents, and updates rules for unclaimed property. Specifically, it prohibits the operation of virtual-currency kiosks (digital terminals for exchanging virtual currency for money) starting August 1, 2026, and requires operators to remove them and pay out any held virtual currency or money to customers by December 31, 2026, with exceptions if other access methods are available. The bill also enhances protections for mortgage loan borrowers by establishing clearer standards for loan servicing and ownership transfers, payment processing, escrow accounts, and borrower requests for information, and it requires mortgage servicers to act in good faith and consider alternatives to foreclosure. Additionally, it updates regulations for student loan lenders and servicers, requiring more detailed annual reporting and ensuring smoother transitions during loan servicing changes to prevent negative consequences for borrowers. The bill also introduces new regulations for insurance lead generators, defining their role and requiring record maintenance, and updates various fuel and lubricant specifications to align with current industry standards. Furthermore, it modifies provisions related to securities broker-dealers and their agents, including new rules on dishonest or unethical business practices, and updates unclaimed property laws to include virtual currency, establishing rules for its abandonment and liquidation.

Business and Industry

https://www.revisor.mn.gov/bills/94/2026/0/HF/4188/