1E Relating to commerce

ARTICLE 1 - LICENSING

Regulating certain licenses relating to residential, real property, and real estate appraisers; authorizing reciprocity; specifying certain requirements for submittal of documentation, license renewals, deferral, and reinstatements; repealing an examinations reciprocity provision

ARTICLE 2 - PETROFUND

Modifying certain provisions relating to the petroleum tank release cleanup act; modifying the definition of tank in transport; expanding application for reimbursement authority; limiting reimbursement for a petroleum release from a tank in transport

ARTICLE 3 - ADMINISTRATIVE SERVICES

Updating the ASTM specification number for a biodiesel component; redirecting money in the liquefied petroleum gas account from the commissioner of education to the commissioner of commerce

ARTICLE 4 - ENFORCEMENT

Modifying actions against licensees; modifying enforcement powers of the commissioner relating to denial, suspension, and revocation of licenses of residential mortgage originators and servicers; replacing certain terms

ARTICLE 5 - MODEL HOLDING COMPANY ACT CHANGES

Modifying certain provisions related to insurance holding company systems penalties, modifying certain provisions relating to acquisition of control of or merger with domestic insurer, acquisitions involving insurers not otherwise covered, registration of insurers, standards and management of an insurer within a holding company system, examination requirements, supervisory colleges participation authority for a domestic insurer, and confidentiality requirements; defining enterprise risk

ARTICLE 6 - RISK ASSESSMENT AND OWN RISK AND SOLVENCY ASSESSMENT MODEL ACT

Establishing purpose and scope of the risk assessment and own risk and solvency assessment (ORSA) model act; defining certain terms; establishing risk management framework; specifying ORSA requirement and requiring summary report; specifying exemptions; specifying contents of ORSA summary report; establishing confidentiality standards; specifying certain sanctions
(je)