HF 3425

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to insurance; regulating certain credit 
  1.3             scoring procedures; proposing coding for new law in 
  1.4             Minnesota Statutes, chapter 60K. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [60K.21] [CREDIT SCORING PROCEDURES.] 
  1.7      Subdivision 1.  [REQUIREMENT.] Every insurer writing 
  1.8   insurance regulated under chapter 65B or homeowners insurance 
  1.9   regulated under chapter 65A that uses credit scoring for 
  1.10  underwriting purposes must make available to its licensed 
  1.11  insurance producers, as defined in section 60K.31, procedures to 
  1.12  obtain credit information and credit scores on insureds or 
  1.13  applicants. 
  1.14     Subd. 2.  [PRODUCER LIABILITY.] An insurance producer 
  1.15  licensed under this chapter is not liable in any action arising 
  1.16  from the use of a credit score by an insurer, provided that the 
  1.17  insurance producer complies with the insurer's procedures 
  1.18  concerning credit scoring.