HF 4188

3rd Engrossment - 94th Legislature (2025 - 2026)

Posted on 05/19/2026 08:44 a.m.

A bill for an act
relating to commerce; adding and modifying various provisions governing consumer
protection, financial institutions, securities, insurance, unclaimed property, weights
and measures, and lawful gambling; modifying the Minnesota premium security
plan; eliminating the prescription drug affordability advisory council; making
various technical changes; requiring reports; amending Minnesota Statutes 2024,
sections 46.044, subdivision 1; 47.20, subdivision 1; 47.59, subdivision 1; 47.60,
subdivision 1; 48.195; 49.37; 53.04, subdivision 3a; 53B.74; 53C.09, subdivision
4; 56.002; 56.01; 56.05; 58.06, subdivision 2; 58.14, subdivisions 3, 4, 5, by adding
a subdivision; 58.18, subdivision 4; 58B.02, by adding subdivisions; 58B.03,
subdivisions 10, 11; 58B.051; 58B.06, subdivisions 4, 6; 60A.085; 60A.13,
subdivisions 1, 6; 60K.383; 62A.135, subdivision 1; 62A.46, subdivision 2; 62D.08,
by adding a subdivision; 62E.23, subdivision 1; 62J.40; 62J.89, subdivisions 1, 2;
62J.90, subdivision 2; 62K.07, subdivision 2; 62M.09, subdivision 3; 62Q.47;
62U.04, subdivision 13; 62W.06, by adding a subdivision; 72A.061, subdivision
5; 72A.13, subdivision 1; 72A.18, subdivision 2, by adding subdivisions; 72A.20,
subdivision 2, by adding a subdivision; 80A.50; 80C.12, subdivision 1; 80G.01,
subdivision 5a; 239.761, subdivisions 7, 8, 9, 10, 11, 12, 13, 14, 16, 17; 239.77,
subdivision 1; 256B.0913, subdivision 4; 270B.14, subdivision 11; 296A.01,
subdivisions 7, 8, 14, 19, 22, 26, 28, 35; 325E.21, subdivisions 1b, 2c; 332.32;
332.52, subdivision 3; 332A.04, subdivision 1; 332B.04, subdivision 1; 345.31,
by adding a subdivision; 345.43, by adding a subdivision; 349.211, subdivision
2b; 609.761, subdivision 3; Minnesota Statutes 2025 Supplement, sections 8.37,
subdivisions 3, 5; 41A.09, subdivision 2a; 58B.02, subdivision 8a; 62E.23,
subdivisions 1a, 2; 80A.66; 239.761, subdivisions 3, 4, 5, 6; 296A.01, subdivisions
20, 23, 24; 297I.20, subdivision 7, as amended; Laws 2026, chapter 72, section 1,
subdivision 5; proposing coding for new law in Minnesota Statutes, chapters 58;
60A; 62A; 62D; 80A; 82B; 82C; 345; proposing coding for new law as Minnesota
Statutes, chapters 59E; 65C; repealing Minnesota Statutes 2024, sections 48.158;
56.08; 62J.86, subdivision 2; 62J.88; 332A.02, subdivision 2; 332B.02, subdivision
2.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

ARTICLE 1

CONSUMER PROTECTION, FINANCIAL PRODUCTS, AND INSURANCE

Section 1.

Minnesota Statutes 2025 Supplement, section 8.37, subdivision 3, is amended
to read:

Subd. 3.

Money deposited in the account.

deleted text begin 50 deleted text end new text begin Fifty new text end percent of all money recovered by
the attorney general in a consumer enforcement action that is payable to the state and not
designated as consumer enforcement public compensation or for another specific purpose
up to the first deleted text begin $5,000,000 deleted text end new text begin $10,000,000 new text end each fiscal year must be deposited into the account.
The remaining 50 percent of money recovered by the attorney general in a consumer
enforcement action that is payable to the state and not designated as consumer enforcement
public compensation or for another specific purpose must be deposited into the general
fund. For purposes of this subdivision, the amount of money recovered in a consumer
enforcement action that must be deposited into the fund is determined at the time when the
money otherwise would have been deposited into the general fund.

Sec. 2.

Minnesota Statutes 2025 Supplement, section 8.37, subdivision 5, is amended to
read:

Subd. 5.

Distributions to eligible consumers.

(a) Money in the account may be
distributed to any eligible consumer with an identified amount of unpaid consumer
enforcement public compensation. deleted text begin If the amount of money in the account is insufficient to
pay all distributions to eligible consumers with an identified amount of unpaid consumer
enforcement public compensation, the deleted text end Money must be distributed first to consumers eligible
for unpaid consumer enforcement public compensation based on a consumer enforcement
action with a final order of the oldest date.

deleted text begin (b) If the attorney general projects that there will be insufficient funding to pay all eligible
consumers from the funds available on an ongoing basis, the attorney general may
recommend to the legislature that the legislature prescribe a formula for prorating or capping
payments to eligible consumers so that more eligible consumers will receive payment from
the fund.
deleted text end

new text begin (b) If money is distributed to an eligible consumer, the distribution is limited to:
new text end

new text begin (1) the full identified amount of unpaid consumer enforcement public compensation, up
to $50,000; and
new text end

new text begin (2) 50 percent of the identified amount of unpaid consumer enforcement public
compensation over $50,000, or $50,000, whichever is less.
new text end

Sec. 3.

Minnesota Statutes 2024, section 47.20, subdivision 1, is amended to read:

Subdivision 1.

General authority.

Pursuant to rules the commissioner of commerce
finds to be necessary and proper, if any, banks, savings banks, and savings associations
organized under the laws of this state or the United States, trust companies, trust companies
acting as fiduciaries, and other banking institutions subject to the supervision of the
commissioner of commerce, new text begin including residential mortgage originators and servicers under
chapter 58, new text end and mortgagees or lenders approved or certified by the secretary of housing and
urban development or approved or certified by the administrator of veterans affairs, or
approved or certified by the administrator of the Farmers Home Administration or any
successor, or approved or certified by the Federal Home Loan Mortgage Corporation, or
approved or certified by the Federal National Mortgage Association, are authorized:

(1) to make loans and advances of credit and purchases of obligations representing loans
and advances of credit which are insured or guaranteed by the secretary of housing and
urban development pursuant to the National Housing Act, as amended, or the administrator
of veterans affairs pursuant to the Servicemen's Readjustment Act of 1944, as amended, or
the administrator of the Farmers Home Administration or any successor pursuant to the
Consolidated Farm and Rural Development Act, Public Law 87-128, as amended, and to
obtain the insurance or guarantees;

(2) to make loans secured by mortgages on real property and loans secured by a share
or shares of stock or a membership certificate or certificates issued to a stockholder or
member by a cooperative apartment corporation which the secretary of housing and urban
development, the administrator of veterans affairs, or the administrator of the Farmers Home
Administration or any successor has insured or guaranteed or made a commitment to insure
or guarantee, and to obtain the insurance or guarantees;

(3) to make, purchase, or participate in such loans and advances of credit; including
reverse mortgage loans, notwithstanding anything in subdivision 4b, sections 47.58 and
334.01, and chapter 56 new text begin or 58 new text end to the contrary; as would be eligible for purchase, in whole or
in part, by the Federal National Mortgage Association or the Federal Home Loan Mortgage
Corporation, but without regard to any limitation placed upon the maximum principal amount
of an eligible loan; new text begin and
new text end

(4) to make, purchase or participate in such loans and advances of credit secured by
mortgages on real property which are authorized or allowed by the Office of Thrift
Supervision or the Office of the Comptroller of the Currency, or any successor to these
federal agencies.

Sec. 4.

Minnesota Statutes 2024, section 47.59, subdivision 1, is amended to read:

Subdivision 1.

Definitions.

For purposes of this section, the following definitions shall
apply.

(a) "Actuarial method" has the meaning given the term in Code of Federal Regulations,
title 12, part 226, and appendix J thereto.

(b) "Annual percentage rate" has the meaning given the term in Code of Federal
Regulations, title 12, part 226, but using the definition of "finance charge" used in this
section.

(c) "Borrower" means a debtor under a loan or a purchaser or debtor under a credit sale
contract.

(d) "Business purpose" means a purpose other than a personal, family, household, or
agricultural purpose.

(e) "Cardholder" means a person to whom a credit card is issued or who has agreed with
the financial institution to pay obligations arising from the issuance to or use of the card by
another person.

(f) "Consumer loan" means a loan made by a financial institution in which:

(1) the debtor is a person other than an organization;

(2) the debt is incurred primarily for a personal, family, or household purpose; and

(3) the debt is payable in installments or a finance charge is made.

(g) "Credit" means the right granted by a financial institution to a borrower to defer
payment of a debt, to incur debt and defer its payment, or to purchase property or services
and defer payment.

(h) "Credit card" means a card or device issued under an arrangement pursuant to which
a financial institution gives to a cardholder the privilege of obtaining credit from the financial
institution or other person in purchasing or leasing property or services, obtaining loans, or
otherwise. A transaction is "pursuant to a credit card" only if credit is obtained according
to the terms of the arrangement by transmitting information contained on the card or device
orally, in writing, by mechanical or electronic methods, or in any other manner. A transaction
is not "pursuant to a credit card" if the card or device is used solely in that transaction to:

(1) identify the cardholder or evidence the cardholder's creditworthiness and credit is
not obtained according to the terms of the arrangement;

(2) obtain a guarantee of payment from the cardholder's deposit account, whether or not
the payment results in a credit extension to the cardholder by the financial institution; or

(3) effect an immediate transfer of funds from the cardholder's deposit account by
electronic or other means, whether or not the transfer results in a credit extension to the
cardholder by the financial institution.

(i) "Credit sale contract" means a contract evidencing a credit sale. "Credit sale" means
a sale of goods or services, or an interest in land, in which:

(1) credit is granted by a seller who regularly engages as a seller in credit transactions
of the same kind; and

(2) the debt is payable in installments or a finance charge is made.

(j) "Finance charge" has the meaning given in Code of Federal Regulations, title 12, part
226, except that the following will not in any event be considered a finance charge:

(1) a charge as a result of default or delinquency under subdivision 6 if made for actual
unanticipated late payment, delinquency, default, or other similar occurrence, and a charge
made for an extension or deferment under subdivision 5, unless the parties agree that these
charges are finance charges;

(2) an additional charge under subdivision 6;

(3) a discount, if a financial institution purchases a loan at less than the face amount of
the obligation or purchases or satisfies obligations of a cardholder pursuant to a credit card
and the purchase or satisfaction is made at less than the face amount of the obligation;

(4) fees paid by a borrower to a broker, provided the financial institution or a person
described in subdivision 4 does not require use of the broker to obtain credit; or

(5) a commission, expense reimbursement, or other sum received by a financial institution
or a person described in subdivision 4 in connection with insurance described in subdivision
6.

(k) "Financial institution" means a state or federally chartered bank, a state or federally
chartered bank and trust, a trust company with banking powers, a state or federally chartered
saving bank, a state or federally chartered savings association, an industrial loan and thrift
company organized under chapter 53, new text begin a sales finance company organized under chapter
53C, new text end a regulated lender organized under chapter 56, new text begin a mortgage originator or servicer
licensed under chapter 58, new text end or an operating subsidiary of any such institution.

(l) "Loan" means:

(1) the creation of debt by the financial institution's payment of money to the borrower
or a third person for the account of the borrower;

(2) the creation of debt pursuant to a credit card in any manner, including a cash advance
or the financial institution's honoring a draft or similar order for the payment of money
drawn or accepted by the borrower, paying or agreeing to pay the borrower's obligation, or
purchasing or otherwise acquiring the borrower's obligation from the obligee or the borrower's
assignee;

(3) the creation of debt by a cash advance to a borrower pursuant to an overdraft line of
credit arrangement;

(4) the creation of debt by a credit to an account with the financial institution upon which
the borrower is entitled to draw immediately;

(5) the forbearance of debt arising from a loan; and

(6) the creation of debt pursuant to open-end credit.

"Loan" does not include the forbearance of debt arising from a sale or lease, a credit
sale contract, or an overdraft from a person's deposit account with a financial institution
which is not pursuant to a written agreement to pay overdrafts with the right to defer
repayment thereof.

(m) "Official fees" means:

(1) fees and charges which actually are or will be paid to public officials for determining
the existence of or for perfecting, releasing, terminating, or satisfying a security interest or
mortgage relating to a loan or credit sale, and any separate fees or charges which actually
are or will be paid to public officials for recording a notice described in section 580.032,
subdivision 1; and

(2) premiums payable for insurance in lieu of perfecting a security interest or mortgage
otherwise required by a financial institution in connection with a loan or credit sale, if the
premium does not exceed the fees and charges described in clause (1), which would otherwise
be payable.

(n) "Organization" means a corporation, government, government subdivision or agency,
trust, estate, partnership, joint venture, cooperative, limited liability company, limited
liability partnership, or association.

(o) "Person" means a natural person or an organization.

(p) "Principal" means the total of:

(1) the amount paid to, received by, or paid or repayable for the account of, the borrower;
and

(2) to the extent that payment is deferred:

(i) the amount actually paid or to be paid by the financial institution for additional charges
permitted under this section; and

(ii) prepaid finance charges.

Sec. 5.

Minnesota Statutes 2024, section 47.60, subdivision 1, is amended to read:

Subdivision 1.

Definitions.

For purposes of this section, the terms defined have the
meanings given them:

(a) "Consumer small loan" is a loan transaction in which cash is advanced to a borrower
for the borrower's own personal, family, or household purpose. A consumer small loan is
a short-term, unsecured loan to be repaid in a single installment. The cash advance of a
consumer small loan is equal to or less than $350. A consumer small loan includes an
indebtedness evidenced by but not limited to a promissory note or agreement to defer the
presentation of a personal check for a fee.

(b) "Consumer small loan lender" is a financial institution as defined in section 47.59
or a business entity registered with the commissioner and engaged in the business of making new text begin
or arranging new text end consumer small loans. new text begin For purposes of this paragraph, arranging a consumer
small loan includes but is not limited to any substantial involvement to facilitate, market,
generate leads for, underwrite, or collect a consumer small loan.
new text end

(c) "Annual percentage rate" means a measure of the cost of credit, expressed as a yearly
rate, that relates the amount and timing of value received by the consumer to the amount
and timing of payments made. Annual percentage rate includes all interest, finance charges,
and fees. The annual percentage rate must be determined in accordance with either the
actuarial method or the United States Rule method.

Sec. 6.

Minnesota Statutes 2024, section 53.04, subdivision 3a, is amended to read:

Subd. 3a.

Loans.

(a) The right to make loans, secured or unsecured, at the rates and on
the terms and other conditions permitted under chapters 47 and 334. Loans made under this
authority must be in amounts in compliance with section 53.05, clause (7). A licensee making
a loan under this chapter secured by a lien on real estate shall comply with the requirements
of section 47.20, subdivision 8. A licensee making a loan that is a consumer small loan, as
defined in section 47.60, subdivision 1, paragraph (a), must comply with section 47.60. A
licensee making a loan that is a consumer short-term loan, as defined in section 47.601,
subdivision 1, paragraph deleted text begin (d) deleted text end new text begin (e) new text end , must comply with section 47.601.

(b) Loans made under this subdivision may be secured by real or personal property, or
both. If the proceeds of a loan secured by a first lien on the borrower's primary residence
are used to finance the purchase of the borrower's primary residence, the loan must comply
with the provisions of section 47.20.

(c) An agency or instrumentality of the United States government or a corporation
otherwise created by an act of the United States Congress or a lender approved or certified
by the secretary of housing and urban development, or approved or certified by the
administrator of veterans affairs, or approved or certified by the administrator of the Farmers
Home Administration, or approved or certified by the Federal Home Loan Mortgage
Corporation, or approved or certified by the Federal National Mortgage Association, that
engages in the business of purchasing or taking assignments of mortgage loans and undertakes
direct collection of payments from or enforcement of rights against borrowers arising from
mortgage loans, is not required to obtain a certificate of authorization under this chapter in
order to purchase or take assignments of mortgage loans from persons holding a certificate
of authorization under this chapter.

(d) This subdivision does not authorize an industrial loan and thrift company to make
loans under an overdraft checking plan.

Sec. 7.

Minnesota Statutes 2024, section 53B.74, is amended to read:

53B.74 VIRTUAL CURRENCY BUSINESS ACTIVITIES; ADDITIONAL
REQUIREMENTS.

(a) A licensee engaged in virtual currency business activities deleted text begin may include virtual currency
in the licensee's calculation of tangible net worth, by measuring the average value of the
virtual currency in United States dollar equivalent over the prior six months, excluding
control of virtual currency for a person entitled to the protections under section 53B.73. deleted text end new text begin is
not required to subtract virtual currency from total assets in the licensee's calculation of
tangible net worth if:
new text end

new text begin (1) the licensee's day-to-day business includes incurring obligations to customers
denominated in the virtual currency;
new text end

new text begin (2) the virtual currency asset has a corresponding liability denominated in the virtual
currency;
new text end

new text begin (3) the virtual currency is unencumbered; and
new text end

new text begin (4) the virtual currency assets that are not subtracted from total assets are limited to the
virtual currency assets that have a corresponding liability denominated in the same virtual
currency.
new text end

(b) A licensee must maintain, for all virtual-currency business activity with or on behalf
of a person five years after the date of the activity, a record of:

(1) each of the licensee's transactions with or on behalf of the person, or for the licensee's
account in Minnesota, including:

(i) the identity of the person;

(ii) the form of the transaction;

(iii) the amount, date, and payment instructions given by the person; and

(iv) the account number, name, and United States Postal Service address of the person,
and, to the extent feasible, other parties to the transaction;

(2) the aggregate number of transactions and aggregate value of transactions by the
licensee with or on behalf of the person and for the licensee's account in this state, expressed
in the United States dollar equivalent of the virtual currency for the previous 12 calendar
months;

(3) each transaction in which the licensee exchanges one form of virtual currency for
money or another form of virtual currency with or on behalf of the person;

(4) a general ledger posted at least monthly that lists all of the licensee's assets, liabilities,
capital, income, and expenses;

(5) each business-call report the licensee is required to create or provide to the department
or NMLS;

(6) bank statements and bank reconciliation records for the licensee and the name,
account number, and United States Postal Service address of each bank the licensee uses
to conduct virtual-currency business activity with or on behalf of the person;

(7) a report of any dispute with the person; and

(8) a report of any virtual-currency business activity transaction with or on behalf of a
person which the licensee was unable to complete.

(c) A licensee must maintain records required by paragraph (b) in a form that enables
the commissioner to determine whether the licensee is in compliance with this chapter, any
court order, and law of Minnesota other than this chapter.

Sec. 8.

Minnesota Statutes 2024, section 53C.09, subdivision 4, is amended to read:

Subd. 4.

Other law may apply.

In lieu of this section and sections 53C.01, subdivisions
2, 4, and 13; 53C.08; 53C.10; and 53C.11, a retail seller new text begin or sales finance company new text end may
proceed under section 47.59 deleted text begin relating to credit sales made by a third party deleted text end new text begin , subdivisions 4,
4a, and 6 new text end . In cases where the retail seller new text begin or sales finance company new text end proceeds under section
47.59, the remaining provisions of sections 53C.01 to 53C.14 apply notwithstanding section
47.59.

Sec. 9.

Minnesota Statutes 2024, section 56.002, is amended to read:

56.002 APPLICATION.

This chapter does not apply to a person doing business under and as permitted by any
law of this state or of the United States relating to banks, savings associations, trust
companies, licensed pawnbrokers, new text begin a residential mortgage originator or servicer licensed
under chapter 58 that offers residential mortgage origination services or residential mortgage
servicing, new text end or credit unions. Notwithstanding the provisions of section 56.01, an industrial
loan and thrift company under chapter 53 may contract for and receive the charges, including
those in section 56.155, authorized by this chapter without being licensed pursuant to this
chapter, but shall comply with all other provisions of this chapter when contracting for or
receiving charges on loans regulated by this chapter.

Sec. 10.

Minnesota Statutes 2024, section 56.01, is amended to read:

56.01 NECESSITY OF LICENSE.

(a) Except as authorized by this chapter and without first obtaining a license from the
commissioner, no person shall engage in the business of making loans of money, credit,
goods, or things in action, in an amount or of a value not exceeding that specified in section
56.131, subdivision 1, and charge, contract for, or receive on the loan a greater rate of
interest, discount, or consideration than the lender would be permitted by law to charge if
not a licensee under this chapter. new text begin A person must obtain a license from the commissioner
under this chapter before arranging a consumer short-term loan under section 47.601.
new text end

(b) An agency or instrumentality of the United States government or a corporation
otherwise created by an act of the United States Congress or a lender approved or certified
by the secretary of housing and urban development, or approved or certified by the
administrator of veterans affairs, or approved or certified by the administrator of the Farmers
Home Administration, or approved or certified by the Federal Home Loan Mortgage
Corporation, or approved or certified by the Federal National Mortgage Association, that
engages in the business of purchasing or taking assignments of mortgage loans and undertakes
direct collection of payments from or enforcement of rights against borrowers arising from
mortgage loans, is not required to be licensed under this chapter in order to purchase or take
assignments of mortgage loans from licensees under this chapter.

Sec. 11.

Minnesota Statutes 2024, section 56.05, is amended to read:

56.05 LICENSE; TO BE POSTED.

new text begin (a) new text end The license shall state the address at which the business is to be conducted and shall
state fully the name of the licensee, and if the licensee is a copartnership or association, the
names of the members thereof, and if a corporation, the date and place of its incorporation.

new text begin (b) new text end The license shall be kept conspicuously posted in the place of business of the licensee,
and shall not be transferable or assignable. new text begin For a licensee that offers service via the Internet,
the license number must be clearly displayed on each web page or other document required
by an order issued by the commissioner.
new text end

Sec. 12.

Minnesota Statutes 2024, section 58.06, subdivision 2, is amended to read:

Subd. 2.

Application contents.

(a) The application must contain the name and complete
business address or addresses of the license applicant. The license applicant must be a
partnership, limited liability partnership, association, limited liability company, corporation,
or other form of business organization, and the application must contain the names and
complete business addresses of each partner, member, director, and principal officer. The
application must also include a description of the activities of the license applicant, in the
detail and for the periods the commissioner may require.

(b) deleted text begin A residential mortgage originator deleted text end new text begin An new text end applicant must submit a surety bond that meets
the requirements of section 58.08, subdivision 1a.

(c) The application must also include all of the following:

(1) an affirmation under oath that the applicant:

(i) is in compliance with the requirements of section 58.125;

(ii) will advise the commissioner of any material changes to the information submitted
in the most recent application within ten days of the change;

(iii) will advise the commissioner in writing immediately of any bankruptcy petitions
filed against or by the applicant or licensee;

(iv) will maintain at all times a surety bond in the amount of at least deleted text begin $100,000 deleted text end new text begin $125,000 new text end ;

(v) complies with federal and state tax laws; and

(vi) complies with sections 345.31 to 345.60, the Minnesota unclaimed property law;

(2) information as to the mortgage lending, servicing, or brokering experience of the
applicant and persons in control of the applicant;

(3) information as to criminal convictions, excluding traffic violations, of persons in
control of the license applicant;

(4) whether a court of competent jurisdiction has found that the applicant or persons in
control of the applicant have engaged in conduct evidencing gross negligence, fraud,
misrepresentation, or deceit in performing an act for which a license is required under this
chapter;

(5) whether the applicant or persons in control of the applicant have been the subject of:
an order of suspension or revocation, cease and desist order, or injunctive order, or order
barring involvement in an industry or profession issued by this or another state or federal
regulatory agency or by the Secretary of Housing and Urban Development within the ten-year
period immediately preceding submission of the application; and

(6) other information required by the commissioner.

Sec. 13.

new text begin [58.131] RESIDENTIAL MORTGAGE LOAN SERVICING STANDARDS.
new text end

new text begin Subdivision 1. new text end

new text begin Definitions. new text end

new text begin (a) For purposes of this section, the following terms have
the meanings given.
new text end

new text begin (b) "Authorized representative" means a person, including but not limited to an attorney,
employee, or agent of a government agency, not-for-profit housing counseling organization,
or legal services organization, designated by a borrower in a written authorization signed
by the borrower or in any other form of verifiable authorization to share information and
communicate with a servicer on behalf of the borrower.
new text end

new text begin (c) "Clearly and conspicuously" means the statement, representation, or term being
disclosed is displayed in a size, color, and contrast and is presented in a manner that makes
the statement readily noticed and understood by an ordinary consumer.
new text end

new text begin (d) "Government-sponsored enterprise" means the Federal National Mortgage Association
and the Federal Home Loan Mortgage Corporation.
new text end

new text begin (e) "Real Estate Settlement Procedures Act" or "RESPA" means the Real Estate
Settlement Procedures Act of 1974, United States Code, title 12, section 2601, et seq., and
regulations adopted pursuant to RESPA, also known as Regulation X, Code of Federal
Regulations, title 12, part 1024, as amended.
new text end

new text begin (f) "Third-party provider" means any person or entity retained by or on behalf of the
servicer, including but not limited to foreclosure firms, law firms, foreclosure trustees, other
agents, independent contractors, subsidiaries, and affiliates, that provides insurance,
foreclosure, bankruptcy, mortgage servicing including loss mitigation, or other products or
services in connection with servicing a mortgage loan.
new text end

new text begin (g) "Transferee servicer" means a servicer that has agreed to obtain the right to service
a mortgage loan pursuant to an agreement or understanding.
new text end

new text begin (h) "Transferor servicer" means a servicer that has agreed to, or been informed that the
servicer must, transfer the right to service a mortgage loan to another servicer.
new text end

new text begin Subd. 2. new text end

new text begin General requirements. new text end

new text begin (a) A violation of an applicable state law or
administrative rule, a federal law or regulation, or a state or federal program is a violation
of this section.
new text end

new text begin (b) In addition to complying with this section, a servicer must comply with:
new text end

new text begin (1) other applicable sections of this chapter;
new text end

new text begin (2) other applicable state law, including but not limited to chapters 46A, 47, 580, 581,
and 582;
new text end

new text begin (3) applicable sections of RESPA;
new text end

new text begin (4) the federal Servicemembers Civil Relief Act, United States Code, title 50, section
501, et seq.; and
new text end

new text begin (5) other applicable federal laws and implementing regulations, as amended, including
but not limited to:
new text end

new text begin (i) the Gramm-Leach-Bliley Act, Public Law 106-102;
new text end

new text begin (ii) the Truth-in-Lending Act, United States Code, title 15, section 1601, et seq.; and
new text end

new text begin (iii) the Fair Credit Reporting Act, United States Code, title 15, sections 1681 to 1681x.
new text end

new text begin Subd. 3. new text end

new text begin Servicing and ownership transfers or sales. new text end

new text begin (a) When acquiring servicing
rights from a transferor servicer, a transferee servicer must continue processing loan
modification requests and honoring trial and permanent modifications.
new text end

new text begin (b) When transferring or selling loan servicing with pending modification requests or
trial or permanent modifications, a transferor servicer must:
new text end

new text begin (1) inform the transferee servicer if a loan modification is pending; and
new text end

new text begin (2) obligate the transferee servicer to (i) accept and continue processing loan modification
requests, and (ii) honor trial and permanent loan modification agreements.
new text end

new text begin Subd. 4. new text end

new text begin Payment processing and fees. new text end

new text begin (a) A servicer must comply with section 47.59,
subdivision 9a, regarding prompt crediting of payments, if the borrower has provided
sufficient information to credit the account. A servicer must apply the payment as specified
in the loan documents.
new text end

new text begin (b) A servicer may enter into a written contract with the borrower that allows the servicer
to hold certain types of money, or money sent by a certain method, for a period of time until
the money is available before crediting the money to the borrower's account.
new text end

new text begin (c) A servicer must notify the borrower if a payment is received, not credited, and placed
in a suspense account. The servicer must send the notification to the borrower within ten
business days by United States mail to the borrower's last known address. The notification
must identify (1) the reason the payment was not credited or treated as credited to the
account, and (2) any actions the borrower must take to make the residential mortgage loan
current. If a servicer provides monthly or more frequent statements that include the
information under this paragraph, the servicer is not required to provide the information in
an additional notice. If this paragraph conflicts with the requirements of an applicable
bankruptcy court order, compliance with the bankruptcy court requirements constitutes
compliance with this paragraph or paragraph (d).
new text end

new text begin (d) When a suspense account contains enough money to make a full payment, a servicer
must apply the payment to the mortgage on the date the full amount became available in
the suspense account.
new text end

new text begin (e) A servicer must assess an incurred fee to a borrower's account within 60 days of the
date the fee was incurred. A servicer must clearly and conspicuously explain the fee in a
statement mailed to the borrower at the borrower's last known address no more than 30 days
after the date the fee is assessed. If a servicer provides monthly or more frequent statements
that include the information under this paragraph, the servicer is not required to provide the
information in an additional notice.
new text end

new text begin Subd. 5. new text end

new text begin Contracting with third-party providers. new text end

new text begin A servicer must adopt written policies
and procedures governing the oversight of third-party providers, including but not limited
to foreclosure trustees, foreclosure firms, subservicers, agents, subsidiaries, and affiliates.
A servicer must maintain the policies and procedures as part of the servicer's books and
records and must provide the policies and procedures to the commissioner upon request.
new text end

new text begin Subd. 6. new text end

new text begin Maintenance of the escrow account. new text end

new text begin (a) If a servicer collects escrow amounts
held for the borrower to pay insurance, taxes, or other charges with respect to the property,
the servicer must collect and make all payments from the escrow account. To the extent the
servicer has control, the servicer must ensure that no late penalties are assessed or other
negative consequences result for the borrower.
new text end

new text begin (b) At least annually or upon the borrower's request, a servicer must inform the borrower
in writing regarding the amount of reserve required in an escrow account. The notice must
advise the borrower of any fees the borrower incurs (1) for not maintaining the reserve
amount, or (2) if the servicer advances escrow amounts on the borrower's behalf and
subsequently collects the escrow amounts from the borrower.
new text end

new text begin (c) A servicer may enter into a written agreement with the borrower that specifies the
servicer is not required to make escrow payments unless money is available in the escrow
account. An agreement under this paragraph must include language that provides notice to
the borrower that the borrower is responsible to pay the escrow amounts if an amount
sufficient to pay the escrow amounts is not maintained in the escrow account.
new text end

new text begin (d) A servicer must notify the borrower within ten business days of the date a change is
made to the escrow account that modifies the borrower's escrow payment amount. A change
requiring notification includes but is not limited to hazard insurance premiums, a reduction
in the required reserve amount for the account, or a change in the property's tax assessment.
A change resulting from a borrower's regularly scheduled payment is not a change requiring
notification.
new text end

new text begin Subd. 7. new text end

new text begin Borrower requests for information. new text end

new text begin (a) A servicer must make a reasonable
attempt to comply with a borrower's request for information, including a request for
information about loss mitigation, regarding the residential mortgage loan account and must
respond to a dispute initiated by the borrower about the loan account. A reasonable attempt
under this subdivision includes but is not limited to:
new text end

new text begin (1) maintaining written or electronic records of each written request for information
involving the borrower's account until the residential mortgage loan is paid in full, sold, or
otherwise satisfied; and
new text end

new text begin (2) providing a written statement to the borrower within 30 business days of the date a
written request is received from the borrower or by following the response timelines provided
by a loss mitigation program. A borrower's request must include the borrower's name and
account number, if any, a statement that the account is or may be in error, and sufficient
detail regarding the information sought by the borrower to permit the servicer to comply.
new text end

new text begin (b) At a minimum, a servicer must provide the following information in response to a
borrower request received under this subdivision:
new text end

new text begin (1) whether the account is current or, if the account is not current, an explanation
regarding the default and the date the account entered default;
new text end

new text begin (2) the current balance due on the residential mortgage loan, including the principal due;
the amount of money, if any, held in a suspense account; the amount of the escrow balance
known to the servicer, if any; and whether any escrow deficiencies or shortages are known
to the servicer;
new text end

new text begin (3) the identity, address, and other relevant information about the current holder, owner,
or assignee of the residential mortgage loan; and
new text end

new text begin (4) the telephone number and mailing address of an individual servicer representative
with the information and authority to answer questions and resolve disputes.
new text end

new text begin (c) A servicer must promptly correct errors and refund fees assessed to the borrower
resulting from an error the servicer made.
new text end

new text begin (d) If the content of a servicer's response meets the requirements under RESPA for a
response to a qualified written request, the servicer has complied with this subdivision. A
servicer deemed compliant with this subdivision under this paragraph must separately
comply with paragraph (c).
new text end

new text begin (e) In addition to the statement described under paragraph (a), clause (2), a borrower
may request more detailed information from a servicer. A servicer that receives a request
under this paragraph must provide the information to the borrower within 30 business days
of the date a written request from the borrower is received. A borrower's request must
include the borrower's name and account number, if any, a statement that the account is or
may be in error, and sufficient detail to the servicer regarding information sought by the
borrower. If requested by the borrower, a statement provided under this paragraph must
also include:
new text end

new text begin (1) a copy of the original note or, if the original note is unavailable, an affidavit of lost
note that includes all endorsements; and
new text end

new text begin (2) a statement that (i) identifies and itemizes all fees and charges assessed under the
loan servicing transaction, (ii) provides a full payment history that identifies in a clear and
conspicuous manner all the debits, credits, applications, and disbursements of all payments
received from or for the benefit of the borrower, and (iii) identifies other activity on the
residential mortgage loan, including escrow account activity and suspense account activity,
if any.
new text end

new text begin (f) For purposes of a borrower request made under paragraph (e) the account history
period must cover, at a minimum, the two-year period before the date the request for
information is received. If the servicer has not serviced the residential mortgage loan for
the entire two-year period, the servicer must provide the information back to the date on
which the servicer began servicing the residential mortgage loan and must identify the
previous servicer, if known. If a servicer claims delinquent or outstanding sums are owed
on the residential mortgage loan prior to the two-year period or the period during which the
servicer has serviced the residential mortgage loan, the servicer must provide an account
history beginning with the month that the servicer claims any outstanding sums are owed
on the residential mortgage loan up to the date the request for the information is received.
new text end

new text begin (g) If the borrower requests a statement under paragraph (e), a servicer must provide the
statement free of charge. A borrower is entitled to only one free statement annually under
this paragraph. If a borrower requests more than one statement annually, a servicer may
charge $30 for the second and each subsequent statement.
new text end

new text begin Subd. 8. new text end

new text begin Borrower complaints and inquiries. new text end

new text begin (a) A servicer must establish and maintain:
new text end

new text begin (1) procedures and systems to respond to and resolve borrower complaints and inquiries
in a manner that complies with this section;
new text end

new text begin (2) a customer service department staffed by trained personnel to whom a borrower may
direct complaints and inquiries; and
new text end

new text begin (3) a toll-free telephone number or collect calling service that enables a borrower to
speak, during regular business hours, with a live person trained to answer inquiries and
instruct borrowers how to file written complaints.
new text end

new text begin (b) Each welcome packet, periodic statement, including as applicable either the monthly
mortgage statement or annual coupon book that is provided to a borrower, and website
maintained by a servicer must clearly and conspicuously state:
new text end

new text begin (1) an address to which borrowers may direct complaints and inquiries;
new text end

new text begin (2) the toll-free telephone number or collect calling services provided by the servicer;
new text end

new text begin (3) whether the servicer is licensed with the commissioner; and
new text end

new text begin (4) that a borrower may file a complaint and obtain information about the servicer by
contacting the Department of Commerce. The information provided under this clause must
include the department's current telephone contact information and website.
new text end

new text begin (c) A servicer must establish and maintain a process that enables borrowers to escalate
complaints or pending loss mitigation matters for a supervisory-level review.
new text end

new text begin Subd. 9. new text end

new text begin Servicing prohibitions; fair dealing duty. new text end

new text begin (a) In addition to the prohibitions
and standards of conduct under sections 58.12, subdivision 1, paragraph (b), and 58.13,
subdivision 1, a servicer is prohibited from:
new text end

new text begin (1) engaging in unfair, deceptive, or abusive business practices, or misrepresenting or
omitting any material information, in connection with servicing a mortgage loan, including
but not limited to misrepresenting the amount, nature, or terms of a fee, payment due, or
payment claimed due on the loan, the servicing agreement's terms and conditions, or the
borrower's obligations under the loan;
new text end

new text begin (2) requiring money to be remitted by a method that is more costly to the borrower than
a bank, certified check, or attorney's check from an attorney's account; or
new text end

new text begin (3) refusing to communicate with the borrower's authorized representative if the
authorized representative provides the servicer with a written authorization, including by
electronic transmission, signed by the borrower that affirms the authorized representative
may act on behalf of the borrower. A servicer may adopt procedures, excluding collecting
the representative's Social Security number, that are reasonably related to verifying that the
representative is in fact authorized to act on behalf of the borrower.
new text end

new text begin (b) A servicer must act in good faith and deal fairly in the servicer's dealings with a
borrower in connection with servicing a borrower's mortgage loan. For purposes of this
paragraph, acting in good faith and dealing fairly includes but is not limited to the duty to:
new text end

new text begin (1) safeguard and account for any payment made by the borrower or any money belonging
to the borrower;
new text end

new text begin (2) follow reasonable and lawful instructions from the borrower that are consistent with
the underlying note and mortgage;
new text end

new text begin (3) act with reasonable skill, care, and diligence;
new text end

new text begin (4) consider alternatives to foreclosure when a borrower (i) demonstrates that the borrower
is in imminent risk of delinquency on the mortgage loan as a result of a financial hardship,
or (ii) has experienced a financial hardship and is unable to maintain the payment at the
current payment amount required under the mortgage loan or make delinquent payments;
and
new text end

new text begin (5) structure loan modifications to result in payments that are reasonably affordable and
sustainable for the borrower at the time the modification is made.
new text end

new text begin Subd. 10. new text end

new text begin Notices; mailings; evidence of receipt. new text end

new text begin (a) A notification, mailing, or other
correspondence from a mortgage servicer or third-party provider to a borrower must be
provided via first-class mail or email if the borrower has provided an email address for
notice or communication purposes.
new text end

new text begin (b) A servicer must provide a mailing address, facsimile number, email address, and a
method to facilitate file transfers via the Internet to produce documents requested from the
borrower. An option to transfer files via the Internet must allow both the borrower and
servicer to view the documents sent and confirm the date the documents were sent for 60
months after the date the documents were produced to the servicer.
new text end

new text begin (c) A servicer must provide a detailed description of all items received and the items'
expiration dates from a borrower within ten business days of the date an item was received
via any medium described under this subdivision.
new text end

new text begin (d) A servicer is prohibited from rejecting documentation from a borrower or potential
borrower as incomplete without providing the borrower with details regarding which specific
portion of the documentation is incomplete.
new text end

Sec. 14.

Minnesota Statutes 2024, section 58.14, subdivision 3, is amended to read:

Subd. 3.

Documentation and resolution of complaints.

A licensee or exempt person
must investigate and attempt to resolve complaints made regarding acts or practices subject
to the provisions of this chapter. new text begin A servicer must comply with section 58.131, subdivisions
6 and 7. new text end If a complaint is received in writing, the licensee or exempt person must maintain
a file containing all materials relating to the complaint and subsequent investigation for a
period of 60 months.

Sec. 15.

Minnesota Statutes 2024, section 58.14, subdivision 4, is amended to read:

Subd. 4.

Trust account records for mortgage originators.

A residential mortgage
originator new text begin or servicer new text end shall keep and maintain for 60 months a record of all trust funds,
sufficient to identify the transaction, date and source of receipt, and date and identification
of disbursement.

Sec. 16.

Minnesota Statutes 2024, section 58.14, subdivision 5, is amended to read:

Subd. 5.

Record retention.

A licensee or exempt person must keep and maintain for 60
months the business records, including new text begin email communications, telephone recordings,
incomplete documentation, and new text end advertisements, regarding residential mortgage loans applied
for, originated, or serviced in the course of its business.

Sec. 17.

Minnesota Statutes 2024, section 58.14, is amended by adding a subdivision to
read:

new text begin Subd. 6. new text end

new text begin Telephone recordings. new text end

new text begin A person acting as a residential mortgage loan servicer
that services at least 500 residential mortgage loans secured by property in Minnesota must:
new text end

new text begin (1) record a telephone conversation with a borrower and a borrower's representatives;
and
new text end

new text begin (2) maintain the recording of the conversation for 60 months after the date the recording
is made, as provided under subdivision 5.
new text end

Sec. 18.

Minnesota Statutes 2024, section 58.18, subdivision 4, is amended to read:

Subd. 4.

Exemption.

This section does not apply to a residential mortgage loan originated
by a federal or state chartered bank, savings bank, or credit union new text begin , unless the residential
mortgage loan originated by a federal or state chartered bank, savings bank, or credit union
is serviced by a residential mortgage servicer, as defined under section 58.02, subdivision
20 new text end .

Sec. 19.

Minnesota Statutes 2024, section 58B.02, is amended by adding a subdivision to
read:

new text begin Subd. 4a. new text end

new text begin Income-driven repayment program. new text end

new text begin "Income-driven repayment program"
means the Income-Contingent Repayment Plan, the Income-Based Repayment Plan, the
Income-Sensitive Repayment Plan, the Pay As You Earn Plan, the Revised Pay As You
Earn Plan, and any other state, federal, or private student loan repayment plan that is
calculated based on a borrower's income and for which a borrower's income may include
the borrower's household income for purposes of evaluating eligibility under section 58B.06,
subdivision 5.
new text end

Sec. 20.

Minnesota Statutes 2025 Supplement, section 58B.02, subdivision 8a, is amended
to read:

Subd. 8a.

Lender.

"Lender" means an entity engaged in the business of securing, making,
or extending student loans. Lender does not include deleted text begin , to the extent that state regulation is
preempted by federal law deleted text end :

(1) a bank, savings banks, savings and loan association, or credit union;

(2) a wholly owned subsidiary of a bank or credit union;

(3) an operating subsidiary where each owner is wholly owned by the same bank or
credit union;

(4) the United States government, through Title IV of the Higher Education Act of 1965,
as amended, and administered by the United States Department of Education;

(5) an agency, instrumentality, or political subdivision of Minnesota;

(6) a regulated lender organized under chapter 56, except that a regulated lender must
file the annual report required for lenders under section 58B.03, subdivision 10; or

(7) a person who is not in the business of making student loans and who makes no more
than three student loans, with the person's own funds, during any 12-month period.

Sec. 21.

Minnesota Statutes 2024, section 58B.02, is amended by adding a subdivision to
read:

new text begin Subd. 10. new text end

new text begin Written communication. new text end

new text begin "Written communication" means a written
correspondence that is made by a borrower and is transmitted by mail, facsimile, or
electronically through an email address or Internet website that the student loan servicer
designates to receive communications from a borrower and enables the student loan servicer
to identify the borrower's name and account. Written communication does not include a
notice on a payment medium supplied by a student loan servicer.
new text end

Sec. 22.

Minnesota Statutes 2024, section 58B.03, subdivision 10, is amended to read:

Subd. 10.

Annual report.

(a) deleted text begin Beginning deleted text end new text begin On or before new text end March 15 deleted text begin , 2025 deleted text end new text begin each year new text end , a
student loan lender that secures, makes, or extends student loans in Minnesota must new text begin submit
a new text end report to the commissioner on the form the commissioner provides new text begin . The report must include
for the previous calendar year new text end :

(1) a list of all schools attended by borrowers who received a student loan from the
student loan lender and resided within Minnesota at the time of the transaction and whose
debt is still outstanding, including student loans used to refinance an existing debt;

(2) the total outstanding dollar amount owed by borrowers residing in Minnesota who
received student loans from the student loan lender;

(3) the total number of student loans owed by borrowers residing in Minnesota who
received student loans from the student loan lender;

(4) the total outstanding dollar amount and number of student loans owed by borrowers
who reside in Minnesota, associated with each school identified under clause (1);

(5) the total dollar amount of student loans provided by the student loan lender to
borrowers who resided in Minnesota in the prior calendar year;

(6) the total outstanding dollar amount and number of student loans owed by borrowers
who resided in Minnesota, associated with each school identified under clause (1), that were
provided in the prior calendar year;

(7) the rate of default for borrowers residing in Minnesota who obtained student loans
from the student loan lender, if applicable;

(8) the rate of default for borrowers residing in Minnesota who obtained student loans
from the student loan lender associated with each school identified under clause (1), if
applicable;

(9) the range of initial interest rates for student loans provided by the student loan lender
to borrowers who resided in Minnesota in the prior calendar year;

(10) the total number of borrowers who received student loans identified under clause
(9), and the percentage of borrowers who received each rate identified under clause (9);

(11) the total dollar amount and number of student loans provided in the prior calendar
year by the student loan lender to borrowers who resided in Minnesota at the time of the
transaction and had a cosigner for the student loans;

(12) the total dollar amount and number of student loans provided by the student loan
lender to borrowers residing in Minnesota used to refinance a prior student loan or federal
student loan in the prior calendar year;

(13) the total dollar amount and number of student loans for which the student loan
lender had sued to collect from a borrower residing in Minnesota in the prior calendar year;

(14) a copy of any model promissory note, agreement, contract, or other instrument used
by the student loan lender in the previous year to substantiate that a borrower owes a new
debt to the student loan lender; and

(15) any other information considered necessary by the commissioner to assess the total
size and status of the student loan market and well-being of borrowers in Minnesota.

(b) In addition to annual reports, the commissioner may require additional regular or
special reports as the commissioner deems necessary to properly supervise student loan
lenders under this chapter.

(c) The commissioner of commerce must share data collected under this subdivision
with the commissioner of higher education.

Sec. 23.

Minnesota Statutes 2024, section 58B.03, subdivision 11, is amended to read:

Subd. 11.

Annual report from student loan servicers.

(a) deleted text begin Beginning deleted text end new text begin On or before new text end
March 15 deleted text begin , 2025 deleted text end new text begin each year new text end , a student loan servicer that services student loans in Minnesota
must new text begin submit a new text end report to the commissioner on the form the commissioner provides. The
report must include new text begin for the previous calendar year new text end :

(1) a list of any outstanding student loans owed by borrowers who reside in Minnesota
that are serviced by the student loan servicer;

(2) the total outstanding dollar amount and number of student loans that are serviced by
the student loan servicer and owed by borrowers who reside in Minnesota;

(3) the total dollar amount and number of student loans owed by borrowers who resided
in Minnesota that were serviced by the student loan servicer in the prior calendar year;

(4) the rate of default for student loans owed by borrowers who reside in Minnesota that
are serviced by the student loan servicer, if applicable;

(5) the range of interest rates for student loans serviced by the student loan servicers to
borrowers who resided in Minnesota in the prior calendar year;

(6) the total outstanding dollar amount and number of student loans that were serviced
by the student loan servicer and owed by borrowers residing in Minnesota to refinance a
prior student loan or federal student loan; and

(7) any other information considered necessary by the commissioner to assess the total
size and status of the student loan market and well-being of borrowers in Minnesota.

(b) In addition to annual reports, the commissioner may require additional regular or
special reports as the commissioner deems necessary to properly supervise student loan
servicers under this chapter.

(c) The commissioner of commerce must share data collected under this subdivision
with the commissioner of higher education.

Sec. 24.

Minnesota Statutes 2024, section 58B.06, subdivision 4, is amended to read:

Subd. 4.

Transfer of student loan.

(a) If a borrower's student loan servicer changes
pursuant to the sale, assignment, or transfer of the servicing, the original student loan servicer
must deleted text begin : deleted text end new text begin protect the borrower from negative consequences resulting from the sale, assignment,
transfer, system conversion, or payment the borrower makes to the original loan servicer
consistent with the original student loan servicer's policy. For purposes of this paragraph,
"negative consequences" includes but is not limited to: (1) negative credit reporting; (2)
imposing late fees that are not required by the promissory note; or (3) eligibility loss or
denial for a benefit or protection established under federal law or included in the loan
contract.
new text end

deleted text begin (1) require the new student loan servicer to honor all benefits that were made available,
or which may have become available, to a borrower from the original student loan servicer
or are authorized under the student loan contract, including any benefits for which the student
loan borrower has not yet qualified unless that benefit is no longer available under the federal
or state laws and regulations; and
deleted text end

deleted text begin (2) transfer to the new student loan servicer all information regarding the borrower, the
account of the borrower, and the borrower's student loan, including but not limited to the
repayment status of the student loan and the benefits described in clause (1).
deleted text end

deleted text begin (b) The student loan servicer must complete the transfer under paragraph (a), clause (2),
less than 45 days from the date of the sale, assignment, or transfer of the servicing.
deleted text end

deleted text begin (c) A sale, assignment, or transfer of the servicing must be completed no less than seven
days from the date the next payment is due on the student loan.
deleted text end

deleted text begin (d) A new student loan servicer must adopt policies and procedures to verify that the
original student loan servicer has met the requirements of paragraph (a).
deleted text end

new text begin (b) If a borrower's student loan servicer changes pursuant to the sale, assignment, or
transfer of the servicing, the original and new student loan servicer must provide a written
notice to the borrower subject to the transfer. The notice must be provided no less than 15
calendar days before the transfer's effective date and must include:
new text end

new text begin (1) the sale, assignment, or transfer's effective date;
new text end

new text begin (2) the name, address, website, and toll-free telephone number for the original student
loan servicer's designated point of contact for the borrower to contact in order to obtain
answers to servicing inquiries;
new text end

new text begin (3) the name, address, website, and toll-free telephone number for the new student loan
servicer's designated point of contact for the borrower to contact in order to obtain answers
to servicing inquiries;
new text end

new text begin (4) the date the original student loan servicer stops accepting payments on the borrower's
student loan;
new text end

new text begin (5) the date the new student loan servicer begins accepting payments on the borrower's
student loan;
new text end

new text begin (6) information that indicates whether the borrower's authorization for recurring electronic
funds transfers, if applicable, is transferred to the new servicer. If a recurring electronic
funds transfer is not transferred, the transferee must provide information that explains how
the borrower may establish a new recurring electronic funds transfer with the new servicer;
and
new text end

new text begin (7) a statement that indicates the current loan balance, including the current unpaid
amount of principal, interest, and fees.
new text end

new text begin (c) If a borrower's student loan servicer changes pursuant to the sale, assignment, or
transfer of the servicing, the original student loan servicer must ensure all necessary
information regarding a borrower, a borrower's account, and a borrower's student loan
accompanies a loan when the loan is transferred to a new student loan servicer. The transfer
of necessary information must occur within 45 calendar days of the sale, assignment, or
transfer's effective date. For purposes of this subdivision, "necessary information" includes
but is not limited to:
new text end

new text begin (1) a schedule of all transactions credited or debited to the student loan account;
new text end

new text begin (2) a copy of the promissory note for the student loan;
new text end

new text begin (3) notes created by the student loan servicer's personnel that reflect communications
with the borrower regarding the student loan account;
new text end

new text begin (4) a report of the data fields relating to the borrower's student loan account created by
the student loan servicer's electronic systems in connection with servicing practices;
new text end

new text begin (5) copies or electronic records of information or documents the borrower provided to
the student loan servicer;
new text end

new text begin (6) if applicable, usable data fields that contain information necessary to assess the
borrower's eligibility for forgiveness, including public service loan forgiveness; and
new text end

new text begin (7) information necessary to compile a payment history.
new text end

new text begin (d) A new student loan servicer must adopt and implement policies and procedures to
verify that the original student loan servicer meets the requirements of paragraph (c).
new text end

Sec. 25.

Minnesota Statutes 2024, section 58B.06, subdivision 6, is amended to read:

Subd. 6.

Records.

A student loan servicer must maintain deleted text begin adequate deleted text end new text begin complete and accurate new text end
records new text begin , including new text end of new text begin all written communication and telephone recordings, for new text end each student
loan new text begin . The records must be maintained new text end for deleted text begin not less than deleted text end new text begin at least new text end two years following the final
payment on the student loan or the sale, assignment, or transfer of the servicing.

Sec. 26.

new text begin [59E.01] SHORT TITLE.
new text end

new text begin This chapter shall be known and cited as the "Rental Home Marketplace Guarantees
Act."
new text end

Sec. 27.

new text begin [59E.02] DEFINITIONS.
new text end

new text begin (a) For purposes of this chapter, the following terms have the meanings given.
new text end

new text begin (b) "Commissioner" means the commissioner of commerce.
new text end

new text begin (c) "Person" means an individual or an entity, excluding a state or local governmental
entity.
new text end

new text begin (d) "Platform contract holder" means a platform user who is the beneficiary or holder
of a rental home marketplace guarantee.
new text end

new text begin (e) "Provider" means:
new text end

new text begin (1) a rental home marketplace; or
new text end

new text begin (2) a rental home marketplace affiliate or representative who issues or offers as well as
administers, either directly or through a third party, a rental home marketplace guarantee.
new text end

new text begin (f) "Reimbursement insurance policy" means an insurance policy issued to a provider,
pursuant to which the insurer agrees, for the benefit of a platform contract holder, to discharge
the provider's obligations and liabilities under the terms of the rental home marketplace
guarantee in the event of the provider's default or nonperformance under the rental home
marketplace guarantee.
new text end

new text begin (g) "Rental home marketplace" means a person that:
new text end

new text begin (1) provides an online application, software, website, system, or other medium that:
new text end

new text begin (i) is used to advertise or offer available property to the public; and
new text end

new text begin (ii) connects and enables platform users' property;
new text end

new text begin (2) provides, directly or indirectly, or maintains an online platform by:
new text end

new text begin (i) transmitting or otherwise communicating the offer or acceptance of a transaction
between two platform users; or
new text end

new text begin (ii) owning or operating the electronic infrastructure or technology that connects two or
more platform users; and
new text end

new text begin (3) if the person offers rental home marketplace guarantees, offers rental home
marketplace guarantees only in a manner that is ancillary to the conduct of the person's
primary legitimate business or activity.
new text end

new text begin (h) "Rental home marketplace guarantee" means a contract or agreement issued in
connection with a rental home marketplace, whether or not the contract or agreement includes
a separate consideration, to reimburse a user sharing property for damages the renter is
responsible for under the rental home marketplace's terms of service, with or without
additional provision for incidental payment of indemnity.
new text end

Sec. 28.

new text begin [59E.03] REQUIREMENTS FOR DOING BUSINESS.
new text end

new text begin (a) A provider is prohibited from issuing or offering a rental home marketplace guarantee
unless the provider has made the rental home marketplace guarantee terms available on the
provider's website and complied with this chapter.
new text end

new text begin (b) A provider that offers rental home marketplace guarantees must file a registration
with the commissioner on a form prescribed by the commissioner.
new text end

new text begin (c) To ensure the faithful performance of a provider's obligations to the provider's
platform contract holders, each provider who is obligated to a platform contract holder must
insure all rental home marketplace guarantees under a reimbursement insurance policy
issued (1) by an insurer authorized to transact insurance in Minnesota, or (2) pursuant to
sections 60A.195 to 60A.2095.
new text end

new text begin (d) A person handling rental home marketplace guarantee losses on behalf of a provider
must be trained in property damage and loss assessment and interpretation of the rental
home marketplace guarantee terms before handling losses. The training must be adequate
for a person handling rental home marketplace guarantee losses to provide knowledgeable,
fair, and objective service. A provider must maintain records demonstrating completion of
the training by a person handling rental home marketplace guarantee losses.
new text end

Sec. 29.

new text begin [59E.04] RENTAL HOME MARKETPLACE GUARANTEES ARE NOT
INSURANCE.
new text end

new text begin A rental home marketplace guarantee does not constitute insurance and is not required
to comply with other Minnesota insurance laws if the provider complies with this chapter.
new text end

Sec. 30.

new text begin [59E.05] REIMBURSEMENT INSURANCE POLICY.
new text end

new text begin (a) A reimbursement insurance policy insuring rental home marketplace guarantees must
clearly state that upon the provider's default or nonperformance under the rental home
marketplace guarantee, the insurer that issued the policy must pay on behalf of the provider
any amount the provider is obligated to pay according to the rental home marketplace
guarantee.
new text end

new text begin (b) A reimbursement insurance policy is subject to the laws and regulations governing
termination and nonrenewal of insurance policies in Minnesota. The termination of a
reimbursement insurance policy does not reduce the issuer's responsibility for rental home
marketplace guarantees issued by providers before the termination's effective date.
new text end

new text begin (c) A provider is the agent of the insurer that issued the reimbursement insurance policy.
The insurer retains the right to seek indemnification or subrogation from the provider if the
insurer pays or is obligated to pay the platform contract holder the amount the provider was
obligated to pay under the rental home marketplace guarantee. This chapter does not prevent
or limit the insurer's right in this regard.
new text end

Sec. 31.

new text begin [59E.06] CONSUMER PROTECTION AND DISCLOSURES.
new text end

new text begin (a) A rental home marketplace guarantee must include a statement in substantially the
following form: "This rental home marketplace guarantee is not an insurance contract."
new text end

new text begin (b) A rental home marketplace guarantee must contain a statement in substantially the
following form: "The provider's obligations are backed by a reimbursement insurance policy.
If the provider is unable or fails to perform on the provider's contractual obligation under
a rental home marketplace guarantee within 90 days after the date proof of loss is filed, a
platform user is entitled to make a claim directly against the insurance company subject to
the terms of the policy."
new text end

new text begin (c) A rental home marketplace guarantee must be written in clear, understandable
language and must specify the terms, limitations, exceptions, conditions, or exclusions,
including conditions governing transferability or termination.
new text end

new text begin (d) A provider is prohibited from making, permitting, or causing to be made a false or
misleading statement, or deliberately omitting a material statement whose omission is
considered misleading, in connection with offering or advertising a rental home marketplace
guarantee.
new text end

Sec. 32.

new text begin [59E.07] ENFORCEMENT.
new text end

new text begin The commissioner may enforce this chapter using the enforcement authority under
chapters 46 and 60A.
new text end

Sec. 33.

Minnesota Statutes 2024, section 60A.085, is amended to read:

60A.085 CANCELLATION OF GROUP COVERAGE; NOTIFICATION TO
COVERED PERSONS.

(a) No cancellation of any group life, group accidental death and dismemberment, group
disability income, or group medical expense policy, plan, or contract regulated under chapter
62A or 62C is effective unless the insurer has made a good faith effort to notify all covered
persons of the cancellation at least 30 days before the effective cancellation date. For purposes
of this section, an insurer has made a good faith effort to notify all covered persons if the
insurer has notified all the persons included on the list required by paragraph (b) at the home
address given and only if the list has been updated within the last 12 months.

(b) At the time of the application for coverage subject to paragraph (a), the insurer shall
obtain an accurate list of the names and home addresses of all persons to be covered.

(c) Paragraph (a) does not apply if the group policy, plan, or contract is replaced, or if
the insurer has reasonable evidence to indicate that it will be replaced, by a substantially
similar policy, plan, or contract.

(d) In no event shall this section extend coverage under a group policy, plan, or contract
more than 120 days beyond the date coverage would otherwise cancel based on the terms
of the group policy, plan, or contract.

(e) If coverage under the group policy, plan, or contract is extended by this section, then
the time period during which affected members may exercise any conversion privilege
provided for in the group policy, plan, or contract is extended for the same length of time,
plus 30 days.

new text begin (f) In the case of a group life, group accidental death and dismemberment, or group
disability income policy, the insurer and group policyholder may agree that the group
policyholder assumes responsibility for notifying all covered persons if a cancellation under
paragraphs (a) and (c) occurs. As part of the agreement, the group policyholder must certify
to the insurer that the notification required under this section has taken place. If the employer
assumes responsibility for the notification, paragraphs (b), (d), and (e) do not apply.
new text end

Sec. 34.

Minnesota Statutes 2024, section 60K.383, is amended to read:

60K.383 TRAVEL INSURANCE.

Subdivision 1.

Definitions.

(a) As used in this section, the terms in paragraphs (b) to
deleted text begin (d) deleted text end new text begin (e) new text end have the meanings given.

new text begin (b) "Limited lines travel insurance producer" means a licensed managing general agent
or third-party administrator; licensed insurance producer, including a limited lines producer;
or travel administrator, as defined in section 65C.02, subdivision 13.
new text end

new text begin (c) "Offer and disseminate" means providing general information, including a description
of coverage and price, as well as processing an application and collecting premiums.
new text end

deleted text begin (b) deleted text end new text begin (d) new text end "Travel insurance" means insurance coverage for personal risks incident to planned
travel, including deleted text begin , deleted text end but not limited to:

(1) interruption or cancellation of trip or event;

(2) loss of baggage or personal effects;

(3) damages to accommodations or rental vehicles; deleted text begin or
deleted text end

(4) sickness, accident, disability, or death occurring during travel deleted text begin . deleted text end new text begin ;
new text end

new text begin (5) emergency evacuation;
new text end

new text begin (6) repatriation of remains; or
new text end

new text begin (7) a contractual obligation to indemnify or pay a specified amount of money to the
traveler upon determinable contingencies related to travel, as approved by the commissioner.
new text end

Travel insurance does not include major medical plans, which provide comprehensive
medical protection for travelers with trips lasting six months or longer, including those
working overseas as an expatriate or military personnel being deployed new text begin , or a product that
requires a specific insurance producer license new text end .

deleted text begin (c) "Travel insurance producer" means an insurer designee, such as a managing general
underwriter, managing general agent, or licensed limited lines producer of travel insurance.
deleted text end

deleted text begin (d) deleted text end new text begin (e) new text end "Travel retailer" means a business entity that deleted text begin offers and disseminates deleted text end new text begin :
new text end

new text begin (1) makes, arranges, or offers planned travel; and
new text end

new text begin (2) may offer and disseminate new text end travel insurance new text begin as a service to the travel retailer's
customers new text end on behalf of and under the direction of a new text begin limited lines new text end travel insurance producer.

Subd. 2.

deleted text begin Travel retailer license deleted text end new text begin Licensing and registration new text end .

new text begin (a) The commissioner
may issue a limited lines travel insurance producer license to an individual or business entity
that has filed with the commissioner a limited lines travel insurance producer license
application in a form and manner prescribed by the commissioner. A limited lines travel
insurance producer must be licensed to sell, solicit, or negotiate travel insurance through a
licensed insurer. A person is prohibited from acting as a limited lines travel insurance
producer or travel insurance retailer unless the person is licensed or registered.
new text end

new text begin (b) new text end A travel retailer may offer and disseminate travel insurance on behalf of and under
a new text begin limited lines new text end travel insurance producer business entity license only if deleted text begin the travel insurance
producer holds a business entity license, and deleted text end :

deleted text begin (1) the licensed business entity is clearly identified as the licensed producer on marketing
materials and fulfillment packages distributed by travel retailers to customers; identification
shall include the entity's name and contact information;
deleted text end

new text begin (1) the limited lines travel insurance producer or travel retailer provides to travel insurance
purchasers:
new text end

new text begin (i) a description of the material terms or the actual material terms of the insurance
coverage;
new text end

new text begin (ii) a description of the process to file a claim;
new text end

new text begin (iii) a description of the process to review or cancel the travel insurance policy; and
new text end

new text begin (iv) the identity and contact information of the insurer and limited lines travel insurance
producer;
new text end

(2) the deleted text begin licensed business entity deleted text end new text begin limited lines travel insurance producer new text end keeps a register new text begin ,
on a form prescribed by the commissioner, new text end of each travel retailer that offers travel insurance
on the licensed business entity's behalf. The register new text begin must be maintained and updated by
the limited lines travel insurance producer and new text end must include new text begin (i) new text end the name new text begin , address, new text end and
contact information of the travel retailer and an officer or person who directs or controls
the travel retailer's operations, and new text begin (ii) new text end the travel retailer's federal deleted text begin Employer deleted text end new text begin tax new text end identification
number. The deleted text begin licensed business entity shall deleted text end new text begin limited lines travel insurance producer must new text end also
certify that the travel retailer registered complies with United States Code, title 18, section
1033. The deleted text begin licensed business entity shall deleted text end new text begin limited lines travel insurance producer must new text end submit
the register within 30 days upon request by the commissioner new text begin . Section 60K.43, subdivisions
1, 3, and 4, apply to limited lines travel insurance producers and travel retailers new text end ;

(3) the deleted text begin licensed business entity deleted text end new text begin limited lines travel insurance producer new text end has designated
one of its employees deleted text begin as deleted text end new text begin who is new text end a licensed individual producer deleted text begin , deleted text end new text begin as new text end a "designated responsible
producer" or "DRP deleted text begin , deleted text end " responsible for the business entity's compliance with Minnesota
insurance laws and rules;

(4) the DRP, president, secretary, treasurer, and any other officer or person who directs
or controls the deleted text begin licensed business entity's deleted text end new text begin limited lines travel insurance producer's new text end insurance
operations deleted text begin comply deleted text end new text begin complies new text end with the fingerprinting requirements applicable to insurance
producers in the resident state of the deleted text begin business entity deleted text end new text begin limited lines travel insurance producer new text end ;

(5) the deleted text begin licensed business entity deleted text end new text begin limited lines travel insurance producer new text end has paid all
applicable insurance producer licensing fees deleted text begin as deleted text end set forth in Minnesota deleted text begin state deleted text end law; and

(6) the deleted text begin licensed business entity deleted text end new text begin limited lines travel insurance producer new text end requires each
employee new text begin and authorized representative new text end of the travel retailer whose duties include offering
and disseminating travel insurance to receive a program of instruction or training, which
may be subject to review by the commissioner. new text begin The training materials must, at a minimum,
contain adequate instruction regarding the types of insurance offered, ethical sales practices,
and required disclosures provided to prospective customers.
new text end

new text begin (c) A travel retailer offering or disseminating travel insurance must make available to
prospective purchasers a brochure or other written materials that have been approved by
the travel insurer. The materials must include information that, at a minimum:
new text end

new text begin (1) provides the identity and contact information of the insurer and the limited lines
travel insurance producer;
new text end

new text begin (2) explains that a person is not required to purchase travel insurance in order to purchase
any other product or service from the travel retailer; and
new text end

new text begin (3) explains that an unlicensed travel retailer is permitted to provide only general
information about the insurance offered by the travel retailer, including a description of the
coverage and price, but is not qualified or authorized to (i) answer technical questions about
the terms and conditions of the insurance offered by the travel retailer, or (ii) evaluate the
adequacy of the customer's existing insurance coverage.
new text end

new text begin (d) A travel retailer employee or authorized representative who is not licensed as an
insurance producer is prohibited from:
new text end

new text begin (1) evaluating or interpreting the technical terms, benefits, and conditions contained in
the offered travel insurance coverage;
new text end

new text begin (2) evaluating or providing advice concerning a prospective purchaser's existing insurance
coverage; or
new text end

new text begin (3) representing that the travel retailer employee or authorized representative is a licensed
insurer, licensed producer, or insurance expert.
new text end

Subd. 3.

Offer and dissemination of travel insurance; compensation.

new text begin Notwithstanding
any other law, new text end a travel retailer whose new text begin insurance-related new text end activities, and those of its employees new text begin
and authorized representatives new text end , are limited to offering and disseminating travel insurance
on behalf of and under the direction of a deleted text begin licensed business entity deleted text end new text begin limited lines travel insurance
producer new text end meeting the conditions stated in this section deleted text begin , deleted text end is authorized to do so and receive
related compensation deleted text begin , deleted text end upon registration by the deleted text begin licensed business entity. For purposes of this
section, "offering and disseminating" means providing general information, including a
description of the coverage and price, as well as processing the application, collecting
premiums, and performing other nonlicensable activities permitted by the state deleted text end new text begin limited lines
travel insurance producer as provided under subdivision 2, paragraph (b), clause (2) new text end .

Subd. 4.

Insurer designee.

As the deleted text begin insurer deleted text end new text begin insurer's new text end designee, the new text begin limited lines new text end travel
insurance producer is responsible for the acts of the travel retailer new text begin and must use reasonable
means to ensure compliance by the travel retailer with this section and chapter 65C new text end .

new text begin Subd. 5. new text end

new text begin Producers of major lines of insurance. new text end

new text begin A person licensed in a major line of
authority as an insurance producer is authorized to sell, solicit, and negotiate travel insurance.
A property and casualty insurance producer is not required to be appointed by an insurer in
order to sell, solicit, or negotiate travel insurance.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective 90 days following the date of final
enactment.
new text end

Sec. 35.

Minnesota Statutes 2024, section 62A.135, subdivision 1, is amended to read:

Subdivision 1.

Definitions.

For purposes of this section, the following terms have the
meanings given deleted text begin them deleted text end :

deleted text begin (a) deleted text end new text begin (1) new text end "fixed indemnity policy" is a policy form, other than an accidental death and
dismemberment policy, a disability income policy, or a long-term care policy as defined in
section 62A.46, subdivision 2, that pays a predetermined, specified, fixed benefit for services
provided. new text begin Fixed indemnity policy includes short-term home health and nursing care insurance
under section 62A.70. new text end Claim costs under these forms are generally not subject to inflation,
although they may be subject to changes in the utilization of health care services. For policy
forms providing both expense-incurred and fixed benefits, the policy form is a fixed
indemnity policy if 50 percent or more of the total claims are for predetermined, specified,
fixed benefits;

deleted text begin (b) deleted text end new text begin (2) new text end "guaranteed renewable" means that, during the renewal period (to a specified
age) renewal cannot be declined nor coverage changed by the insurer for any reason other
than nonpayment of premiums, fraud, or misrepresentation, but the insurer can revise rates
on a class basis upon approval by the commissioner;

deleted text begin (c) deleted text end new text begin (3) new text end "noncancelable" means that, during the renewal period (to a specified age) renewal
cannot be declined nor coverage changed by the insurer for any reason other than nonpayment
of premiums, fraud, or misrepresentation and that rates cannot be revised by the insurer.
This includes policies that are guaranteed renewable to a specified age, such as 60 or 65, at
guaranteed rates; and

deleted text begin (d) deleted text end new text begin (4) new text end "average annualized premium" means the average of the estimated annualized
premium per covered person based on the anticipated distribution of business using all
significant criteria having a price difference, such as age, sex, amount, dependent status,
mode of payment, and rider frequency. For filing of rate revisions, the amount is the
anticipated average assuming the revised rates have fully taken effect.

Sec. 36.

Minnesota Statutes 2024, section 62A.46, subdivision 2, is amended to read:

Subd. 2.

Long-term care policy.

new text begin (a) new text end "Long-term care policy" means an individual or
group policy, certificate, subscriber contract, or other evidence of coverage that provides
benefits for prescribed long-term care, including nursing facility services or home care
services, or both nursing facility services and home care services, pursuant to the
requirements of sections 62A.46 to 62A.56. new text begin Long-term care policy does not include
short-term home health and nursing care insurance under section 62A.70.
new text end

new text begin (b) new text end Sections 62A.46, 62A.48, and 62A.52 to 62A.56 do not apply to a long-term care
policy issued to deleted text begin (a) deleted text end new text begin (1) new text end an employer or employers or to the trustee of a fund established by
an employer where only employees or retirees, and dependents of employees or retirees,
are eligible for coverage or deleted text begin (b) deleted text end new text begin (2) new text end to a labor union or similar employee organization. deleted text begin The
associations exempted from the requirements of sections 62A.3099 to 62A.44 under 62A.31,
subdivision 1, clause (c) shall not be subject to the provisions of sections 62A.46 to 62A.56
until July 1, 1988.
deleted text end

Sec. 37.

new text begin [62A.70] SHORT-TERM HOME HEALTH AND NURSING CARE
INSURANCE.
new text end

new text begin Subdivision 1. new text end

new text begin Definitions. new text end

new text begin (a) For purposes of this section, the following terms have
the meanings given.
new text end

new text begin (b) "Activities of daily living" has the meaning given in section 62S.01, subdivision 2.
new text end

new text begin (c) "Cognitive impairment" has the meaning given in section 62S.01, subdivision 9.
new text end

new text begin (d) "Free-look period" means a period with a duration of at least 30 days, beginning the
date the policy, certificate, contract, or other evidence of coverage is issued and delivered
to the insured, during which an insured may cancel the policy, certificate, contract, or other
evidence of coverage and receive a full refund of all paid insurance premiums.
new text end

new text begin (e) "Home health agency" has the meaning given in section 62A.46, subdivision 10.
new text end

new text begin (f) "Insured" means a person covered under a short-term home health and nursing care
insurance policy.
new text end

new text begin (g) "Nursing facility" has the meaning given in section 62A.46, subdivision 3.
new text end

new text begin (h) "Plan of care" has the meaning given in section 62A.46, subdivision 8.
new text end

new text begin (i) "Qualified insurer" means an entity licensed under chapter 62A or 62C.
new text end

new text begin (j) "Short-term home health and nursing care insurance" means an individual or group
policy, certificate, subscriber contract, or other evidence of coverage that provides benefits
for short-term home health services or short-term nursing care services. Short-term home
health and nursing care insurance does not include:
new text end

new text begin (1) a long-term care policy, as defined in section 62A.46, subdivision 2;
new text end

new text begin (2) long-term care insurance, as defined in section 62S.01, subdivision 18;
new text end

new text begin (3) Medicare supplement policies, as defined in section 62A.3099, subdivision 18; or
new text end

new text begin (4) major medical, disability income, or hospital confinement indemnity policies.
new text end

new text begin (k) "Short-term home health services" means one or more of the following services to
care for and treat an insured that are provided by a home health agency in a noninstitutional
setting pursuant to a written diagnosis or assessment and plan of care:
new text end

new text begin (1) nursing and related personal care services under the direction of a registered nurse,
including the services of a home health aide;
new text end

new text begin (2) physical therapy;
new text end

new text begin (3) speech therapy;
new text end

new text begin (4) respiratory therapy;
new text end

new text begin (5) occupational therapy;
new text end

new text begin (6) nutritional services provided by a licensed dietitian;
new text end

new text begin (7) homemaker services, meal preparation, and similar nonmedical services;
new text end

new text begin (8) medical social services; and
new text end

new text begin (9) other similar medical services and health-related support services.
new text end

new text begin (l) "Short-term nursing care services" means services to care for and treat an insured
that are provided by a nursing facility pursuant to a written diagnosis or assessment and
plan of care.
new text end

new text begin (m) "Waiting period" means a specified time period that an insured must wait before
some or all of the insured's coverage becomes effective.
new text end

new text begin Subd. 2. new text end

new text begin Short-term home health and nursing care insurance approval. new text end

new text begin (a) A qualified
insurer may offer, issue, deliver, and renew short-term home health and nursing care
insurance if the insurance meets the requirements of this section.
new text end

new text begin (b) Short-term home health and nursing care insurance may be offered, issued, delivered,
or renewed only by a qualified insurer.
new text end

new text begin (c) Short-term home health and nursing care insurance must not be offered, issued,
delivered, or renewed until the short-term home health and nursing care insurance is approved
by the commissioner as necessary under sections 62A.02 and 62A.135.
new text end

new text begin Subd. 3. new text end

new text begin Policy requirements. new text end

new text begin (a) Short-term home health and nursing care insurance
must provide benefits upon:
new text end

new text begin (1) cognitive impairment; or
new text end

new text begin (2) the insured's inability to perform at least two activities of daily living without
substantial assistance.
new text end

new text begin (b) Short-term home health and nursing care insurance must not provide coverage for a
period exceeding 360 days.
new text end

new text begin (c) Short-term home health and nursing care insurance must provide a free-look period.
new text end

new text begin (d) Short-term home health and nursing care insurance must not be canceled due to an
insured's deterioration in health status or use of benefits.
new text end

new text begin (e) An insurer may deny the renewal of a policy, certificate, contract, or other evidence
of coverage of short-term home health and nursing care insurance only for:
new text end

new text begin (1) nonpayment of a premium by the insured;
new text end

new text begin (2) fraud or misrepresentation by the insured;
new text end

new text begin (3) termination of the insurer's authority to transact business in the state; or
new text end

new text begin (4) the insured's exhaustion of the maximum benefit period.
new text end

new text begin (f) Upon the conversion or replacement by an insurer of a policy, certificate, contract,
or other evidence of coverage containing a waiting period, the insurer is prohibited from
establishing a waiting period that differs from the original waiting period.
new text end

new text begin Subd. 4. new text end

new text begin Required disclosures. new text end

new text begin Short-term home health and nursing care insurance must
not be offered or issued without providing the following written disclosures:
new text end

new text begin (1) a statement, in bold text, that the policy, certificate, contract, or other evidence of
coverage is supplemental health insurance; is not long-term care insurance; and is not a
policy under the Minnesota partnership for long-term care program;
new text end

new text begin (2) a clear and understandable explanation of the free-look period; and
new text end

new text begin (3) a clear and understandable explanation of all renewability and continuity provisions.
new text end

Sec. 38.

new text begin [65C.01] SCOPE AND PURPOSES.
new text end

new text begin Subdivision 1. new text end

new text begin Purpose. new text end

new text begin The purpose of this chapter is to promote the public welfare
by creating a comprehensive legal framework within which travel insurance may be sold
in Minnesota.
new text end

new text begin Subd. 2. new text end

new text begin Application. new text end

new text begin (a) This chapter applies to:
new text end

new text begin (1) travel insurance that covers any Minnesota resident and is sold, solicited, negotiated,
or offered in Minnesota; and
new text end

new text begin (2) policies and certificates that are delivered or issued for delivery in Minnesota.
new text end

new text begin (b) This chapter does not apply to cancellation fee waivers or travel assistance services,
except as expressly provided in this chapter.
new text end

new text begin Subd. 3. new text end

new text begin Applicability of other law. new text end

new text begin All other applicable provisions of Minnesota
insurance law apply to travel insurance, except that this chapter supersedes any general
provisions of law that would otherwise apply to travel insurance.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective 90 days following the date of final
enactment.
new text end

Sec. 39.

new text begin [65C.02] DEFINITIONS.
new text end

new text begin Subdivision 1. new text end

new text begin Application. new text end

new text begin For purposes of this chapter, the following terms have the
meanings given.
new text end

new text begin Subd. 2. new text end

new text begin Aggregator site. new text end

new text begin "Aggregator site" means a website that provides access to
information, including product and insurer information, regarding insurance products from
more than one insurer for use in comparison shopping.
new text end

new text begin Subd. 3. new text end

new text begin Blanket travel insurance. new text end

new text begin "Blanket travel insurance" means a travel insurance
policy issued to an eligible group providing coverage for specific classes of persons defined
in the policy, with coverage provided to all members of the eligible group without a separate
charge to individual members of the eligible group.
new text end

new text begin Subd. 4. new text end

new text begin Cancellation fee waiver. new text end

new text begin "Cancellation fee waiver" means a contractual
agreement between a travel services supplier and the travel services supplier's customer to
waive some or all of the nonrefundable cancellation fee provisions contained in the supplier's
underlying travel contract, with or without regard to the reason for the cancellation or form
of reimbursement. A cancellation fee waiver is not insurance.
new text end

new text begin Subd. 5. new text end

new text begin Commissioner. new text end

new text begin "Commissioner" means the commissioner of commerce.
new text end

new text begin Subd. 6. new text end

new text begin Eligible group. new text end

new text begin "Eligible group" means two or more persons who are engaged
in a common enterprise or have an economic, educational, or social affinity or relationship,
including but not limited to:
new text end

new text begin (1) an entity engaged in the business of providing travel or travel services, including but
not limited to:
new text end

new text begin (i) a tour operator, lodging provider, vacation property owner, hotel, resort, travel club,
travel agency, property manager, cultural exchange program, and common carrier; or
new text end

new text begin (ii) the operator, owner, or lessor of a means of transporting passengers, including but
not limited to an airline, cruise line, railroad, steamship company, and public bus carrier,
if all group members or customers have a common exposure to the risk attendant to the
particular type of travel;
new text end

new text begin (2) a college, school, or other institution of learning covering students, teachers,
employees, or volunteers;
new text end

new text begin (3) an employer covering a group of employees, volunteers, contractors, board of
directors, dependents, or guests;
new text end

new text begin (4) a sports team, camp, or sports team or camp sponsor covering participants, members,
campers, employees, officials, supervisors, or volunteers;
new text end

new text begin (5) a religious, charitable, recreational, educational, or civic organization, or branch of
a religious, charitable, recreational, educational, or civic organization, covering any group
of members, participants, or volunteers;
new text end

new text begin (6) a financial institution, financial institution vendor, parent holding company, trustee,
or agent or designee of one or more financial institutions or financial institution vendors,
including account holders, credit card holders, debtors, guarantors, or purchasers;
new text end

new text begin (7) an incorporated or unincorporated association, including a labor union, that (i) has
a common interest, constitution, and bylaws, and (ii) is organized and maintained in good
faith for purposes other than obtaining insurance for members or participants of the
association covering the association's members;
new text end

new text begin (8) a trust or the trustees of a fund established, created, or maintained for the benefit of
and to cover members, employees, or customers, subject to the commissioner authorizing
the use of a trust by one or more associations meeting the requirements under clause (7);
new text end

new text begin (9) an entertainment production company covering a group of participants, volunteers,
audience members, contestants, or workers;
new text end

new text begin (10) a volunteer fire department, ambulance, rescue, police, court, first aid, civil defense,
or other volunteer group;
new text end

new text begin (11) a preschool, day care institution for children or adults, or senior citizen club;
new text end

new text begin (12) an automobile or truck rental or leasing company covering a group of individuals
who may become renters, lessees, or passengers as defined by the group of individuals'
travel status on the rented or leased vehicles. The common carrier, operator, owner or lessor
of a means of transportation, or automobile or truck rental or leasing company is the
policyholder under a policy governed by this section; or
new text end

new text begin (13) any other group the commissioner determines (i) is engaged in a common enterprise
or has an economic, educational, or social affinity or relationship, and (ii) for which policy
issuance is not contrary to the public interest.
new text end

new text begin Subd. 7. new text end

new text begin Fulfillment materials. new text end

new text begin "Fulfillment materials" means documentation sent to
a person who purchases a travel protection plan that confirms the purchase and provides
the travel protection plan's coverage and assistance details.
new text end

new text begin Subd. 8. new text end

new text begin Group travel insurance. new text end

new text begin "Group travel insurance" means travel insurance
issued to an eligible group.
new text end

new text begin Subd. 9. new text end

new text begin Limited lines travel insurance producer. new text end

new text begin "Limited lines travel insurance
producer" has the meaning given in section 60K.383, subdivision 1, paragraph (b).
new text end

new text begin Subd. 10. new text end

new text begin Offer and disseminate. new text end

new text begin "Offer and disseminate" has the meaning given in
section 60K.383, subdivision 1, paragraph (c).
new text end

new text begin Subd. 11. new text end

new text begin Primary certificate holder. new text end

new text begin "Primary certificate holder" means an individual
who elects and purchases travel insurance under a group policy.
new text end

new text begin Subd. 12. new text end

new text begin Primary policyholder new text end

new text begin "Primary policyholder" means an individual who elects
and purchases individual travel insurance.
new text end

new text begin Subd. 13. new text end

new text begin Travel administrator. new text end

new text begin "Travel administrator" means a person who directly
or indirectly underwrites; collects charges, collateral, or premiums from; or adjusts or settles
claims on residents of Minnesota in connection with travel insurance. A person is not a
travel administrator if the person's only actions that otherwise indicate the person is a travel
administrator are:
new text end

new text begin (1) the person works for a travel administrator, to the extent that the person's activities
are subject to the travel administrator's supervision and control;
new text end

new text begin (2) the insurance producer sells insurance or engages in administrative and claims-related
activities within the scope of the producer's license;
new text end

new text begin (3) the travel retailer (i) offers and disseminates travel insurance, and (ii) is registered
under the license of a limited lines travel insurance producer under this chapter;
new text end

new text begin (4) the individual (i) adjusts or settles claims in the normal course of the individual's
practice or employment as an attorney, and (ii) does not collect charges or premiums in
connection with insurance coverage; or
new text end

new text begin (5) the business entity is affiliated with a licensed insurer while acting as a travel
administrator for the direct and assumed insurance business of an affiliated insurer.
new text end

new text begin Subd. 14. new text end

new text begin Travel assistance services. new text end

new text begin "Travel assistance services" means noninsurance
services (1) for which the consumer is not indemnified based on a fortuitous event, and (2)
where providing the service does not result in transfer or shifting of risk that would constitute
the business of insurance. Travel assistance services include but are not limited to: security
advisories; destination information; vaccination and immunization information services;
travel reservation services; entertainment; activity and event planning; translation assistance;
emergency messaging; international legal and medical referrals; medical case monitoring;
coordination of transportation arrangements; emergency cash transfer assistance; medical
prescription replacement assistance; passport and travel document replacement assistance;
lost luggage assistance; concierge services; and any other service that is furnished in
connection with planned travel. Travel assistance services are not insurance and are not
related to insurance.
new text end

new text begin Subd. 15. new text end

new text begin Travel insurance. new text end

new text begin "Travel insurance" has the meaning given in section
60K.383, subdivision 1, paragraph (d).
new text end

new text begin Subd. 16. new text end

new text begin Travel protection plan. new text end

new text begin "Travel protection plan" means a plan that provides
one or more of the following:
new text end

new text begin (1) travel insurance;
new text end

new text begin (2) travel assistance services; or
new text end

new text begin (3) cancellation fee waivers.
new text end

new text begin Subd. 17. new text end

new text begin Travel retailer. new text end

new text begin "Travel retailer" has the meaning given in section 60K.383,
subdivision 1, paragraph (e).
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective 90 days following the date of final
enactment.
new text end

Sec. 40.

new text begin [65C.04] TRAVEL PROTECTION PLANS.
new text end

new text begin A travel protection plan may be offered at one price for the combined features that the
travel protection plan offers in Minnesota if:
new text end

new text begin (1) the travel protection plan:
new text end

new text begin (i) clearly discloses to the consumer, at or before the time the travel protection plan is
purchased, that the travel protection plan includes travel insurance, travel assistance services,
and cancellation fee waivers, as applicable; and
new text end

new text begin (ii) provides information and an opportunity, at or prior to the time the travel protection
plan is purchased, for the consumer to obtain additional information regarding the features
and pricing of the travel insurance, travel assistance services, and cancellation fee waivers;
and
new text end

new text begin (2) the fulfillment materials:
new text end

new text begin (i) describe and delineate the travel insurance, travel assistance services, and cancellation
fee waivers in the travel protection plan; and
new text end

new text begin (ii) include the travel insurance disclosures and the contact information for the persons
providing travel assistance services and cancellation fee waivers, as applicable.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective 90 days following the date of final
enactment.
new text end

Sec. 41.

new text begin [65C.05] SALES PRACTICES.
new text end

new text begin Subdivision 1. new text end

new text begin Other applicable law. new text end

new text begin Except as otherwise provided in this section, a
person offering travel insurance to residents of Minnesota is subject to sections 72A.17 to
72A.32. If this chapter conflicts with chapters 59A to 79A regarding the sale and marketing
of travel insurance and travel protection plans, this chapter prevails.
new text end

new text begin Subd. 2. new text end

new text begin Illusory travel insurance. new text end

new text begin A person that offers or sells a travel insurance policy
that could never result in payment of claims for an insured individual under the policy is
engaging in an unfair trade practice under sections 72A.17 to 72A.32.
new text end

new text begin Subd. 3. new text end

new text begin Marketing. new text end

new text begin (a) All documents provided to consumers before purchasing travel
insurance, including but not limited to sales materials, advertising materials, and marketing
materials, must be consistent with the travel insurance policy, including but not limited to
forms, endorsements, policies, rate filings, and certificates of insurance.
new text end

new text begin (b) A person that offers travel insurance policies or certificates that contain preexisting
condition exclusions must, before the insurance is purchased, provide a consumer with
information and an opportunity to learn more about the preexisting condition exclusions.
The information about preexisting condition exclusions must be included in the insurance
policy's coverage fulfillment materials.
new text end

new text begin (c) The fulfillment materials and the information described in section 60K.383,
subdivision 2, paragraph (b), clause (1), must be provided to a policyholder or certificate
holder as soon as practicable after a travel protection plan is purchased. Unless the insured
individual has started a covered trip or filed a claim under the travel insurance coverage, a
policyholder or certificate holder may cancel a policy or certificate for a full refund of the
travel protection plan price from the date a travel protection plan is purchased until at least:
new text end

new text begin (1) 15 days after the date the travel protection plan's fulfillment materials are delivered
by mail; or
new text end

new text begin (2) ten days after the date the travel protection plan's fulfillment materials are delivered
by means other than mail.
new text end

new text begin (d) For purposes of this section, "delivery" means (1) handing fulfillment materials to
the policyholder or certificate holder, or (2) sending fulfillment materials by mail or electronic
means to the policyholder or certificate holder.
new text end

new text begin (e) The company must disclose in the policy documentation and fulfillment materials
whether the travel insurance is primary or secondary to other applicable coverage.
new text end

new text begin (f) Travel insurance that is marketed directly to a consumer through an insurer's website
or by others through an aggregator site is not an unfair trade practice or other violation of
law if an accurate summary or short description of coverage is provided on the web page,
provided the consumer has access to the policy's full provisions by electronic means.
new text end

new text begin Subd. 4. new text end

new text begin Opt out. new text end

new text begin A person that offers, solicits, or negotiates travel insurance or travel
protection plans on an individual or group basis is prohibited from offering, soliciting, or
negotiating travel insurance or travel protection plans by using negative option or opting
out that requires a consumer to take an affirmative action to deselect coverage, including
by unchecking a box on an electronic form, when the consumer purchases a trip.
new text end

new text begin Subd. 5. new text end

new text begin Other prohibitions. new text end

new text begin A person that markets blanket travel insurance coverage
as free of cost is engaging in an unfair trade practice.
new text end

new text begin Subd. 6. new text end

new text begin Coverage required by other jurisdictions. new text end

new text begin If a consumer's destination
jurisdiction requires insurance coverage, a person does not engage in an unfair trade practice
if the person requires a consumer to choose between the following options as a condition
of purchasing a trip or travel package:
new text end

new text begin (1) purchasing the coverage required by the destination jurisdiction through the travel
retailer or limited lines travel insurance producer supplying the trip or travel package; or
new text end

new text begin (2) agreeing to obtain and provide proof of coverage that meets the destination
jurisdiction's requirements prior to departure.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective 90 days following the date of final
enactment.
new text end

Sec. 42.

new text begin [65C.06] TRAVEL ADMINISTRATORS.
new text end

new text begin (a) Notwithstanding chapters 59A to 79A, a person is prohibited from acting as or
representing that the person is a travel administrator for travel insurance in Minnesota unless
the person:
new text end

new text begin (1) is a licensed property and casualty insurance producer in Minnesota for activities
permitted under the property and casualty insurance producer license;
new text end

new text begin (2) holds a valid managing general agent license in Minnesota; or
new text end

new text begin (3) holds a valid third-party administrator license in Minnesota.
new text end

new text begin (b) A travel administrator and the travel administrator's employees are exempt from the
licensing requirements of chapter 72B for travel insurance the travel administrator
administers.
new text end

new text begin (c) An insurer is responsible for:
new text end

new text begin (1) the acts of a travel administrator administering travel insurance underwritten by the
insurer; and
new text end

new text begin (2) ensuring the travel administrator maintains all books and records relevant to the
insurer that the travel administrator must make available to the commissioner upon request.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective 90 days following the date of final
enactment.
new text end

Sec. 43.

new text begin [65C.07] POLICY.
new text end

new text begin (a) Notwithstanding chapters 59A to 79A, travel insurance is classified and filed for
purposes of rates and forms under an inland marine line of insurance. Notwithstanding this
paragraph, travel insurance that provides coverage for illness, accident, disability, or death
occurring during travel, either exclusively or in conjunction with related emergency
evacuation or repatriation of remains coverage, or incidental limited property and casualty
benefits, including baggage or trip cancellation, may be filed under either an accident and
health line of insurance or an inland marine line of insurance.
new text end

new text begin (b) Travel insurance may be offered and issued in the form of an individual, group, or
blanket policy.
new text end

new text begin (c) Eligibility and underwriting standards for travel insurance may be developed and
provided based on travel protection plans designed for individual or identified marketing
or distribution channels, provided the standards also meet the underwriting standards for
an inland marine line of insurance under Minnesota law.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective 90 days following the date of final
enactment.
new text end

Sec. 44.

Minnesota Statutes 2024, section 72A.13, subdivision 1, is amended to read:

Subdivision 1.

Penalties.

Any company, corporation, association, society, or other
insurer, or any officer or agent thereof, which or who solicits, issues or delivers to any
person in this state any policy in violation of the provisions of sections 60A.06, subdivision
3 deleted text begin or deleted text end new text begin , new text end 62A.01 to 62A.10, new text begin or 62A.70 new text end may be punished by a fine of not more than $200 for
each offense, and the commissioner may revoke the license of any company, corporation,
association, society, or other insurer of another state or country, or of the agent thereof,
which or who willfully violates any provision of sections 60A.06, subdivision 3 deleted text begin or deleted text end new text begin , new text end 62A.01
to 62A.10 new text begin , or 62A.70 new text end .

Sec. 45.

Minnesota Statutes 2024, section 72A.18, subdivision 2, is amended to read:

Subd. 2.

Person.

"Person" means any individual, corporation, association, partnership,
reciprocal exchange, interinsurer, Lloyds insurer, fraternal benefit society, or any other legal
entity, engaged in the business of insurance, including an agent, a solicitor, deleted text begin or deleted text end an adjuster
deleted text begin and deleted text end new text begin , or an insurance lead generator. new text end For the purposes of sections 72A.31 and 72A.32 "person"
shall in addition mean any person, firm or corporation even though not engaged in the
business of insurance.

Sec. 46.

Minnesota Statutes 2024, section 72A.18, is amended by adding a subdivision to
read:

new text begin Subd. 3. new text end

new text begin Insurance lead generator. new text end

new text begin (a) "Insurance lead generator" means a person who
uses a lead-generating device to:
new text end

new text begin (1) publicize the availability of what is or what purports to be an insurance product or
service that the person is not licensed to sell directly to a customer;
new text end

new text begin (2) identify a customer who may be interested in learning more about an insurance
product; or
new text end

new text begin (3) sell or transmit customer information to an insurer or producer for the purposes of
subsequent contact or sales activity.
new text end

new text begin (b) For purposes of sections 72A.17 to 72A.32, insurance lead generator does not include
an insurer, as defined under section 72A.201, subdivision 3, clause (9), or an insurance
producer, as defined under section 60K.31, subdivision 6.
new text end

Sec. 47.

Minnesota Statutes 2024, section 72A.18, is amended by adding a subdivision to
read:

new text begin Subd. 4. new text end

new text begin Lead-generating device. new text end

new text begin "Lead-generating device" means communication
directed to the public that, regardless of the communication's form, content, or stated purpose,
is intended to result in compiling or qualifying a list containing names and other personal
information to solicit Minnesota residents to purchase what is or what purports to be an
insurance product or service.
new text end

Sec. 48.

Minnesota Statutes 2024, section 72A.18, is amended by adding a subdivision to
read:

new text begin Subd. 5. new text end

new text begin Recording. new text end

new text begin "Recording" means documenting a sale or verifying a call, including
a virtual technology call, to market an insurance product or service.
new text end

Sec. 49.

Minnesota Statutes 2024, section 72A.20, subdivision 2, is amended to read:

Subd. 2.

False information and advertising generally.

Making, publishing,
disseminating, circulating, or placing before the public, or causing, directly or indirectly,
to be made, published, disseminated, circulated, or placed before the public, in a newspaper,
magazine, new text begin email, Internet advertisement or posting, new text end or other publication, or in the form of
a notice, circular, pamphlet, letter, new text begin electronic posting of any kind, new text end or poster, or over any
radio station, new text begin or using the Internet or other electronic means, new text end or in any other way, an
advertisement, announcement, or statement, containing any assertion, representation, or
statement with respect to the business of insurance, or with respect to any person in the
conduct of the person's insurance business, which is untrue, deceptive, or misleading, shall
constitute an unfair method of competition and an unfair and deceptive act or practice.

Sec. 50.

Minnesota Statutes 2024, section 72A.20, is amended by adding a subdivision to
read:

new text begin Subd. 2a. new text end

new text begin Failure to maintain certain records. new text end

new text begin An insurance lead generator must
maintain books, records, documents, and other business records in a manner that ensures
data regarding complaints and marketing are accessible and retrievable for examination by
the insurance commissioner. An insurance lead generator must maintain data under this
subdivision for at least the current calendar year and the two preceding years.
new text end

Sec. 51.

Minnesota Statutes 2024, section 80G.01, subdivision 5a, is amended to read:

Subd. 5a.

Minnesota transaction.

"Minnesota transaction" means a bullion product
transaction conducted:

(1) by a dealer deleted text begin that is incorporated, registered, domiciled, or otherwise deleted text end located in
Minnesota;

(2) by a dealer representative at a location in Minnesota;

(3) between a dealer and a consumer deleted text begin who lives deleted text end in Minnesota; or

(4) between a dealer and a Minnesota consumer when the transaction involves:

(i) delivering or shipping a bullion product to an address in Minnesota; new text begin or
new text end

deleted text begin (ii) delivering to or shipping from a precious metal depository on behalf of a Minnesota
resident; or
deleted text end

deleted text begin (iii) deleted text end new text begin (ii) new text end making payment to a consumer or receiving a payment from a consumer at an
address in Minnesota, unless the transaction occurs when the consumer is deleted text begin at a business
location deleted text end outside of Minnesota.

Sec. 52.

new text begin [82B.081] NOTICE TO COMMISSIONER.
new text end

new text begin Subdivision 1. new text end

new text begin Change of application information. new text end

new text begin A licensee must provide notice to
the commissioner if the information in the license application filed with the commissioner
changes. The notice must be provided in writing or another format prescribed by the
commissioner within ten days of the date the change occurs. For purposes of this subdivision,
an information change requiring notice includes but is not limited to a change with respect
to the licensee's personal name, trade name, address, or business location.
new text end

new text begin Subd. 2. new text end

new text begin Civil judgment. new text end

new text begin The licensee must notify the commissioner of a final adverse
decision or court order, whether or not the decision or order is appealed, resulting from a
proceeding in which the licensee was named as a defendant and the final adverse decision
relates to fraud or misrepresentation. The notice must be provided in writing or another
format prescribed by the commissioner within ten days of the date the final adverse decision
or court order is issued.
new text end

new text begin Subd. 3. new text end

new text begin Disciplinary action. new text end

new text begin The licensee must notify the commissioner of a disciplinary
action involving the licensee, including but not limited to a suspension or revocation of the
licensee's real property appraiser license or another occupational license issued by Minnesota
or another jurisdiction. The notice must be provided in writing or another format prescribed
by the commissioner within ten days of the date the disciplinary action occurs.
new text end

new text begin Subd. 4. new text end

new text begin Criminal offense. new text end

new text begin The licensee must notify the commissioner if the licensee
is charged with, is adjudged guilty of, or enters a plea of guilty or nolo contendere to a
felony charge or a gross misdemeanor charge that alleges fraud, misrepresentation, or a
similar violation of a real property appraiser licensing law. The notice must be provided in
writing or another format prescribed by the commissioner within ten days of the date the
charge, judgment, or plea occurs.
new text end

Sec. 53.

new text begin [82C.031] NOTICE TO COMMISSIONER.
new text end

new text begin Subdivision 1. new text end

new text begin Change of application information. new text end

new text begin A licensee must provide notice to
the commissioner if the information in the license application filed with the commissioner
changes. The notice must be provided in writing or another format prescribed by the
commissioner within ten days of the date the change occurs. For purposes of this subdivision,
an information change requiring notice includes but is not limited to a change with respect
to the licensee's personal name, trade name, address, or business location.
new text end

new text begin Subd. 2. new text end

new text begin Civil judgment. new text end

new text begin The licensee must notify the commissioner of a final adverse
decision or court order, whether or not the decision or order is appealed, resulting from a
proceeding in which the licensee was named as a defendant and the final adverse decision
relates to fraud or misrepresentation. The notice must be provided in writing or another
format prescribed by the commissioner within ten days of the date the final adverse decision
or court order is issued.
new text end

new text begin Subd. 3. new text end

new text begin Disciplinary action. new text end

new text begin The licensee must notify the commissioner of a disciplinary
action involving the licensee, including but not limited to a suspension or revocation of the
licensee's real property appraisal management company license issued by another jurisdiction.
The notice must be provided in writing or another format prescribed by the commissioner
within ten days of the date the disciplinary action occurs.
new text end

new text begin Subd. 4. new text end

new text begin Criminal offense. new text end

new text begin The licensee must notify the commissioner if the licensee
is charged with, is adjudged guilty of, or enters a plea of guilty or nolo contendere to a
felony charge or a gross misdemeanor charge that alleges fraud, misrepresentation, or a
similar violation of a real property appraisal management company licensing law. The notice
must be provided in writing or another format prescribed by the commissioner within ten
days of the date the charge, judgment, or plea occurs.
new text end

Sec. 54.

Minnesota Statutes 2024, section 256B.0913, subdivision 4, is amended to read:

Subd. 4.

Eligibility for funding for services for nonmedical assistance recipients.

(a)
Funding for services under the alternative care program is available to persons who meet
the following criteria:

(1) the person is a citizen of the United States or a United States national;

(2) the person has been determined by a community assessment under section 256B.0911
to be a person who would require the level of care provided in a nursing facility, as
determined under section 256B.0911, subdivision 26, but for the provision of services under
the alternative care program;

(3) the person is age 65 or older;

(4) the person would be eligible for medical assistance within 135 days of admission to
a nursing facility;

(5) the person is not ineligible for the payment of long-term care services by the medical
assistance program due to an asset transfer penalty under section 256B.0595 or equity
interest in the home exceeding $500,000 as stated in section 256B.056;

(6) the person needs long-term care services that are not funded through other state or
federal funding, or other health insurance or other third-party insurance such as long-term
care insurance new text begin . For purposes of this clause, short-term home health and nursing care insurance
under section 62A.70 does not constitute health or other third-party insurance new text end ;

(7) except for individuals described in clause (8), the monthly cost of the alternative
care services funded by the program for this person does not exceed 75 percent of the
monthly limit described under section 256S.18. This monthly limit does not prohibit the
alternative care client from payment for additional services, but in no case may the cost of
additional services purchased under this section exceed the difference between the client's
monthly service limit defined under section 256S.04, and the alternative care program
monthly service limit defined in this paragraph. If care-related supplies and equipment or
environmental modifications and adaptations are or will be purchased for an alternative
care services recipient, the costs may be prorated on a monthly basis for up to 12 consecutive
months beginning with the month of purchase. If the monthly cost of a recipient's other
alternative care services exceeds the monthly limit established in this paragraph, the annual
cost of the alternative care services shall be determined. In this event, the annual cost of
alternative care services shall not exceed 12 times the monthly limit described in this
paragraph;

(8) for individuals assigned a case mix classification A as described under section
256S.18, with (i) no dependencies in activities of daily living, or (ii) up to two dependencies
in bathing, dressing, grooming, walking, and eating when the dependency score in eating
is three or greater as determined by an assessment performed under section 256B.0911, the
monthly cost of alternative care services funded by the program cannot exceed $593 per
month for all new participants enrolled in the program on or after July 1, 2011. This monthly
limit shall be applied to all other participants who meet this criteria at reassessment. This
monthly limit shall be increased annually as described in section 256S.18. This monthly
limit does not prohibit the alternative care client from payment for additional services, but
in no case may the cost of additional services purchased exceed the difference between the
client's monthly service limit defined in this clause and the limit described in clause (7) for
case mix classification A;

(9) the person is making timely payments of the assessed monthly fee. A person is
ineligible if payment of the fee is over 60 days past due, unless the person agrees to:

(i) the appointment of a representative payee;

(ii) automatic payment from a financial account;

(iii) the establishment of greater family involvement in the financial management of
payments; or

(iv) another method acceptable to the lead agency to ensure prompt fee payments; and

(10) for a person participating in consumer-directed community supports, the person's
monthly service limit must be equal to the monthly service limits in clause (7), except that
a person assigned a case mix classification L must receive the monthly service limit for
case mix classification A.

(b) The lead agency may extend the client's eligibility as necessary while making
arrangements to facilitate payment of past-due amounts and future premium payments.
Following disenrollment due to nonpayment of a monthly fee, eligibility shall not be
reinstated for a period of 30 days.

(c) Alternative care funding under this subdivision is not available for a person who is
a medical assistance recipient or who would be eligible for medical assistance without a
spenddown or waiver obligation. A person whose initial application for medical assistance
and the elderly waiver program is being processed may be served under the alternative care
program for a period up to 60 days. If the individual is found to be eligible for medical
assistance, medical assistance must be billed for services payable under the federally
approved elderly waiver plan and delivered from the date the individual was found eligible
for the federally approved elderly waiver plan. Notwithstanding this provision, alternative
care funds may not be used to pay for any service the cost of which: (i) is payable by medical
assistance; (ii) is used by a recipient to meet a waiver obligation; or (iii) is used to pay a
medical assistance income spenddown for a person who is eligible to participate in the
federally approved elderly waiver program under the special income standard provision.

(d) Alternative care funding is not available for a person who resides in a licensed nursing
home, certified boarding care home, hospital, or intermediate care facility, except for case
management services which are provided in support of the discharge planning process for
a nursing home resident or certified boarding care home resident to assist with a relocation
process to a community-based setting.

(e) Alternative care funding is not available for a person whose income is greater than
the maintenance needs allowance under section 256S.05, but equal to or less than 120 percent
of the federal poverty guideline effective July 1 in the fiscal year for which alternative care
eligibility is determined, who would be eligible for the elderly waiver with a waiver
obligation.

Sec. 55.

Minnesota Statutes 2024, section 325E.21, subdivision 1b, is amended to read:

Subd. 1b.

Purchase or acquisition record required.

(a) Every scrap metal dealer,
including an agent, employee, or representative of the dealer, shall create a record written
in English, using an electronic record program at the time of each purchase or acquisition
of scrap metal or a motor vehicle. The record must include:

(1) a complete and accurate account or description, including the weight if customarily
purchased by weight, of the scrap metal or motor vehicle purchased or acquired;

(2) the date, time, and place of the receipt of the scrap metal or motor vehicle purchased
or acquired and a unique transaction identifier;

(3) a photocopy or electronic scan of the seller's new text begin :
new text end

new text begin (i) new text end proof of identification new text begin , new text end including the identification number new text begin , if the seller is an individual;
or
new text end

new text begin (ii) certificate of authority to transact business in Minnesota and business tax identification
number, if the seller is an entity new text end ;

(4) the amount paid and the number of the check or electronic transfer used to purchase
or acquire the scrap metal or motor vehicle;

(5) the license plate number and description of the vehicle used by the person when
delivering the scrap metal or motor vehicle, including the vehicle make and model, and any
identifying marks on the vehicle, such as a business name, decals, or markings, if applicable;

(6) a statement signed by the seller, under penalty of perjury as provided in section
609.48, attesting that the scrap metal or motor vehicle is not stolen and is free of any liens
or encumbrances and the seller has the right to sell it;

(7) a copy of the receipt, which must include at least the following information: the name
and address of the dealer, the date and time the scrap metal or motor vehicle was received
by the dealer, an accurate description of the scrap metal or motor vehicle, and the amount
paid for the scrap metal or motor vehicle;

(8) the identity or identifier of the employee completing the transaction; and

(9) if the seller is attempting to sell copper metal, a photocopy or electronic scan of the
seller's:

(i) current license to sell scrap metal copper issued by the commissioner under subdivision
2c; or

(ii) the documentation used to support the seller being deemed to hold a license to sell
scrap metal copper under subdivision 2c, paragraph (f), clauses (1) to (3).

(b) The record, as well as the scrap metal or motor vehicle purchased or acquired, shall
at all reasonable times be open to the inspection of any properly identified law enforcement
officer.

(c) Except for the purchase or acquisition of detached catalytic converters or motor
vehicles, no record is required for property purchased or acquired from merchants,
manufacturers, salvage pools, insurance companies, rental car companies, financial
institutions, charities, dealers licensed under section 168.27, or wholesale dealers, having
an established place of business, or of any goods purchased or acquired at open sale from
any bankrupt stock, but a receipt as required under paragraph (a), clause (7), shall be obtained
and kept by the person, which must be shown upon demand to any properly identified law
enforcement officer.

(d) The dealer must provide a copy of the receipt required under paragraph (a), clause
(7), to the seller in every transaction.

(e) The commissioner of public safety and law enforcement agencies in the jurisdiction
where a dealer is located may conduct inspections and audits as necessary to ensure
compliance, refer violations to the city or county attorney for criminal prosecution, and
notify the registrar of motor vehicles.

(f) Except as otherwise provided in this section, a scrap metal dealer or the dealer's agent,
employee, or representative may not disclose personal information concerning a customer
without the customer's consent unless the disclosure is required by law or made in response
to a request from a law enforcement agency. A scrap metal dealer must implement reasonable
safeguards to protect the security of the personal information and prevent unauthorized
access to or disclosure of the information. For purposes of this paragraph, "personal
information" is any individually identifiable information gathered in connection with a
record under paragraph (a).

Sec. 56.

Minnesota Statutes 2024, section 325E.21, subdivision 2c, is amended to read:

Subd. 2c.

License required for scrap metal copper sale.

(a) Beginning January 1,
2025, a person is prohibited from engaging in the sale of scrap metal copper unless the
person has a valid license issued by the commissioner under this subdivision.

(b) On the first Friday of the months of April and October of each calendar year, from
8:00 a.m. to 5:00 p.m., a scrap metal dealer may purchase up to $25 of scrap metal copper
from individuals who do not have an approved license to sell scrap metal copper under this
subdivision. All other requirements of subdivision 1b apply and must be documented by
the scrap metal dealer on the dates specified in this paragraph.

(c) A seller of scrap metal copper may apply to the commissioner on a form prescribed
by the commissioner.

new text begin (d) new text end The application form new text begin for an individual new text end must include, at a minimum:

(1) the name, permanent address, telephone number, and date of birth of the applicant;
and

(2) an acknowledgment that the applicant obtained the copper by lawful means in the
regular course of the applicant's business, trade, or authorized construction work.

new text begin (e) The application form for an entity must include, at a minimum:
new text end

new text begin (1) the name, legal entity type, principal business address, telephone number, and date
of formation of the entity; and
new text end

new text begin (2) an acknowledgment that the applicant obtained the copper by lawful means in the
regular course of the applicant's business, trade, or authorized construction work.
new text end

deleted text begin (d) deleted text end new text begin (f) new text end Each application must be accompanied by a nonrefundable fee of $250.

deleted text begin (e) deleted text end new text begin (g) new text end Within 30 days of the date an application is received, the commissioner may
require additional information or submissions from an applicant and may obtain any
document or information that is reasonably necessary to verify the information contained
in the application. Within 90 days after the date a completed application is received, the
commissioner must review the application and issue a license if the applicant is deemed
qualified under this section. The commissioner may issue a license subject to restrictions
or limitations. If the commissioner determines the applicant is not qualified, the commissioner
must notify the applicant and must specify the reason for the denial.

deleted text begin (f) deleted text end new text begin (h) new text end A person is deemed to hold a license to sell scrap metal copper if the person holds
one of the following:

(1) a license to perform work pursuant to chapter 326B or section 103I.501;

(2) a document, certificate, or card of competency issued by a municipality to perform
work in a given trade or craft in the building trades. The document, certificate, or card must
state that the individual is authorized to sell scrap metal copper. This clause is effective
January 1, 2025; or

(3) a Section 608 Technician Certification issued by the United States Environmental
Protection Agency.

deleted text begin (g) deleted text end new text begin (i) new text end A license issued under this subdivision is valid for one year. To renew a license,
an applicant must submit a completed renewal application on a form prescribed by the
commissioner and a renewal fee of $250. The commissioner may request that a renewal
applicant submit additional information to clarify any new information presented in the
renewal application. A renewal application submitted after the renewal deadline must be
accompanied by a nonrefundable late fee of $500.

deleted text begin (h) deleted text end new text begin (j) new text end The commissioner may deny a license renewal under this subdivision if:

(1) the commissioner determines that the applicant is in violation of or noncompliant
with federal or state law; or

(2) the applicant fails to timely submit a renewal application and the information required
under this subdivision.

deleted text begin (i) deleted text end new text begin (k) new text end In lieu of denying a renewal application under paragraph (g), the commissioner
may permit the applicant to submit to the commissioner a corrective action plan to cure or
correct deficiencies.

deleted text begin (j) deleted text end new text begin (l) new text end The commissioner may suspend, revoke, or place on probation a license issued
under this subdivision if:

(1) the applicant engages in fraudulent activity that violates state or federal law;

(2) the commissioner receives consumer complaints that justify an action under this
subdivision to protect the safety and interests of consumers;

(3) the applicant fails to pay an application license or renewal fee; or

(4) the applicant fails to comply with a requirement established in this subdivision.

deleted text begin (k) deleted text end new text begin (m) new text end This subdivision does not apply to transfers by or to an auctioneer who is in
compliance with chapter 330 and acting in the person's official role as an auctioneer to
facilitate or conduct an auction of scrap metal.

deleted text begin (l) deleted text end new text begin (n) new text end The commissioner must enforce this subdivision under chapter 45.

Sec. 57.

Minnesota Statutes 2024, section 332.32, is amended to read:

332.32 EXCLUSIONS.

(a) The term "collection agency" does not include banks when collecting accounts owed
to the banks and when the bank will sustain any loss arising from uncollectible accounts,
abstract companies doing an escrow business, real estate brokers, public officers, persons
acting under order of a court, lawyers, trust companies, insurance companies, credit unions,
savings associations, loan or finance companies unless they are engaged in asserting,
enforcing or prosecuting unsecured claims which have been purchased from any person,
firm, or association when there is recourse to the seller for all or part of the claim if the
claim is not collected.

(b) The term "collection agency" deleted text begin shall deleted text end new text begin does new text end not include a trade association performing
services authorized by section 604.15, subdivision 4a, but the trade association in performing
the services may not engage in any conduct that would be prohibited for a collection agency
under section 332.37.

new text begin (c) The term "collection agency" does not include a residential mortgage servicer licensed
under chapter 58 or a student loan servicer licensed under chapter 58B if the residential
mortgage servicer or student loan servicer is engaging in activities subject to licensure under
chapter 58 or 58B, as applicable.
new text end

Sec. 58.

Minnesota Statutes 2024, section 332.52, subdivision 3, is amended to read:

Subd. 3.

Credit services organization.

(a) "Credit services organization" means any
person that, with respect to the extension of credit by others, sells, provides, performs, or
represents that the person will sell, provide, or perform, in return for the payment of money
or other valuable consideration, any of the following services:

(1) improve a buyer's credit record, history, or rating;

(2) obtain an extension of credit for a buyer; or

(3) provide advice or assistance to a buyer with regard to either clause (1) or (2).

(b) "Credit services organization" does not include:

(1) any person authorized to make loans or extensions of credit under the laws of this
state or the United States, if the person is subject to regulation and supervision by this state
or the United States or a lender approved by the United States Secretary of Housing and
Urban Development for participation in any mortgage insurance program under the National
Housing Act, United States Code, title 12, section 1701 et seq.;

(2) any bank, savings bank, or savings and loan institution whose deposits or accounts
are eligible for insurance by the Federal Deposit Insurance Corporation or a subsidiary of
the bank, savings bank, or savings and loan institution;

(3) any credit union, federal credit union, or out-of-state credit union doing business in
this state;

(4) any nonprofit organization exempt from taxation under section 501(c)(3) of the
Internal Revenue Code of 1986, as amended through December 31, 1990;

(5) any person deleted text begin licensed as a prorating agency deleted text end new text begin registered as a debt management services
provider or debt settlement services provider new text end under the laws of this state new text begin , new text end if the person is
acting within the course and scope of deleted text begin that license deleted text end new text begin the applicable registration new text end ;

(6) any person licensed as a real estate broker by this state if the person is acting within
the course and scope of that license;

(7) any person licensed as a collection agency under the laws of this state if the person
is acting within the course and scope of that license;

(8) any person licensed to practice law in this state if the person renders services within
the course and scope of practice as an attorney;

(9) any broker-dealer registered with the Securities and Exchange Commission or the
Commodity Futures Trading Commission if the broker-dealer is acting within the course
and scope of that regulation; or

(10) any consumer reporting agency as defined in the federal Fair Credit Reporting Act,
United States Code, title 15, sections 1681 to 1681t, as amended through December 31,
1990.

Sec. 59.

Minnesota Statutes 2024, section 332A.04, subdivision 1, is amended to read:

Subdivision 1.

Form.

Application for registration to operate as a debt management
services provider in this state must be made in writing to the commissioner, under oath, in
the form prescribed by the commissioner, and must contain:

(1) the full name of each principal of the entity applying;

(2) the address, which must not be a post office box, and the telephone number and, if
applicable, email address, of the applicant;

(3) identification of the trust account required under section 332A.13;

(4) consent to the jurisdiction of the courts of this state;

(5) the name and address of the registered agent authorized to accept service of process
on behalf of the applicant or appointment of the commissioner as the applicant's agent for
purposes of accepting service of process;

(6) disclosure of:

(i) whether any controlling or affiliated party has ever been convicted of a crime or found
civilly liable for an offense involving moral turpitude, including forgery, embezzlement,
obtaining money under false pretenses, larceny, extortion, conspiracy to defraud, or any
other similar offense or violation, or any violation of a federal or state law or regulation in
connection with activities relating to the rendition of debt management services or involving
any consumer fraud, false advertising, deceptive trade practices, or similar consumer
protection law;

(ii) any judgments, private or public litigation, tax liens, written complaints, administrative
actions, or investigations by any government agency against the applicant or any officer,
director, manager, or shareholder owning more than five percent interest in the applicant,
unresolved or otherwise, filed or otherwise commenced within the preceding ten years;

(iii) whether the applicant or any person employed by the applicant has had a record of
having defaulted in the payment of money collected for others, including the discharge of
debts through bankruptcy proceedings; and

(iv) whether the applicant's license or registration to provide debt management services
in any other state has ever been revoked or suspended;

(7) a copy of the applicant's standard debt management services agreement that the
applicant intends to execute with debtors; new text begin and
new text end

deleted text begin (8) proof of accreditation, unless the applicant was licensed in Minnesota as a debt
prorater immediately before August 1, 2007; and
deleted text end

deleted text begin (9) deleted text end new text begin (8) new text end any other information and material as the commissioner may require.

The commissioner may, for good cause shown, temporarily waive any requirement of
this subdivision.

Sec. 60.

Minnesota Statutes 2024, section 332B.04, subdivision 1, is amended to read:

Subdivision 1.

Form.

Application for registration to operate as a debt settlement services
provider in this state must be made in writing to the commissioner, under oath, in the form
prescribed by the commissioner, and must contain:

(1) the full name of each principal of the entity applying;

(2) the address, which must not be a post office box, and the telephone number and, if
applicable, email address of the applicant;

(3) consent to the jurisdiction of the courts of this state;

(4) the name and address of the registered agent authorized to accept service of process
on behalf of the applicant or appointment of the commissioner as the applicant's agent for
purposes of accepting service of process;

(5) disclosure of:

(i) whether any controlling or affiliated party has ever been convicted of a crime or found
civilly liable for an offense involving moral turpitude, including forgery, embezzlement,
obtaining money under false pretenses, larceny, extortion, conspiracy to defraud, or any
other similar offense or violation, or any violation of a federal or state law or regulation in
connection with activities relating to the rendition of debt settlement services or involving
any consumer fraud, false advertising, deceptive trade practices, or similar consumer
protection law;

(ii) any judgments, private or public litigation, tax liens, written complaints, administrative
actions, or investigations by any government agency against the applicant or any officer,
director, manager, or shareholder owning more than five percent interest in the applicant,
unresolved or otherwise, filed or otherwise commenced within the preceding ten years;

(iii) whether the applicant or any person employed by the applicant has had a record of
having defaulted in the payment of money collected for others, including the discharge of
debts through bankruptcy proceedings; and

(iv) whether the applicant's license or registration to provide debt settlement services in
any other state has ever been revoked or suspended;

(6) a copy of the applicant's standard debt settlement services agreement that the applicant
intends to execute with debtors; new text begin and
new text end

deleted text begin (7) proof of accreditation, unless the applicant submits an affidavit attesting that the
applicant does not provide credit counseling services; and
deleted text end

deleted text begin (8) deleted text end new text begin (7) new text end any other information and material as the commissioner may require.

The commissioner may, for good cause shown, temporarily waive any requirement of
this subdivision.

Sec. 61.

Laws 2026, chapter 72, section 1, subdivision 5, is amended to read:

Subd. 5.

Penalties.

(a) The attorney general may enforce this section under section 8.31.
In addition to other remedies or penalties, a person who violates this section is subject to a
civil penalty not to exceed $500,000 for each unlawful access, download, or use under
subdivision 2.

(b) Notwithstanding any contrary provision in law, including but not limited to section
16A.151, any civil penalty recovered under this subdivision must be deposited into the
deleted text begin general fund. On July 1 each year, the accumulated balance of civil penalties collected in
the previous year is appropriated to the commissioner of public safety for the Office of
Justice Programs to provide grants to organizations to provide direct services and advocacy
for victims of sexual assault, general crime, domestic violence, and child abuse. Funding
must support the direct needs of organizations serving victims of crime by providing:
deleted text end

deleted text begin (1) direct client assistance to crime victims;
deleted text end

deleted text begin (2) competitive wages for direct service staff;
deleted text end

deleted text begin (3) hotel stays and other housing-related supports and services;
deleted text end

deleted text begin (4) culturally responsive programming;
deleted text end

deleted text begin (5) prevention programming, including domestic abuse transformation and restorative
justice programming; and
deleted text end

deleted text begin (6) for other needs of organizations and crime victim survivors.
deleted text end

deleted text begin Services funded must include services for victims of crime in underserved communities
most impacted by violence and reflect the ethnic, racial, economic, cultural, and geographic
diversity of the state. Up to five percent of the appropriation is available for grant
administration deleted text end new text begin victims of crime account under Minnesota Statutes, section 299A.708 new text end .

Sec. 62. new text begin EFFECTIVE DATE MODIFICATION FOR LAWS 2026, CHAPTER 48.
new text end

new text begin Laws 2026, chapter 48, sections 1, 2, and 5, are effective retroactively from April 22,
2026.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end

Sec. 63. new text begin REPEALER.
new text end

new text begin Minnesota Statutes 2024, sections 56.08; 332A.02, subdivision 2; and 332B.02,
subdivision 2, new text end new text begin are repealed.
new text end

ARTICLE 2

SECURITIES

Section 1.

Minnesota Statutes 2024, section 80A.50, is amended to read:

80A.50 SECTION 302; FEDERAL COVERED SECURITIES; SMALL
CORPORATE OFFERING REGISTRATION.

(a) Federal covered securities.

(1) Required filing of records. With respect to a federal covered security, as defined
in Section 18(b)(2) of the Securities Act of 1933 (15 U.S.C. Section 77r(b)(2)), that is not
otherwise exempt under sections 80A.45 through 80A.47, a rule adopted or order issued
under this chapter may require the filing of any or all of the following records:

(A) before the initial offer of a federal covered security in this state, all records that are
part of a federal registration statement filed with the Securities and Exchange Commission
under the Securities Act of 1933 and a consent to service of process complying with section
80A.88 signed by the issuer;

(B) after the initial offer of the federal covered security in this state, all records that are
part of an amendment to a federal registration statement filed with the Securities and
Exchange Commission under the Securities Act of 1933; and

(C) to the extent necessary or appropriate to compute fees, a report of the value of the
federal covered securities sold or offered to persons present in this state, if the sales data
are not included in records filed with the Securities and Exchange Commission.

(2) Notice filing effectiveness and renewal. A notice filing under subsection (a) is
effective for one year commencing on the later of the notice filing or the effectiveness of
the offering filed with the Securities and Exchange Commission. On or before expiration,
the issuer may renew a notice filing by filing a copy of those records filed by the issuer with
the Securities and Exchange Commission that are required by rule or order under this chapter
to be filed. A previously filed consent to service of process complying with section 80A.88
may be incorporated by reference in a renewal. A renewed notice filing becomes effective
upon the expiration of the filing being renewed.

(3) Notice filings for federal covered securities under section 18(b)(4)(D). With
respect to a security that is a federal covered security under Section 18(b)(4)(D) of the
Securities Act of 1933 (15 U.S.C. Section 77r(b)(4)(D)), a rule under this chapter may
require a notice filing by or on behalf of an issuer to include a copy of Form D, including
the Appendix, as promulgated by the Securities and Exchange Commission, and a consent
to service of process complying with section 80A.88 signed by the issuer not later than 15
days after the first sale of the federal covered security in this state.

(4) Stop orders. Except with respect to a federal security under Section 18(b)(1) of the
Securities Act of 1933 (15 U.S.C. Section 77r(b)(1)), if the administrator finds that there is
a failure to comply with a notice or fee requirement of this section, the administrator may
issue a stop order suspending the offer and sale of a federal covered security in this state.
If the deficiency is corrected, the stop order is void as of the time of its issuance and no
penalty may be imposed by the administrator.

(b) Small corporation offering registration.

(1) Registration required. A security meeting the conditions set forth in this section
may be registered as set forth in this section.

(2) Availability. Registration under this section is available only to the issuer of securities
and not to an affiliate of the issuer or to any other person for resale of the issuer's securities.
The issuer must be organized under the laws of one of the states or possessions of the United
States. The securities offered must be exempt from registration under the Securities Act of
1933 pursuant to Rule 504 of Regulation D (15 U.S.C. Section 77c).

(3) Disqualification. Registration under this section is not available to any of the
following issuers:

(A) an issuer subject to the reporting requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934;

(B) an investment company;

(C) a development stage company that either has no specific business plan or purpose
or has indicated that its business plan is to engage in a merger or acquisition with an
unidentified company or companies or other entity or person;

(D) an issuer if the issuer or any of its predecessors, officers, directors, governors,
partners, ten percent stock or equity holders, promoters, or any selling agents of the securities
to be offered, or any officer, director, governor, or partner of the selling agent:

(i) has filed a registration statement that is the subject of a currently effective registration
stop order entered under a federal or state securities law within five years before the filing
of the small corporate offering registration application;

(ii) has been convicted within five years before the filing of the small corporate offering
registration application of a felony or misdemeanor in connection with the offer, purchase,
or sale of a security or a felony involving fraud or deceit, including, but not limited to,
forgery, embezzlement, obtaining money under false pretenses, larceny, or conspiracy to
defraud;

(iii) is currently subject to a state administrative enforcement order or judgment entered
by a state securities administrator or the Securities and Exchange Commission within five
years before the filing of the small corporate offering registration application, or is subject
to a federal or state administrative enforcement order or judgment in which fraud or deceit,
including, but not limited to, making untrue statements of material facts or omitting to state
material facts, was found and the order or judgment was entered within five years before
the filing of the small corporate offering registration application;

(iv) is currently subject to an order, judgment, or decree of a court of competent
jurisdiction temporarily restraining or enjoining, or is subject to an order, judgment, or
decree of a court of competent jurisdiction permanently restraining or enjoining the party
from engaging in or continuing any conduct or practice in connection with the purchase or
sale of any security or involving the making of a false filing with a state or with the Securities
and Exchange Commission entered within five years before the filing of the small corporate
offering registration application; or

(v) is subject to a state's administrative enforcement order, or judgment that prohibits,
denies, or revokes the use of an exemption for registration in connection with the offer,
purchase, or sale of securities,

(I) except that clauses (i) to (iv) do not apply if the person subject to the disqualification
is duly licensed or registered to conduct securities-related business in the state in which the
administrative order or judgment was entered against the person or if the dealer employing
the party is licensed or registered in this state and the form BD filed in this state discloses
the order, conviction, judgment, or decree relating to the person, and

(II) except that the disqualification under this subdivision is automatically waived if the
state securities administrator or federal agency that created the basis for disqualification
determines upon a showing of good cause that it is not necessary under the circumstances
to deny the registration.

(4) Filing and effectiveness of registration statement. A small corporate offering
registration statement must be filed with the administrator. If no stop order is in effect and
no proceeding is pending under section 80A.54, such registration statement shall become
effective automatically at the close of business on the 20th day after filing of the registration
statement or the last amendment of the registration statement or at such earlier time as the
administrator may designate by rule or order. For the purposes of a nonissuer transaction,
other than by an affiliate of the issuer, all outstanding securities of the same class identified
in the small corporate offering registration statement as a security registered under this
chapter are considered to be registered while the small corporate offering registration
statement is effective. A small corporate offering registration statement is effective for one
year after its effective date or for any longer period designated in an order under this chapter.
A small corporate offering registration statement may be withdrawn only with the approval
of the administrator.

(5) Contents of registration statement. A small corporate offering registration statement
under this section shall be on Form U-7, including exhibits required by the instructions
thereto, as adopted by the North American Securities Administrators Association, or such
alternative form as may be designated by the administrator by rule or order and must include:

(A) a consent to service of process complying with section 80A.88;

(B) a statement of the type and amount of securities to be offered and the amount of
securities to be offered in this state;

(C) a specimen or copy of the security being registered, unless the security is
uncertificated, a copy of the issuer's articles of incorporation and bylaws or their substantial
equivalents in effect, and a copy of any indenture or other instrument covering the security
to be registered;

(D) a signed or conformed copy of an opinion of counsel concerning the legality of the
securities being registered which states whether the securities, when sold, will be validly
issued, fully paid, and nonassessable and, if debt securities, binding obligations of the issuer;

(E) the states (i) in which the securities are proposed to be offered; (ii) in which a
registration statement or similar filing has been made in connection with the offering
including information as to effectiveness of each such filing; and (iii) in which a stop order
or similar proceeding has been entered or in which proceedings or actions seeking such an
order are pending;

(F) a copy of the offering document proposed to be delivered to offerees; and

(G) a copy of any other pamphlet, circular, form letter, advertisement, or other sales
literature intended as of the effective date to be used in connection with the offering and
any solicitation of interest used in compliance with section 80A.46(17)(B).

(6) Copy to purchaser. A copy of the offering document as filed with the administrator
must be delivered to each person purchasing the securities prior to sale of the securities to
such person.

(c) Offering limit. Offers and sales of securities under a small corporate offering
registration as set forth in this section are allowed up to the limit prescribed by Code of
Federal Regulations, title 17, part 230.504 (b)(2), as amended.

(d) Regulation A - Tier 2 filing requirements.

(1) Initial filing. An issuer planning to offer and sell securities in Minnesota in an
offering exempt under Tier 2 of federal Regulation A must, at least 21 calendar days before
the date of the initial sale of securities in Minnesota, submit to the administrator:

(A) a completed Regulation A - Tier 2 offering notice filing form or copies of all the
documents filed with the Securities Exchange Commission; and

(B) a consent to service of process on Form U-2, if consent to service of process is not
provided in the Regulation A - Tier 2 offering notice filing form.

The initial notice filing made in Minnesota is effective for 12 months after the date the
filing is made.

(2) Renewal. For each additional 12-month period in which the same offering is
continued, an issuer conducting a Tier 2 offering under federal Regulation A may renew
the notice filing by filing (i) the Regulation A - Tier 2 offering notice filing form marked
"renewal," or (ii) a cover letter or other document requesting renewal. The renewal filing
must be made on or before the date notice filing expires.

(3) Amendment. An issuer may increase the amount of securities offered in Minnesota
by submitting a Regulation A - Tier 2 offering notice filing form or other document
describing the transaction.

new text begin (e) Notice filing requirement for federal crowdfunding offerings. This paragraph
applies to offerings made under Regulation Crowdfunding, Code of Federal Regulations,
title 17, part 227, and sections 4(a)(6) and 18(b)(4)(C) of the Securities Act of 1933, United
States Code, title 15, sections 77d(A)(6) and 77r(b)(4)(C).
new text end

new text begin (1) Initial filing. An issuer that (i) offers and sells securities in Minnesota in an offering
exempt under federal Regulation Crowdfunding, and (ii) has a principal place of business
in Minnesota or sells at least 50 percent of the offering's aggregate amount to Minnesota
residents, must file with the administrator:
new text end

new text begin (A) a completed Uniform Notice of Federal Crowdfunding Offering form or copies of
all documents filed with the Securities and Exchange Commission; and
new text end

new text begin (B) if the issuer is not filing on the Uniform Notice of Federal Crowdfunding Offering
form, consent to service of process on Form U-2.
new text end

new text begin If the issuer's principal place of business is in Minnesota, the initial filing must be submitted
with the administrator when the issuer makes the issuer's initial Form C filing concerning
the offering with the Securities and Exchange Commission. If the issuer's principal place
of business is not in Minnesota but Minnesota residents have purchased at least 50 percent
of the aggregate amount of the offering, the filing must be submitted when the issuer becomes
aware that the aggregate purchases made by Minnesota residents meets the threshold, but
no later than 30 days after the date the offering is complete. The initial notice filing is
effective for a 12-month period beginning on the date the initial filing is submitted to the
administrator.
new text end

new text begin (2) Renewal. For each additional 12-month period in which a single offering is continued,
an issuer conducting an offering under federal Regulation Crowdfunding may renew the
issuer's notice filing by filing with the administrator on or before the date the current notice
filing expires:
new text end

new text begin (A) a completed Uniform Notice of Federal Crowdfunding Offering form that is marked
"renewal"; or
new text end

new text begin (B) a cover letter or other document requesting renewal new text end new text begin .
new text end

new text begin (3) Amendment. An issuer may increase the amount of securities offered in Minnesota
by submitting (i) a completed Uniform Notice of Federal Crowdfunding Offering form that
is marked "amendment," or (ii) another document that describes the modified transaction.
new text end

Sec. 2.

Minnesota Statutes 2025 Supplement, section 80A.66, is amended to read:

80A.66 SECTION 411; POSTREGISTRATION REQUIREMENTS.

(a) Financial requirements. Subject to Section 15(h) of the Securities Exchange Act
of 1934 (15 U.S.C. Section 78o(h)) or Section 222 of the Investment Advisers Act of 1940
(15 U.S.C. Section 80b-22), a rule adopted or order issued under this chapter may establish
minimum financial requirements for broker-dealers registered or required to be registered
under this chapter and investment advisers registered or required to be registered under this
chapter.

(b) Financial reports. Subject to Section 15(h) of the Securities Exchange Act of 1934
(15 U.S.C. Section 78o(h)) or Section 222(b) of the Investment Advisers Act of 1940 (15
U.S.C. Section 80b-22), a broker-dealer registered or required to be registered under this
chapter and an investment adviser registered or required to be registered under this chapter
shall file such financial reports as are required by a rule adopted or order issued under this
chapter. If the information contained in a record filed under this subsection is or becomes
inaccurate or incomplete in a material respect, the registrant shall promptly file a correcting
amendment.

(c) Record keeping. Subject to Section 15(h) of the Securities Exchange Act of 1934
(15 U.S.C. Section 78o(h)) or Section 222 of the Investment Advisers Act of 1940 (15
U.S.C. Section 80b-22):

(1) a broker-dealer registered or required to be registered under this chapter and an
investment adviser registered or required to be registered under this chapter shall make and
maintain the accounts, correspondence, memoranda, papers, books, and other records
required by rule adopted or order issued under this chapter;

(2) broker-dealer records required to be maintained under paragraph (1) may be
maintained in any form of data storage acceptable under Section 17(a) of the Securities
Exchange Act of 1934 (15 U.S.C. Section 78q(a)) if they are readily accessible to the
administrator; deleted text begin and
deleted text end

new text begin (3) a broker-dealer must establish and maintain: (i) a set of written supervisory procedures
that reasonably prevent and detect violations of chapter 80A; Minnesota Rules, chapter
2876; or related orders issued by the commissioner; and (ii) a system to apply the procedures
established under this clause. The procedures must designate by name or title a number of
supervisory employees that is reasonable relative to the number of the broker-dealer's
registered agents, offices, and transactions in Minnesota. A copy of the written procedures
and the system to apply the procedures must be kept and maintained at each branch office
affiliated with the broker-dealer. A broker-dealer may use electronic media in accordance
with FINRA Rule 3110.11, or any successor federal law, to satisfy its obligation under this
paragraph; and
new text end

deleted text begin (3) deleted text end new text begin (4) new text end investment adviser records required to be maintained under paragraph (d)(1) may
be maintained in any form of data storage required by rule adopted or order issued under
this chapter.

(d) Records and reports of private funds.

(1) In general. An investment adviser to a private fund shall maintain such records of,
and file with the administrator such reports and amendments thereto, that an exempt reporting
adviser is required to file with the Securities and Exchange Commission pursuant to SEC
Rule 204-4, Code of Federal Regulations, title 17, section 275.204-4.

(2) Treatment of records. The records and reports of any private fund to which an
investment adviser provides investment advice shall be deemed to be the records and reports
of the investment adviser.

(3) Required information. The records and reports required to be maintained by an
investment adviser, which are subject to inspection by a representative of the administrator
at any time, shall include for each private fund advised by the investment adviser, a
description of:

(A) the amount of assets under management;

(B) the use of leverage, including off-balance-sheet leverage, as to the assets under
management;

(C) counterparty credit risk exposure;

(D) trading and investment positions;

(E) valuation policies and practices of the fund;

(F) types of assets held;

(G) side arrangements or side letters, whereby certain investors in a fund obtain more
favorable rights or entitlements than other investors;

(H) trading practices; and

(I) such other information as the administrator determines is necessary and appropriate
in the public interest and for the protection of investors, which may include the establishment
of different reporting requirements for different classes of fund advisers, based on the type
or size of the private fund being advised.

(4) Filing of records. A rule or order under this chapter may require each investment
adviser to a private fund to file reports containing such information as the administrator
deems necessary and appropriate in the public interest and for the protection of investors.

(e) Audits or inspections. The records of a broker-dealer registered or required to be
registered under this chapter and of an investment adviser registered or required to be
registered under this chapter, including the records of a private fund described in paragraph
(d) and the records of investment advisers to private funds, are subject to such reasonable
periodic, special, or other audits or inspections by a representative of the administrator,
within or without this state, as the administrator considers necessary or appropriate in the
public interest and for the protection of investors. An audit or inspection may be made at
any time and without prior notice. The administrator may copy, and remove for audit or
inspection copies of, all records the administrator reasonably considers necessary or
appropriate to conduct the audit or inspection. The administrator may assess a reasonable
charge for conducting an audit or inspection under this subsection.

(f) Custody and discretionary authority bond or insurance. Subject to Section 15(h)
of the Securities Exchange Act of 1934 (15 U.S.C. Section 78o(h)) or Section 222 of the
Investment Advisers Act of 1940 (15 U.S.C. Section 80b-22), a rule adopted or order issued
under this chapter may require a broker-dealer or investment adviser that has custody of or
discretionary authority over funds or securities of a customer or client to obtain insurance
or post a bond or other satisfactory form of security in an amount of at least $25,000, but
not to exceed $100,000. The administrator may determine the requirements of the insurance,
bond, or other satisfactory form of security. Insurance or a bond or other satisfactory form
of security may not be required of a broker-dealer registered under this chapter whose net
capital exceeds, or of an investment adviser registered under this chapter whose minimum
financial requirements exceed, the amounts required by rule or order under this chapter.
The insurance, bond, or other satisfactory form of security must permit an action by a person
to enforce any liability on the insurance, bond, or other satisfactory form of security if
instituted within the time limitations in section 80A.76(j)(2).

(g) Requirements for custody. Subject to Section 15(h) of the Securities Exchange Act
of 1934 (15 U.S.C. Section 78o(h)) or Section 222 of the Investment Advisers Act of 1940
(15 U.S.C. Section 80b-22), an agent may not have custody of funds or securities of a
customer except under the supervision of a broker-dealer and an investment adviser
representative may not have custody of funds or securities of a client except under the
supervision of an investment adviser or a federal covered investment adviser. A rule adopted
or order issued under this chapter may prohibit, limit, or impose conditions on a broker-dealer
regarding custody of funds or securities of a customer and on an investment adviser regarding
custody of securities or funds of a client.

(h) Investment adviser brochure rule. With respect to an investment adviser registered
or required to be registered under this chapter, a rule adopted or order issued under this
chapter may require that information or other record be furnished or disseminated to clients
or prospective clients in this state as necessary or appropriate in the public interest and for
the protection of investors and advisory clients.

(i) Continuing education. A rule adopted or order issued under this chapter may require
an individual registered under section 80A.57 or 80A.58 to participate in a continuing
education program approved by the Securities and Exchange Commission and administered
by a self-regulatory organization, the North American Securities Administrators Association,
or the commissioner.

new text begin (j) Business continuity and succession plan. An investment adviser registered or
required to be registered under this chapter must establish, maintain, and enforce written
policies and procedures relating to business continuity and succession planning. At a
minimum, the policies and procedures under this paragraph must provide:
new text end

new text begin (1) a means to protect, back up, and recover books and records;
new text end

new text begin (2) an alternate method to provide notice to customers; key personnel; employees;
vendors; service providers, including third-party custodians; and regulators, regarding issues
pertaining to the investment adviser's business operations, including but not limited to
significant business interruption, the death or unavailability of key personnel, other disruption
to business activities, or ceasing business operations;
new text end

new text begin (3) a plan to relocate the office space for a principal place of business that is subject to
a temporary or permanent loss;
new text end

new text begin (4) a plan to assign duties to qualified responsible persons if key personnel die or are
otherwise unavailable; and
new text end

new text begin (5) a plan to otherwise minimize service disruption and client harm that might result
from sudden and significant business interruption.
new text end

new text begin (k) Physical security and cybersecurity policies and procedures. An investment
adviser registered or required to be registered under this chapter must establish, implement,
update, and enforce written physical security and cybersecurity policies and procedures that
are designed to ensure the confidentiality, integrity, and availability of physical and electronic
records and information. The policies and procedures must be tailored to the investment
adviser's business model and must take into account the investment adviser's business size,
type of service provided, and number of locations.
new text end

new text begin (1) The physical security and cybersecurity policies and procedures must:
new text end

new text begin (A) protect against reasonably anticipated threats or hazards to the security or integrity
of client records and information;
new text end

new text begin (B) ensure that the investment adviser protects confidential client records and information;
and
new text end

new text begin (C) protect client records and information that, if released, might result in harm or
inconvenience to the client.
new text end

new text begin (2) At a minimum, the physical security and cybersecurity policies and procedures must
develop and implement:
new text end

new text begin (A) an organizational understanding to manage information security risk with respect
to systems, assets, data, and capabilities;
new text end

new text begin (B) safeguards to ensure delivery of critical infrastructure services;
new text end

new text begin (C) actions and tools to identify when an information security event occurs;
new text end

new text begin (D) actions to take when an information security event is detected; and
new text end

new text begin (E) plans for security and system resilience, and to restore capabilities or services that
are impaired due to an information security event.
new text end

new text begin (3) At the time a client engages an investment adviser and on an annual basis thereafter,
an investment adviser must deliver to the client a privacy policy that is reasonably designed
to assist the client understand how the investment adviser collects and shares, to the extent
permitted by state and federal law, nonpublic personal information. If information in the
policy becomes materially inaccurate, the investment adviser must promptly update and
deliver an amended privacy policy to the client.
new text end

new text begin (l) Written confirmation. A broker-dealer must promptly provide to the customer a
written confirmation at or before completing a transaction in accordance with FINRA Rule
2232, or any successor federal law. The confirmation must:
new text end

new text begin (1) describe the security purchased or sold, the date of the transaction, the price of the
security purchased or sold, and any commission charged;
new text end

new text begin (2) indicate whether the broker-dealer acted for the broker-dealer's account, as an agent
for a customer, as an agent for another person, or as an agent for both a customer and another
person;
new text end

new text begin (3) if the broker-dealer is acting as an agent for a customer, include (i) the name of the
person who purchased the security, (ii) the name of the person who sold the security, or (iii)
a statement that the information in item (i) or (ii) is available to a customer on request if
the broker-dealer knows the information or is able to ascertain the information with
reasonable diligence;
new text end

new text begin (4) indicate whether the transaction was unsolicited; and
new text end

new text begin (5) indicate the name of the agent that executed the transaction.
new text end

new text begin A broker-dealer that complies with Securities and Exchange Commission Rule 10b-10,
Code of Federal Regulations, title 17, part 240.10b-10, or article III, section 12, of the
Financial Industry Regulatory Authority Rules of Fair Practice, complies with this paragraph.
new text end

new text begin (m) Conditions; stipulations; provisions. A broker-dealer is prohibited from entering
into a contract with a customer if the contract contains a condition, stipulation, or provision
that binds the customer to waive rights under chapter 80A; Minnesota Rules, chapter 2876;
or an order issued by the commissioner. A condition, stipulation, or provision included in
a contract subject to this paragraph is void.
new text end

new text begin (n) Principal office; employment. A broker-dealer whose principal office is located in
Minnesota must have at least one registered person employed on a full-time basis at the
principal office located in Minnesota. This paragraph does not apply to a broker-dealer
engaged solely in offering and selling:
new text end

new text begin (1) interests in a direct participation program; or
new text end

new text begin (2) securities issued by open-end investment companies, face amount certificate
companies, or unit investment trusts registered under the Investment Company Act of 1940,
United States Code, title 15, sections 80a-1 to 80a-64.
new text end

Sec. 3.

new text begin [80A.691] BROKER-DEALERS; AGENTS; DISHONEST OR UNETHICAL
BUSINESS PRACTICES.
new text end

new text begin Subdivision 1. new text end

new text begin Broker-dealers; standards and principles. new text end

new text begin A broker-dealer must observe
high standards of commercial honor and just and equitable principles of trade when
conducting the broker-dealer's business. An act or practice that is contrary to the standards
constitutes grounds for the administrator to deny, suspend, or revoke the broker-dealer's
registration or to take other action authorized by statute. For purposes of this subdivision,
an act or practice that is contrary to the standards includes:
new text end

new text begin (1) engaging in a pattern of unreasonable and unjustifiable delays with respect to: (i)
delivering securities purchased by a customer; or (ii) upon request, paying free credit balances
reflecting a customer's completed transactions;
new text end

new text begin (2) inducing trading in a customer's account that is excessive in size or frequency
considering the account's financial resources and character;
new text end

new text begin (3) recommending that a customer purchase, sell, or exchange a security without
reasonable grounds to believe the transaction or recommendation is suitable for the customer,
based on: (i) a reasonable inquiry regarding the customer's investment objectives, financial
situation, and needs; and (ii) other relevant information known by the broker-dealer;
new text end

new text begin (4) recommending a security transaction or investment strategy involving securities,
including account recommendations, to a retail customer if the recommendation does not
comply with the obligations set forth in Code of Federal Regulations, title 17, section
240.15l-1;
new text end

new text begin (5) executing a transaction on behalf of a customer without the customer's authorization;
new text end

new text begin (6) exercising discretionary power to effect a transaction for a customer's account without
first obtaining written discretionary authority from the customer, unless the discretionary
power relates solely to the time the order is executed or the order's price;
new text end

new text begin (7) executing a transaction in a margin account without securing from the customer a
properly executed written margin agreement promptly after the account's initial transaction;
new text end

new text begin (8) failing to segregate customers' free securities or securities held in safekeeping;
new text end

new text begin (9) hypothecating a customer's securities without having a lien on the customer's
securities, unless the broker-dealer secures the customer's properly executed written consent
promptly after the initial transaction, except as permitted by Securities and Exchange
Commission regulations;
new text end

new text begin (10) entering into a transaction with or for a customer at a price that is not reasonably
related to the security's current market price, or receiving an unreasonable commission or
profit;
new text end

new text begin (11) failing to furnish to a customer purchasing securities in an offering, no later than
the due date for the transaction's confirmation: (i) a final prospectus; or (ii) a preliminary
prospectus and an additional document that, when combined with the preliminary prospectus,
includes all of the information included in the final prospectus;
new text end

new text begin (12) charging an unreasonable or inequitable fee for services performed, including: (i)
miscellaneous services that include but are not limited to collecting money due for principal,
dividends or interest, exchanging or transferring securities, appraisals, safekeeping, or
maintaining custody of securities; and (ii) other services related to the broker-dealer's
securities business;
new text end

new text begin (13) offering to buy or sell a security at a stated price if the broker-dealer is not prepared
to purchase or sell at the stated price and under the stated conditions at the time the offer
to buy or sell is made;
new text end

new text begin (14) representing that a security is being offered to a customer "at the market" or at a
price relevant to the market price, unless the broker-dealer knows or has reasonable grounds
to believe a market for the security exists other than the market made, created, or controlled
by: (i) the broker-dealer; (ii) a person for whom the broker-dealer is acting or with whom
the broker-dealer is associated with respect to the security's distribution; or (iii) a person
controlled by, controlling, or under common control with the broker-dealer;
new text end

new text begin (15) effecting a transaction in, or inducing the purchase or sale of, a security using a
manipulative, deceptive, or fraudulent device, practice, plan, program, design, or contrivance,
which includes but is not limited to:
new text end

new text begin (i) effecting a transaction in a security that involves no change in the security's beneficial
ownership;
new text end

new text begin (ii) entering an order to purchase or sell a security with the knowledge that at least one
other order for the same security that is substantially the same size, entered at substantially
the same time, and for substantially the same price as the order has been or will be entered
by or for the same or a different party to create (A) a false or misleading appearance of
active trading in the security, or (B) a false or misleading appearance with respect to the
market for the security. This item does not prohibit a broker-dealer from entering bona fide
agency cross transactions for the broker-dealer's customers; or
new text end

new text begin (iii) effecting, alone or with another person, a series of transactions in a security that
creates actual or apparent active trading in the security, or raises or reduces the price of the
security, to induce others to purchase or sell the security;
new text end

new text begin (16) guaranteeing a customer against loss in: (i) a securities account the broker-dealer
carries for the customer; (ii) a securities transaction effected by the broker-dealer; or (iii) a
securities transaction effected by the broker-dealer with or for the customer;
new text end

new text begin (17) publishing or circulating, or causing to be published or circulated, a notice, circular,
advertisement, newspaper article, investment service, or communication of any kind that
purports to: (i) report a transaction as a purchase or sale of a security, unless the broker-dealer
believes that the transaction was a bona fide purchase or sale of the security; or (ii) quote
the bid price or asked price for a security, unless the broker-dealer believes the quote
represents a bona fide bid for or offer of the security;
new text end

new text begin (18) using an advertising or sales presentation in a manner that is deceptive or misleading,
including but not limited to distributing: (i) nonfactual data, material, or a presentation based
on conjecture, unfounded claims, or unrealistic claims; or (ii) assertions in a brochure, flyer,
or display using words, pictures, graphs, or other representations that are designed to
supplement, detract from, supersede, or defeat a prospectus' or disclosure's purpose or effect;
new text end

new text begin (19) failing to disclose to a customer, before entering into a contract with or for a customer
to purchase or sell a security, that the broker-dealer is controlled by, controlling, affiliated
with, or under common control with the security's issuer. If a disclosure under this clause
is not made in writing, the disclosure must be supplemented by giving or sending written
disclosure before or at the time the transaction is completed;
new text end

new text begin (20) failing to make a bona fide public offering of all of the securities allotted to a
broker-dealer for distribution, whether the securities are acquired as an underwriter, as a
selling group member, or from a member participating in the distribution as an underwriter
or selling group member;
new text end

new text begin (21) failing or refusing to: (i) furnish a customer, upon reasonable request, information
the customer is entitled to; or (ii) respond to a formal written request or complaint;
new text end

new text begin (22) failing to pay and fully satisfy a final judgment or arbitration award resulting from
an arbitration or court proceeding relating to an investment and initiated by the customer,
unless: (i) the customer and broker-dealer, or broker-dealer's agent, agree in writing to an
alternative payment arrangement; and (ii) the broker-dealer or broker-dealer's agent complies
with the terms of the alternative payment arrangement;
new text end

new text begin (23) attempting to avoid paying a final judgment or arbitration award resulting from an
arbitration or court proceeding relating to an investment and initiated by the customer,
unless: (i) the customer and broker-dealer, or broker-dealer's agent, agree in writing to an
alternative payment arrangement; and (ii) the broker-dealer or broker-dealer's agent complies
with the terms of the alternative payment arrangement;
new text end

new text begin (24) failing to pay and fully satisfy a fine, civil penalty, order of restitution, order of
disgorgement, or similar monetary payment obligation imposed upon the broker-dealer or
broker-dealer's agent by the Securities and Exchange Commission, a state or provincial
securities or other financial services regulator, or a self-regulatory organization;
new text end

new text begin (25) accessing a client's account by using the client's unique identifying information,
including but not limited to the client's username and password;
new text end

new text begin (26) in connection with soliciting a sale or purchase of an over-the-counter non-NASDAQ
security, failing to promptly provide the most current prospectus or the most recently filed
periodic report filed under Section 13 of the Securities Exchange Act of 1934, United States
Code, title 15, section 78m, as amended, if the broker-dealer receives a request from a
customer;
new text end

new text begin (27) marking an order ticket or confirmation as unsolicited if the transaction is solicited;
new text end

new text begin (28) for each month in which activity has occurred in a customer's account and no less
frequently than once every three months regardless of whether customer account activity
has occurred, failing to provide the customer with an account statement that, with respect
to all over-the-counter non-NASDAQ equity securities in the account, contains a value for
each security based on the closing market bid on a date certain. This clause applies only if
the broker-dealer has been a market maker in the security at any time during the month in
which the monthly or quarterly statement is issued; or
new text end

new text begin (29) failing to comply with an applicable provision of the Financial Industry Regulatory
Authority conduct rules or an applicable fair practice or ethical standard promulgated by
the Securities and Exchange Commission or a self-regulatory organization approved by the
Securities and Exchange Commission.
new text end

new text begin Subd. 2. new text end

new text begin Broker-dealer's agents; standards and principles. new text end

new text begin A broker-dealer's agent
must observe high standards of commercial honor and just and equitable principles of trade
when conducting the broker-dealer's agent's business. An act or practice that is contrary to
the standards constitutes grounds for the administrator to deny, suspend, or revoke the
broker-dealer's agent's registration or to take other action authorized by statute. For purposes
of this subdivision, an act or practice that is contrary to the standards includes:
new text end

new text begin (1) lending to or borrowing from a customer money or securities, or acting as a custodian
for a customer's money, securities, or executed stock power, unless otherwise permissible
under FINRA Rule 3240 or any successor federal law;
new text end

new text begin (2) effecting securities transactions that are not recorded on the regular books or records
maintained by the broker-dealer the broker-dealer's agent represents, unless the transactions
are authorized in writing by the broker-dealer before executing the transaction or exempt
as subscription-way transactions under Rule 17a-3 of the Securities Exchange Act of 1934
or any successor federal law;
new text end

new text begin (3) establishing or maintaining an account that contains fictitious information in order
to execute transactions that are otherwise prohibited;
new text end

new text begin (4) sharing directly or indirectly in profits or losses in a customer account without the
written authorization from the customer and the broker-dealer the broker-dealer's agent
represents;
new text end

new text begin (5) dividing or otherwise splitting the broker-dealer's agent's commissions, profits, or
other compensation from purchasing or selling securities with a person who is not also
registered as a broker-dealer's agent for the same broker-dealer or for a broker-dealer under
direct or indirect common control or unless otherwise allowed under Securities and Exchange
Commission rules, guidance, or authorization; or
new text end

new text begin (6) engaging in the conduct specified under subdivision 1, clause (2), (3), (4), (5), (6),
(7), (10), (11), (15), (16), (17), (18), (22), (23), (24), (25), (26), (27), (28), or (29).
new text end

new text begin Subd. 3. new text end

new text begin Conduct specified not exclusive. new text end

new text begin The conduct identified as a violation under
subdivisions 1 and 2 is not exclusive. A broker-dealer or broker-dealer's agent that engages
in other conduct, including but not limited to forgery, embezzlement, nondisclosure,
incomplete disclosure, misstatement of material facts, or manipulative or deceptive practices,
is also subject to denial, suspension, or revocation of registration.
new text end

Sec. 4.

Minnesota Statutes 2024, section 80C.12, subdivision 1, is amended to read:

Subdivision 1.

Grounds.

The commissioner, with or without prior notice or hearing,
may issue a cease and desist order and may issue an order denying, suspending or revoking
any registration, amendment or exemption on finding any of the following:

deleted text begin (a) deleted text end new text begin (1) new text end that the applicant, registrant or franchisor or any officer, director, agent or
employee thereof or any other person has violated or failed to comply with any provision
of sections 80C.01 to 80C.22 or any rule or order of the commissioner;

deleted text begin (b) deleted text end new text begin (2) new text end that the offer, sale, or purchase of the franchise would constitute misrepresentation
to or deceit or fraud upon purchasers thereof, or has worked or tended to work a fraud upon
purchasers or would so operate;

deleted text begin (c) deleted text end new text begin (3) new text end that the applicant, registrant or franchisor or any officer, director, agent or
employee thereof or any other person is engaging or about to engage in false, fraudulent or
deceptive practices in connection with the offer and sale of a franchise;

deleted text begin (d) deleted text end new text begin (4) new text end that any person identified in a public offering statement has been new text begin : new text end new text begin (i) new text end convicted
of an offense new text begin or held liable in a civil action by final judgment new text end described in section 80C.04, new text begin
subdivision 1, paragraph (e), new text end clause deleted text begin (5) deleted text end new text begin (1) new text end new text begin , has a civil or criminal action pending as described
in section 80C.04, subdivision 1, paragraph (e), clause (5) new text end , or is subject to an order deleted text begin , or has
had a civil judgment entered against the person as described in section 80C.04, clause (5), deleted text end new text begin
described in section 80C.04, subdivision 1, paragraph (e), clauses (2) to (4); new text end and new text begin (ii) new text end the
involvement of the person in the business of the applicant or franchisor creates a substantial
risk to prospective franchisees;

deleted text begin (e) deleted text end new text begin (5) new text end that the financial condition of the franchisor adversely affects or would adversely
affect the ability of the franchisor to fulfill its obligations under the franchise agreement;

deleted text begin (f) deleted text end new text begin (6) new text end that the franchisor's enterprise or method of business includes or would include
activities which are illegal where performed; new text begin or
new text end

deleted text begin (g) deleted text end new text begin (7) new text end that the method of sale or proposed method of sale of franchises or the operation
of the business of the franchisor or any term or condition of the franchise agreement or any
practice of the franchisor is or would be unfair or inequitable to franchisees.

ARTICLE 3

HEALTH INSURANCE

Section 1.

new text begin [60A.071] SUBSTANTIAL ENROLLMENT GROWTH; NOTIFICATION.
new text end

new text begin Subdivision 1. new text end

new text begin Notice required. new text end

new text begin (a) No later than April 15 each year, an insurance
company that issues health plans, as defined in section 62A.011, and is licensed under this
chapter to offer, sell, or issue a policy of accident and sickness insurance, as defined in
section 62A.01, subdivision 1, or that is a nonprofit health service plan corporation operating
under chapter 62C must notify the commissioner if, for an insurance company or nonprofit
health service plan corporation with at least 25,000 enrollees, the insurance company or
nonprofit health service plan corporation:
new text end

new text begin (1) increases the total number of enrollees, as of April 1 in the current calendar year, by
more than 35 percent of the insurance company's or nonprofit health service plan corporation's
total number of enrollees for the immediately preceding calendar year; or
new text end

new text begin (2) increases the total number of enrollees in a specific line of business or product by a
percentage that is greater than the percentage of growth threshold established by the
commissioner for the specific line of business or product.
new text end

new text begin (b) For purposes of this section, the number of enrollees must be calculated in a manner
consistent with the insurance company or nonprofit health service plan corporation's reported
covered lives in the company's National Association of Insurance Commissioners Annual
Statement.
new text end

new text begin Subd. 2. new text end

new text begin Additional information. new text end

new text begin (a) Upon receiving notice under subdivision 1, the
commissioner may request and the insurance company or nonprofit health service plan
corporation must provide additional information regarding the insurance company's or
nonprofit health service plan corporation's financial readiness to serve the increased
enrollment. The additional information requested may include but is not limited to:
new text end

new text begin (1) the conditions contributing to the insurance company's or nonprofit health service
plan corporation's enrollment growth;
new text end

new text begin (2) a three-year projected statutory balance sheet, income statements, and cash flow
statements for the current year and the subsequent two years;
new text end

new text begin (3) the key assumptions impacting the projections and the sensitivity of the projections
to the assumptions; and
new text end

new text begin (4) a description of anticipated issues associated with the insurance company's or
nonprofit health service plan corporation's business, including but not limited to (i) assets,
(ii) anticipated business growth and associated surplus strain, (iii) significant change in risk
profile, (iv) mix of business, and (v) reinsurance use, if any, in each case.
new text end

new text begin (b) If the information reported under paragraph (a) raises a concern with respect to an
insurance company's or nonprofit health service plan corporation's business on a prospective
basis due to anticipated business growth, including but not limited to anticipated business
growth, strain on surplus, increased exposure to risk, or an imbalanced mix of business, the
commissioner may issue a corrective order specifying corrective actions the commissioner
determines are required. A corrective order issued under this paragraph is subject to review
under chapter 14.
new text end

Sec. 2.

Minnesota Statutes 2024, section 62D.08, is amended by adding a subdivision to
read:

new text begin Subd. 8. new text end

new text begin Information sharing. new text end

new text begin The commissioner of commerce must share nonpublic
data submitted by health maintenance organizations under this section with (1) the
commissioner of health and the commissioner of human services, (2) other state and federal
regulatory agencies, and (3) the National Association of Insurance Commissioners, if the
requesting recipient under clauses (1) to (3) agrees to maintain the data in a manner consistent
with the data's classification under chapter 13. The commissioner of commerce may enter
into agreements governing the sharing and use of information, provided the agreements are
consistent with this subdivision.
new text end

Sec. 3.

new text begin [62D.085] SUBSTANTIAL ENROLLMENT GROWTH; NOTICE.
new text end

new text begin Subdivision 1. new text end

new text begin Notice required. new text end

new text begin (a) No later than April 15 each year, a health
maintenance organization that is operating under this chapter and that has at least 25,000
enrollees must notify the commissioner if the health maintenance organization:
new text end

new text begin (1) increases the total number of enrollees, as of April 1 in the current calendar year, by
more than 35 percent of the health maintenance organization's total number of enrollees for
the immediately preceding calendar year; or
new text end

new text begin (2) increases the total number of enrollees in a specific line of business or product by a
percentage that is greater than the percentage of growth threshold established by the
commissioner for the specific line of business or product.
new text end

new text begin (b) For purposes of this section, the number of enrollees must be calculated in a manner
consistent with the health maintenance organization's reported covered lives in the company's
National Association of Insurance Commissioners Annual Statement.
new text end

new text begin Subd. 2. new text end

new text begin Additional information. new text end

new text begin (a) Upon receiving notice under subdivision 1, the
commissioner may request and the health maintenance organization must provide additional
information regarding the health maintenance organization's financial readiness to serve
the increased enrollment. The additional information requested may include but is not limited
to:
new text end

new text begin (1) the conditions contributing to the health maintenance organization's enrollment
growth;
new text end

new text begin (2) a three-year projected statutory balance sheet, income statements, and cash flow
statements for the current year and the subsequent two years;
new text end

new text begin (3) the key assumptions impacting the projections and the sensitivity of the projections
to the assumptions; and
new text end

new text begin (4) a description of anticipated issues associated with the health maintenance
organization's business, including but not limited to (i) assets, (ii) anticipated business
growth and associated surplus strain, (iii) significant change in risk profile, (iv) mix of
business, and (v) reinsurance use, if any, in each case.
new text end

new text begin (b) If the information reported under paragraph (a) raises a concern with respect to a
health maintenance organization's business on a prospective basis due to anticipated business
growth, including but not limited to anticipated business growth, strain on surplus, increased
exposure to risk, or an imbalanced mix of business, the commissioner may issue a corrective
order specifying corrective actions the commissioner determines are required. A corrective
order issued under this paragraph is subject to review under chapter 14.
new text end

Sec. 4.

Minnesota Statutes 2024, section 62J.40, is amended to read:

62J.40 COST CONTAINMENT DATA FROM STATE AGENCIES AND OTHER
GOVERNMENTAL UNITS.

(a) All state departments or agencies that administer one or more health care programs
shall provide to the commissioner of health any additional data on the health care programs
they administer that is requested by the commissioner of health, including data in
unaggregated form, for purposes of developing estimates of spending, setting spending
limits, and monitoring actual spending. The data must be provided at the times and in the
form specified by the commissioner of health.

(b) For purposes of estimating total health care spending as provided in section 62J.301,
subdivision 4, clause (c), all local governmental units shall provide expenditure data to the
commissioner. The commissioner shall consult with representatives of the affected local
government units in establishing definitions, reporting formats, and reporting time frames.
As much as possible, the data shall be collected in a manner that ensures that the data
collected is consistent with data collected from the private sector and minimizes the reporting
burden to local government.

new text begin (c) A state agency that purchases health care services, provides oversight over health
insurance rates, collects taxes imposed under section 295.52, or regulates health care entities
must provide to the commissioner nonpublic data the commissioner requests to satisfy
statutory duties under sections 62J.301 to 62J.461, 62J.84, 62J.87, 62U.01 to 62U.10, 144.70,
145D.01, and 145D.02, with respect to monitoring the health care market, including but not
limited to consolidation, transaction, corporate structure, utilization, quality, spending
growth, and prescription drug supply chains.
new text end

new text begin (d) The commissioner may request unique or custom data sets from a state agency in a
request under paragraph (c). The state agency may charge the commissioner a fee to provide
data sets under paragraph (c) at the same rate the state agency charges another public or
private entity for the same data.
new text end

new text begin (e) Data provided to the commissioner under paragraph (c) retains the data's original
classification under chapter 13. Data provided to the commissioner under paragraph (c)
may be included in public reports if the data are aggregated and deidentified.
new text end

Sec. 5.

Minnesota Statutes 2024, section 62K.07, subdivision 2, is amended to read:

Subd. 2.

Prescription drug costs.

(a) Each health carrier that offers a prescription drug
benefit in its individual health plans or small group health plans shall include in the applicable
rate filing required under section 62A.02 the following information about covered prescription
drugs:

(1) the 25 most frequently prescribed drugs in the previous plan year;

(2) the 25 most costly prescription drugs as a portion of the individual health plan's or
small group health plan's total annual expenditures in the previous plan year;

(3) the 25 prescription drugs that have caused the greatest increase in total individual
health plan or small group health plan spending in the previous plan year;

(4) the projected impact of the cost of prescription drugs on premium rates;

(5) if any health plan offered by the health carrier requires enrollees to pay cost-sharing
on any covered prescription drugs including deductibles, co-payments, or coinsurance in
an amount that is greater than the amount the enrollee's health plan would pay for the drug
absent the applicable enrollee cost-sharing and after accounting for any rebate amount; and

(6) if the health carrier prohibits third-party payments including manufacturer drug
discounts or coupons that cover all or a portion of an enrollee's cost-sharing requirements
including deductibles, co-payments, or coinsurance from applying toward the enrollee's
cost-sharing obligations under the enrollee's health plan.

(b) The commissioner of commerce new text begin must share reported data with the commissioner of
health and new text end , in consultation with the commissioner of health, shall release a summary of the
information reported in paragraph (a) at the same time as the information required under
section 62A.02, subdivision 2, paragraph (c).

Sec. 6.

Minnesota Statutes 2024, section 62M.09, subdivision 3, is amended to read:

Subd. 3.

Physician reviewer; adverse determinations.

(a) A physician must review
and make the adverse determination under section 62M.05 in all cases in which the utilization
review organization has concluded that an adverse determination for clinical reasons is
appropriate.

(b) The physician conducting the review and making the adverse determination must:

(1) hold a current, unrestricted license to practice medicine in this state; and

(2) have the same or similar medical specialty as a provider that typically treats or
manages the condition for which the health care service has been requested.

This paragraph does not apply to reviews conducted in connection with policies issued by
a health plan company that is assessed less than three percent of the total amount assessed
by the Minnesota Comprehensive Health Association.

(c) The physician should be reasonably available by telephone to discuss the determination
with the attending health care professional.

(d) Notwithstanding paragraph (a), a review of an adverse determination involving a
prescription drug must be conducted by a licensed pharmacist or physician who is competent
to evaluate the specific clinical issues presented in the review.

(e) This subdivision does not apply to outpatient mental health or substance abuse services
governed by subdivision 3a.

new text begin (f) A utilization review organization is prohibited from using any form of automated
processing alone without a clinician review by an appropriate health professional, as required
under this section, when making an adverse determination.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective January 1, 2027, and applies to health
plans offered, sold, issued, or renewed on or after that date.
new text end

Sec. 7.

Minnesota Statutes 2024, section 62Q.47, is amended to read:

62Q.47 ALCOHOLISM, MENTAL HEALTH, AND CHEMICAL DEPENDENCY
SERVICES.

(a) All health plans, as defined in section 62Q.01, that provide coverage for alcoholism,
mental health, or chemical dependency services, must comply with the requirements of this
section.

(b) Cost-sharing requirements and benefit or service limitations for outpatient mental
health and outpatient chemical dependency and alcoholism services, except for persons
seeking chemical dependency services under section 245G.05, must not place a greater
financial burden on the insured or enrollee, or be more restrictive than those requirements
and limitations for outpatient medical services.

(c) Cost-sharing requirements and benefit or service limitations for inpatient hospital
mental health services, psychiatric residential treatment facility services, and inpatient
hospital and residential chemical dependency and alcoholism services, except for persons
seeking chemical dependency services under section 245G.05, must not place a greater
financial burden on the insured or enrollee, or be more restrictive than those requirements
and limitations for inpatient hospital medical services.

(d) A health plan company must not impose an NQTL with respect to mental health and
substance use disorders in any classification of benefits unless, under the terms of the health
plan as written and in operation, any processes, strategies, evidentiary standards, or other
factors used in applying the NQTL to mental health and substance use disorders in the
classification are comparable to, and are applied no more stringently than, the processes,
strategies, evidentiary standards, or other factors used in applying the NQTL with respect
to medical and surgical benefits in the same classification.

(e) All health plans must meet the requirements of the federal Mental Health Parity Act
of 1996, Public Law 104-204; Paul Wellstone and Pete Domenici Mental Health Parity and
Addiction Equity Act of 2008; the Affordable Care Act; and any amendments to, and federal
guidance or regulations issued under, those acts.

(f) The commissioner may require information from health plan companies to confirm
that mental health parity is being implemented by the health plan company. Information
required may include comparisons between mental health and substance use disorder
treatment and other medical conditions, including a comparison of prior authorization
requirements, drug formulary design, claim denials, rehabilitation services, and other
information the commissioner deems appropriate.

(g) Regardless of the health care provider's professional license, if the service provided
is consistent with the provider's scope of practice and the health plan company's credentialing
and contracting provisions, mental health therapy visits and medication maintenance visits
shall be considered primary care visits for the purpose of applying any enrollee cost-sharing
requirements imposed under the enrollee's health plan.

(h) All health plan companies offering health plans that provide coverage for alcoholism,
mental health, or chemical dependency benefits shall provide reimbursement for the benefits
delivered through the psychiatric Collaborative Care Model, which must include the following
Current Procedural Terminology or Healthcare Common Procedure Coding System billing
codes:

(1) 99492;

(2) 99493;

(3) 99494;

(4) G2214; and

(5) G0512.

This paragraph does not apply to managed care plans or county-based purchasing plans
when the plan provides coverage to public health care program enrollees under chapter
256B or 256L.

(i) The commissioner of commerce shall update the list of codes in paragraph (h) if any
alterations or additions to the billing codes for the psychiatric Collaborative Care Model
are made.

(j) "Psychiatric Collaborative Care Model" means the evidence-based, integrated
behavioral health service delivery method described at Federal Register, volume 81, page
80230, which includes a formal collaborative arrangement among a primary care team
consisting of a primary care provider, a care manager, and a psychiatric consultant, and
includes but is not limited to the following elements:

(1) care directed by the primary care team;

(2) structured care management;

(3) regular assessments of clinical status using validated tools; and

(4) modification of treatment as appropriate.

(k) By June 1 of each year, beginning June 1, 2021, the commissioner of commerce, in
consultation with the commissioner of health, shall submit a report on compliance and
oversight to the chairs and ranking minority members of the legislative committees with
jurisdiction over health and commerce. The report must:

(1) describe the commissioner's process for reviewing health plan company compliance
with United States Code, title 42, section 18031(j), any federal regulations or guidance
relating to compliance and oversight, and compliance with this section and section 62Q.53;

(2) identify any enforcement actions taken by either commissioner during the preceding
12-month period regarding compliance with parity for mental health and substance use
disorders benefits under state and federal law, summarizing the results of any market conduct
examinations. The summary must include: (i) the number of formal enforcement actions
taken; (ii) the benefit classifications examined in each enforcement action; and (iii) the
subject matter of each enforcement action, including quantitative and nonquantitative
treatment limitations;

(3) detail any corrective action taken by either commissioner to ensure health plan
company compliance with this section, section 62Q.53, and United States Code, title 42,
section 18031(j); and

(4) describe the information provided by either commissioner to the public about
alcoholism, mental health, or chemical dependency parity protections under state and federal
law.

The report must be written in nontechnical, readily understandable language and must be
made available to the public by, among other means as the commissioners find appropriate,
posting the report on department websites. Individually identifiable information must be
excluded from the report, consistent with state and federal privacy protections.

new text begin (l) A health plan must reimburse all alcoholism, mental health, and chemical dependency
services provided by clinical trainees pursuant to section 245I.04, subdivision 6, at a rate
at least equal to 100 percent of the rate that would be paid to an independently licensed
mental health professional performing the same services. This paragraph does not apply if
the service provided by the clinical trainee is not:
new text end

new text begin (1) within the clinical trainee's scope of practice under section 245I.04, subdivision 7;
or
new text end

new text begin (2) a covered service if performed by an independently licensed mental health professional
at the same clinic.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective January 1, 2027, for health plans offered,
issued, sold, or renewed on or after that date.
new text end

Sec. 8.

Minnesota Statutes 2024, section 62U.04, subdivision 13, is amended to read:

Subd. 13.

Expanded access to and use of the all-payer claims data.

(a) The
commissioner or the commissioner's designee shall make the data submitted under
subdivisions 4, 5, 5a, and 5b, including data classified as private or nonpublic, available to new text begin :
(1) new text end individuals and organizations engaged in research on, or efforts to effect transformation
in, health care outcomes, access, quality, disparities, or spending, provided the use of the
data serves a public benefit new text begin ; and (2) the commissioner of commerce, subject to the data use
requirements under subdivision 11, paragraph (b), to perform health insurance oversight
duties new text end .

new text begin (b) new text end Data made available under this subdivision may not be used to:

(1) create an unfair market advantage for any participant in the health care market in
Minnesota, including health plan companies, payers, and providers;

(2) reidentify or attempt to reidentify an individual in the data; or

(3) publicly report contract details between a health plan company and provider and
derived from the data.

deleted text begin (b) deleted text end new text begin (c) new text end To implement deleted text begin paragraph deleted text end new text begin paragraphs new text end (a) new text begin and (b) new text end , the commissioner shall:

(1) establish detailed requirements for data access; a process for data users to apply to
access and use the data; legally enforceable data use agreements to which data users must
consent; a clear and robust oversight process for data access and use, including a data
management plan, that ensures compliance with state and federal data privacy laws;
agreements for state agencies and the University of Minnesota to ensure proper and efficient
use and security of data; and technical assistance for users of the data and for stakeholders;

(2) develop a fee schedule to support the cost of expanded access to and use of the data,
provided the fees charged under the schedule do not create a barrier to access or use for
those most affected by disparities; and

(3) create a research advisory group to advise the commissioner on applications for data
use under this subdivision, including an examination of the rigor of the research approach,
the technical capabilities of the proposed user, and the ability of the proposed user to
successfully safeguard the data.

Sec. 9.

Minnesota Statutes 2024, section 62W.06, is amended by adding a subdivision to
read:

new text begin Subd. 4. new text end

new text begin Data sharing. new text end

new text begin Notwithstanding subdivision 2, paragraph (d), the commissioner
must provide the data under subdivision 2, paragraph (a), to the commissioner of health.
The commissioner of health must maintain data received under this section in a manner
consistent with the data's classification under subdivision 2, paragraph (d).
new text end

Sec. 10.

Minnesota Statutes 2024, section 270B.14, subdivision 11, is amended to read:

Subd. 11.

Disclosure to commissioner of health.

(a) On the request of the commissioner
of health, the commissioner may disclose return information to the extent provided in
paragraph (b) and for the purposes provided in paragraph (c).

(b) Data that may be disclosed are limited to the taxpayer's identity, as defined in section
270B.01, subdivision 5.

(c) The commissioner of health may request data only for the purposes of carrying out
epidemiologic investigations, which includes conducting occupational health and safety
surveillance, and locating and notifying individuals exposed to health hazards as a result of
employment. Requests for data by the commissioner of health must be in writing and state
the purpose of the request. Data received may be used only for the purposes of section
144.0525.

new text begin (d) The commissioner may provide records and information collected under sections
295.50 to 295.59 to the commissioner of health to the extent provided for and for the purposes
described in section 62J.40.
new text end

Sec. 11. new text begin DIRECTION TO COMMISSIONER; CHAPTER 62J EVALUATION OF
HOME CARE NURSING SERVICES; LEGISLATIVE SOLUTIONS.
new text end

new text begin (a) The commissioner of commerce must evaluate 2026 S.F. No. 4502 in accordance
with the requirements for an evaluation of a mandated health benefit proposal under
Minnesota Statutes, section 62J.26. By January 15, 2027, the commissioner must submit a
written report on the evaluation to the chairs and ranking minority members of the legislative
committees with jurisdiction over health insurance policy and finance and health and human
services policy and finance. In addition to all analyses, impacts, data, and other information
required to be included in the evaluation under Minnesota Statutes, section 62J.26, the
commissioner must include an evaluation of the fiscal impacts on the medical assistance
program. The fiscal impacts on the medical assistance program must be determined in
consultation with the commissioner of human services.
new text end

new text begin (b) By January 15, 2027, the commissioner of commerce must provide the chairs and
ranking minority members of the legislative committees with jurisdiction over health
insurance policy and finance and health and human services finance and policy with proposals
for legislative action to support the needs of medically complex individuals and their families
utilizing home care nursing services. The commissioner must consult with the commissioner
of human services to develop the proposals. The proposals must:
new text end

new text begin (1) consider fiscal impacts on the state, impacted families, and health plan companies;
new text end

new text begin (2) prioritize affordable health care coverage for the complex medical needs of recipients
of home care nursing services; and
new text end

new text begin (3) include legislative language.
new text end

ARTICLE 4

REINSURANCE

Section 1.

Minnesota Statutes 2024, section 62E.23, subdivision 1, is amended to read:

Subdivision 1.

Administration of plan.

(a) The association is Minnesota's reinsurance
entity to administer the state-based reinsurance program referred to as the Minnesota premium
security plan.

(b) The association may apply for any available federal funding for the plan. All funds
received by or appropriated to the association shall be deposited in the premium security
plan account in section 62E.25, subdivision 1. The association shall notify the chairs and
ranking minority members of the legislative committees with jurisdiction over health and
human services and insurance within ten days of receiving any federal funds.

(c) The association must collect or access data from an eligible health carrier that are
necessary to determine reinsurance payments, according to the data requirements under
subdivision 5, paragraph (c).

(d) The board must not use any funds allocated to the plan for staff retreats, promotional
giveaways, excessive executive compensation, or promotion of federal or state legislative
or regulatory changes. new text begin This paragraph does not prohibit the association from providing
technical assistance or information regarding the association or the Minnesota premium
security plan.
new text end

(e) For each applicable benefit year, the association must notify eligible health carriers
of reinsurance payments to be made for the applicable benefit year no later than June 30 of
the year following the applicable benefit year.

(f) On a quarterly basis during the applicable benefit year, the association must provide
each eligible health carrier with the calculation of total reinsurance payment requests.

(g) By August 15 deleted text begin of the year following the applicable benefit year deleted text end new text begin , 2027, for benefit
year 2026 new text end , the association must disburse all applicable reinsurance payments to an eligible
health carrier. new text begin For benefit year 2027, the association must disburse applicable reinsurance
payments to an eligible health carrier no later than August 31, 2028.
new text end

new text begin (h) For benefit year 2027, the commissioner must transfer to the association the total
amount of money necessary for the association to pay all applicable reinsurance payments
to each eligible health carrier by August 15, 2028.
new text end

Sec. 2.

Minnesota Statutes 2025 Supplement, section 62E.23, subdivision 1a, is amended
to read:

Subd. 1a.

2028 assessment on group health carriers.

(a) An assessment is imposed in
calendar year 2028 on group health carriers operating under the Minnesota premium security
plan in benefit year 2027. This is a onetime assessment.

(b) By deleted text begin May 1 deleted text end new text begin April 15 new text end , 2028, the deleted text begin association deleted text end new text begin commissioner new text end must provide each group
health carrier with an estimate of the carrier's assessment under paragraph (a).

(c) By deleted text begin June 30 deleted text end new text begin July 3 new text end , 2028, the association must deleted text begin notify each group health carrier of the
carrier's assessment amount under paragraph (a). The association must determine deleted text end new text begin propose new text end
each carrier's assessment amount deleted text begin , in consultation with deleted text end new text begin to new text end the commissioner deleted text begin , deleted text end new text begin . Each carrier's
proposed assessment amount must be new text end based on the group health carrier's portion of the total
premiums for group health plans written in Minnesota for benefit year 2027. new text begin The
commissioner must approve the carrier's assessment amount by July 20. new text end The deleted text begin association
must establish the deleted text end new text begin final new text end assessment amount for each group health plan deleted text begin so deleted text end new text begin must ensure new text end that
the aggregate assessment amount collected from group health plans under this subdivision
equals the amount necessary for the appropriations and transfers under section 62E.25,
subdivision 1. new text begin By July 24, 2028, the association must notify each group health carrier of
the carrier's proposed assessment amount under paragraph (a).
new text end

(d) Subject to paragraph (e), each group health carrier must pay the assessment under
paragraph (a) to the deleted text begin association deleted text end new text begin commissioner new text end by August deleted text begin 1 deleted text end new text begin 7 new text end , 2028. new text begin The commissioner must
deposit assessment payments received under this paragraph in the premium security plan
account under section 62E.25. new text end A group health plan must pay the assessment in the manner
determined by the commissioner.

(e) A group health carrier may apply to the commissioner to defer all or part of the
assessment imposed under paragraph (a). The application must be submitted to the
commissioner by May deleted text begin 15 deleted text end new text begin 1 new text end , 2028. The commissioner may defer all or part of the assessment
if the commissioner determines the payment of the assessment places the group health
carrier in a financially impaired condition. The commissioner may deny an application for
deferral under this paragraph. No later than June deleted text begin 15 deleted text end new text begin 1 new text end , 2028, the commissioner must notify
the association and the group health carrier whether the assessment deferral is approved or
denied. If the commissioner approves the deferral request, the notice must include the amount
of and due date for the deferred portion of the assessment. If all or part of the assessment
is deferred, the association must include the amount deferred in the other group health
carriers' assessments in a proportionate manner consistent with this subdivision. deleted text begin The deleted text end new text begin A new text end
group health carrier that receives a deferral is liable to the deleted text begin association deleted text end new text begin commissioner new text end for the
amount deferred and is prohibited from receiving or becoming entitled to a reinsurance
payment under the Minnesota premium security plan until the group health carrier has paid
the deferred assessment.

(f) If the association deleted text begin determines deleted text end new text begin and commissioner determine new text end the assessment imposed
under paragraph (a) exceeds or is less than the amount necessary to operate and administer
the Minnesota premium security plan and issue reinsurance payments, the deleted text begin association deleted text end new text begin
commissioner new text end must require group health carriers to pay an additional amount deleted text begin or deleted text end new text begin to new text end the
deleted text begin association deleted text end new text begin premium security plan account created under section 62E.25 or the commissioner new text end
must issue a refund to the group health carriers new text begin out of the premium security plan account new text end .
The association new text begin and commissioner new text end must determine the accuracy of the assessment by deleted text begin May
30 deleted text end new text begin March 15 new text end , 2029.

deleted text begin (g) By August 15, 2028, the association must remit the assessments collected under this
subdivision to the commissioner for deposit in the premium security plan account created
under section 62E.25.
deleted text end

Sec. 3.

Minnesota Statutes 2025 Supplement, section 62E.23, subdivision 2, is amended
to read:

Subd. 2.

Payment parameters.

(a) The board must design and adjust the payment
parameters to ensure the payment parameters:

(1) will stabilize or reduce premium rates in the individual market;

(2) will increase participation in the individual market;

(3) will improve access to health care providers and services for those in the individual
market;

(4) mitigate the impact high-risk individuals have on premium rates in the individual
market;

(5) take into account any federal funding available for the plan;

(6) for benefit year 2027, take into account the assessment under subdivision 1a;

(7) ensure the premium security plan account created under section 62E.25, subdivision
1, has sufficient money to ensure MNsure's stable operation after taking into account the
Minnesota premium security plan's effect on MNsure's funding; and

(8) take into account the total amount available to fund the plan.

(b) The attachment point for the plan is the threshold amount for claims costs incurred
by an eligible health carrier for an enrolled individual's covered benefits in a benefit year,
beyond which the claims costs for benefits are eligible for reinsurance payments. The
attachment point shall be set by the board at $50,000 or more, but not exceeding the
reinsurance cap.

(c) The coinsurance rate for the plan is the rate at which the association will reimburse
an eligible health carrier for claims incurred for an enrolled individual's covered benefits
in a benefit year above the attachment point and below the reinsurance cap. The coinsurance
rate shall be set by the board at a rate between 50 and 80 percent.

(d) The reinsurance cap is the threshold amount for claims costs incurred by an eligible
health carrier for an enrolled individual's covered benefits, after which the claims costs for
benefits are no longer eligible for reinsurance payments. The reinsurance cap shall be set
by the board at $250,000 or less.

(e) The board may adjust the payment parameters to the extent necessary to secure
federal approval of the state innovation waiver request in Laws 2017, chapter 13, article 1,
section 8.

(f) For purposes of paragraph (a), clause (7), the deleted text begin association deleted text end new text begin commissioner new text end must consult
with the commissioner of management and budget and the board of directors of MNsure to
determine the amount of funding necessary to ensure MNsure's stable operation.

Sec. 4.

Minnesota Statutes 2025 Supplement, section 297I.20, subdivision 7, as amended
by Laws 2026, chapter 88, article 1, section 179, is amended to read:

Subd. 7.

Reinsurance credit.

Beginning with taxable years after December 31, 2028,
a taxpayer may claim a credit against the premiums tax imposed under this chapter equal
to the amount of the assessment paid by the taxpayer under section 62E.23 in the immediately
preceding calendar year. If the amount of the credit exceeds the liability for tax under this
chapter, the commissioner must refund the excess to the deleted text begin insurance company deleted text end new text begin taxpayer new text end . An
amount sufficient to pay the refunds under this subdivision is appropriated to the
commissioner from the general fund. The credit under this subdivision does not affect the
calculation of fire state aid under section 477B.03 and police state aid under section 477C.03.
The commissioner of commerce must annually provide to the commissioner a list of
assessments paid by taxpayers under section 62E.23 by March 1 of the calendar year
following the assessment.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after December
31, 2028.
new text end

ARTICLE 5

PRESCRIPTION DRUG AFFORDABILITY ADVISORY COUNCIL

Section 1.

Minnesota Statutes 2024, section 62J.89, subdivision 1, is amended to read:

Subdivision 1.

Definition.

For purposes of this section, "conflict of interest" means a
financial or personal association that has the potential to bias or have the appearance of
biasing a person's decisions in matters related to the board deleted text begin , the advisory council, deleted text end or in the
conduct of the board's deleted text begin or council's deleted text end activities. A conflict of interest includes any instance in
which a person, a person's immediate family member, including a spouse, parent, child, or
other legal dependent, or an in-law of any of the preceding individuals, has received or
could receive a direct or indirect financial benefit of any amount deriving from the result
or findings of a decision or determination of the board. For purposes of this section, a
financial benefit includes honoraria, fees, stock, the value of the member's, immediate family
member's, or in-law's stock holdings, and any direct financial benefit deriving from the
finding of a review conducted under sections 62J.85 to 62J.95. Ownership of securities is
not a conflict of interest if the securities are: (1) part of a diversified mutual or exchange
traded fund; or (2) in a tax-deferred or tax-exempt retirement account that is administered
by an independent trustee.

Sec. 2.

Minnesota Statutes 2024, section 62J.89, subdivision 2, is amended to read:

Subd. 2.

General.

(a) Prior to the acceptance of an appointment or employment, or prior
to entering into a contractual agreement, a board deleted text begin or advisory council deleted text end member, board staff
member, or third-party contractor must disclose to the appointing authority or the board
any conflicts of interest. The information disclosed must include the type, nature, and
magnitude of the interests involved.

(b) A board member, board staff member, or third-party contractor with a conflict of
interest with regard to any prescription drug product under review must recuse themselves
from any discussion, review, decision, or determination made by the board relating to the
prescription drug product.

(c) Any conflict of interest must be disclosed in advance of the first meeting after the
conflict is identified or within five days after the conflict is identified, whichever is earlier.

Sec. 3.

Minnesota Statutes 2024, section 62J.90, subdivision 2, is amended to read:

Subd. 2.

Identification of certain prescription drug products.

(a) The board deleted text begin , in
consultation with the advisory council, shall deleted text end new text begin must new text end identify selected prescription drug products
based on the following criteria:

(1) brand name drugs or biologics for which the WAC increases by more than 15 percent
or by more than $3,000 during any 12-month period or course of treatment if less than 12
months, after adjusting for changes in the consumer price index (CPI);

(2) brand name drugs or biologics with a WAC of $60,000 or more per calendar year
or per course of treatment;

(3) biosimilar drugs that have a WAC that is not at least 20 percent lower than the
referenced brand name biologic at the time the biosimilar is introduced; and

(4) generic drugs for which the WAC:

(i) is $100 or more, after adjusting for changes in the CPI, for:

(A) a 30-day supply;

(B) a course of treatment lasting less than 30 days; or

(C) one unit of the drug, if the labeling approved by the Food and Drug Administration
does not recommend a finite dosage; and

(ii) increased by 200 percent or more during the immediate preceding 12-month period,
as determined by the difference between the resulting WAC and the average WAC reported
over the preceding 12 months, after adjusting for changes in the CPI.

The board is not required to identify all prescription drug products that meet the criteria in
this paragraph.

(b) The board, in consultation with deleted text begin the advisory council and deleted text end the commissioner of health,
may identify prescription drug products not described in paragraph (a) that may impose
costs that create significant affordability challenges for the state health care system or for
patients, including but not limited to drugs to address public health emergencies.

(c) The board shall make available to the public the names and related price information
of the prescription drug products identified under this subdivision, with the exception of
information determined by the board to be proprietary under the standards developed by
the board under section 62J.91, subdivision 3, and information provided by the commissioner
of health classified as not public data under section 13.02, subdivision 8a, or as trade secret
information under section 13.37, subdivision 1, paragraph (b), or as trade secret information
under the Defend Trade Secrets Act of 2016, United States Code, title 18, section 1836, as
amended.

Sec. 4. new text begin REPEALER.
new text end

new text begin Minnesota Statutes 2024, sections 62J.86, subdivision 2; and 62J.88, new text end new text begin are repealed.
new text end

ARTICLE 6

UNCLAIMED PROPERTY

Section 1.

Minnesota Statutes 2024, section 345.31, is amended by adding a subdivision
to read:

new text begin Subd. 10. new text end

new text begin Virtual currency. new text end

new text begin "Virtual currency" means a digital representation of value
used as a medium of exchange, unit of account, or store of value that does not have legal
tender status recognized by the United States. Virtual currency does not include:
new text end

new text begin (1) software or protocols governing the transfer of the digital representation of value;
new text end

new text begin (2) game-related digital content; or
new text end

new text begin (3) a loyalty card or gift card.
new text end

Sec. 2.

new text begin [345.382] FUNDS HELD FOR THE PREPAYMENT OF
FUNERAL-RELATED EXPENSES.
new text end

new text begin Funds on deposit or held in trust for the prepayment of a funeral or other funeral-related
expenses are presumed abandoned at the earliest of:
new text end

new text begin (1) three years after the date of death of the beneficiary;
new text end

new text begin (2) one year after the date the beneficiary has attained, or would have attained if living,
the age of 105, if the holder does not know whether the beneficiary is deceased; or
new text end

new text begin (3) 30 years after the contract for prepayment was executed.
new text end

Sec. 3.

new text begin [345.383] EXEMPTION FOR CERTAIN PROPERTY HELD IN
TAX-DEFERRED ACCOUNTS.
new text end

new text begin Property held in a plan described in section 529 or 529A of the Internal Revenue Code,
as amended, are exempt from the requirements of sections 345.31 to 345.60.
new text end

Sec. 4.

new text begin [345.384] VIRTUAL CURRENCY.
new text end

new text begin (a) Virtual currency is presumed abandoned three years after the apparent owner's latest
indication of interest in the virtual currency.
new text end

new text begin (b) For purposes of this section, an indication of an apparent owner's interest in virtual
currency includes:
new text end

new text begin (1) a record communicated by the apparent owner to the holder or agent of the holder
concerning the property or the account in which the property is held;
new text end

new text begin (2) an oral communication by the apparent owner to the holder or agent of the holder
concerning the property or the account in which the property is held, if the holder or the
holder's agent contemporaneously makes and preserves a record of the fact of the apparent
owner's communication;
new text end

new text begin (3) a distribution, or evidence of receipt of a distribution made by electronic or similar
means; or
new text end

new text begin (4) activity directed by an apparent owner in the account in which the property is held,
including accessing the account or information concerning the account, or a direction by
the apparent owner to increase, decrease, or otherwise change the amount or type of virtual
currency held in the account.
new text end

new text begin (c) An action by an agent or other representative of an apparent owner, other than the
holder acting as the apparent owner's agent, is presumed to be an action on behalf of the
apparent owner.
new text end

new text begin (d) A communication with an apparent owner by a person other than the holder or the
holder's representative is not an indication of interest in the property by the apparent owner
unless a record of the communication evidences the apparent owner's knowledge of a right
to the property.
new text end

Sec. 5.

Minnesota Statutes 2024, section 345.43, is amended by adding a subdivision to
read:

new text begin Subd. 2b. new text end

new text begin Virtual currency. new text end

new text begin (a) If property reported to the commissioner is virtual
currency, the holder must liquidate the virtual currency and remit the proceeds to the
commissioner.
new text end

new text begin (b) The liquidation must occur anytime within 30 days before filing the report under
section 345.41. The owner does not have recourse against the holder or the commissioner
to recover any gain in value that occurs after the liquidation of the virtual currency under
this subdivision.
new text end

new text begin (c) If a holder cannot liquidate virtual currency and cannot otherwise cause virtual
currency to be liquidated, the holder must promptly notify the commissioner in writing and
explain the reasons why the virtual currency cannot be liquidated. The commissioner has
absolute and sole discretion to direct the holder to:
new text end

new text begin (1) transfer the virtual currency that cannot be liquidated to a custodian selected by the
commissioner; or
new text end

new text begin (2) continue to hold the virtual currency until the commissioner or the holder determines
that the virtual currency can be liquidated pursuant to this chapter.
new text end

ARTICLE 7

TECHNICAL AND MISCELLANEOUS CHANGES

Section 1.

Minnesota Statutes 2025 Supplement, section 41A.09, subdivision 2a, is amended
to read:

Subd. 2a.

Definitions.

For the purposes of this section, the terms defined in this
subdivision have the meanings given them.

(a) "Ethanol" means fermentation ethyl alcohol derived from agricultural products,
including potatoes, cereal grains, cheese whey, and sugar beets; forest products; or other
renewable resources, including residue and waste generated from the production, processing,
and marketing of agricultural products, forest products, and other renewable resources, that:

(1) meets all of the specifications in ASTM specification deleted text begin D4806-21a deleted text end new text begin D4806 new text end ; and

(2) is denatured as specified in Code of Federal Regulations, title 27, parts 20 and 21.

(b) "Ethanol plant" means a plant at which ethanol is produced.

(c) "Commissioner" means the commissioner of agriculture.

(d) "Rural economic infrastructure" means the development of activities that will enhance
the value of agricultural crop or livestock commodities or by-products or waste from farming
operations through new and improved value-added conversion processes and technologies,
the development of more timely and efficient infrastructure delivery systems, and the
enhancement of marketing opportunities. "Rural economic infrastructure" also means land,
buildings, structures, fixtures, and improvements located or to be located in Minnesota and
used or operated primarily for the processing or the support of production of marketable
products from agricultural commodities or wind energy produced in Minnesota.

Sec. 2.

Minnesota Statutes 2024, section 46.044, subdivision 1, is amended to read:

Subdivision 1.

Issuance and conditions.

An application for a bank charter must be
granted if (1) the applicants are of good moral character and financial integrity, (2) there is
a reasonable public demand for this bank in this location, (3) the probable volume of business
in this location is sufficient to deleted text begin insure deleted text end new text begin ensure new text end and maintain the solvency of the new bank and
the solvency of the then existing bank or banks in the locality without endangering the safety
of any bank in the locality as a place of deposit of public and private money, (4) the
commissioner of commerce is satisfied that the proposed bank will be properly and safely
managed, and (5) the commissioner is satisfied that the capital funds required pursuant to
section 48.02 are available and the commissioner may accept any reasonable demonstration
including subscription agreements supported by current financial statements. If the application
does not satisfy the requirements of this subdivision, it must be denied. In case of the denial
of the application, the commissioner of commerce shall specify the grounds for the denial.
A person aggrieved may obtain judicial review of the determination in accordance with
chapter 14.

Sec. 3.

Minnesota Statutes 2024, section 48.195, is amended to read:

48.195 INTEREST RATES; USURY LIMIT FOR DEPOSITORY INSTITUTIONS.

Notwithstanding any law to the contrary, a bank, savings bank, savings association, or
credit union organized under the laws of this state, or a national bank or federally chartered
savings bank, savings association, or credit union, doing business in this state, may charge
on any loan or discount made or upon any note, bill or other evidence of debt, except an
extension of credit made pursuant to section 48.185, interest at a rate of not more than 4-1/2
percent in excess of the discount rate, including any surcharge thereon, on 90-day commercial
paper in effect at the new text begin Board of Governors of the new text end Federal Reserve deleted text begin Bank located in the Ninth
Federal Reserve District deleted text end new text begin System new text end .

Sec. 4.

Minnesota Statutes 2024, section 49.37, is amended to read:

49.37 STOCKHOLDERS TO APPROVE; CERTIFICATE OF CONSOLIDATION
OR MERGER.

new text begin (a) new text end Either before or after the consolidation or merger agreement has been approved by
the commissioner of commerce, it must be submitted to the stockholders of each corporation
at a meeting thereof called, and it does not become binding upon the corporation until it has
been approved at each of the meetings required by this section by the vote or ballot of the
stockholders, holding at least a majority of the amount of stock of the respective corporations,
or a higher percentage as may be required by the certificate of incorporation of the
corporations. Proof of the holding of these meetings and the results thereof must be submitted
to the commissioner of commerce.

new text begin (b) new text end After the agreement called for by sections 49.33 to 49.41 has been approved by the
stockholders of the respective corporations and by the commissioner of commerce, the deleted text begin latter
shall deleted text end new text begin commissioner of commerce must new text end issue a certificate reciting that the corporations have
complied with the provisions of sections 49.34 to 49.41 and declaring the consolidation or
merger of these corporations and the name of the consolidated or surviving corporation, the
amount of capital stock thereof, the names of the first board of directors, and the place of
business of the consolidated or surviving corporation, which must be within the city where
any of the constituent corporations have been previously authorized to have their places of
business.

new text begin (c) new text end Upon the issuing of this certificate deleted text begin and the filing of it for record in the Office of the
Secretary of State deleted text end , the incorporation is deemed to be complete in the case of the consolidation,
and the assets of the constituent corporations merged into the survivor in the case of a
merger, and the consolidated or surviving corporation shall, from the date of this certificate,
have the term of corporate existence as may be specified in it, not exceeding the longest
unexpired term of any constituent corporation. The certificate of the commissioner of
commerce is prima facie evidence that all of the provisions of sections 49.34 to 49.41 have
been complied with, and is conclusive evidence of the existence of the consolidated or
surviving corporation.

Sec. 5.

Minnesota Statutes 2024, section 58B.051, is amended to read:

58B.051 REGISTRATION FOR LENDERS.

(a) Beginning January 1, 2025, a lender must register with the commissioner as a lender
before providing services in Minnesota. A lender must not offer or make a student loan to
a resident of Minnesota without first registering with the commissioner as provided in this
section.

(b) A registration application must include:

(1) the lender's name;

(2) the lender's address;

(3) the names of all officers, directors, owners, or other persons in control of an applicant,
as defined in section 58B.02, subdivision 6; and

(4) any other information the commissioner requires deleted text begin by rule deleted text end .

(c) Registration issued or renewed expires December 31 of each year. A lender must
renew the lender's registration on an annual basis.

(d) The commissioner may adopt and enforce:

(1) registration procedures for lenders, which may include using the Nationwide
Multistate Licensing System and Registry;

(2) nonrefundable registration fees for lenders, which may include fees for using the
Nationwide Multistate Licensing System and Registry, to be paid directly by the lender;

(3) procedures and nonrefundable fees to renew a lender's registration, which may include
fees for the renewed use of Nationwide Multistate Licensing System and Registry, to be
paid directly by the lender; and

(4) alternate registration procedures and nonrefundable fees for postsecondary education
institutions that offer student loans.

Sec. 6.

Minnesota Statutes 2024, section 60A.13, subdivision 1, is amended to read:

Subdivision 1.

Annual statements required.

Every insurance company, including
fraternal benefit societies, and reciprocal exchanges, doing business in this state, shall file
with the commissioner deleted text begin , annually, on or before March 1, deleted text end the appropriate verified National
Association of Insurance Commissioners' annual statement blank deleted text begin , deleted text end new text begin on or before April 30 for
all lines of insurance except health, which must be filed on or before May 31. The National
Association of Insurance Commissioners' annual statement blank must be new text end prepared in
accordance with the association's instructions handbook and following those accounting
procedures and practices prescribed by the association's accounting practices and procedures
manual, unless the commissioner requires or finds another method of valuation reasonable
under the circumstances. Another method of valuation permitted by the commissioner must
be at least as conservative as those prescribed in the association's manual. All companies
required to file an annual statement under this subdivision may also be required to file with
the commissioner and the National Association of Insurance Commissioners a copy of their
annual statement in an electronic form prescribed by the commissioner. All Minnesota
domestic insurers required to file annual statements under this subdivision must also file
quarterly statements with the commissioner for the first, second, and third calendar quarter
on or before 45 days after the end of the applicable quarter, prepared in accordance with
the association's instruction handbook. All companies required to file quarterly statements
under this subdivision may also be required to file the quarterly statements with the
commissioner and the National Association of Insurance Commissioners in an electronic
form prescribed by the commissioner. In addition, the commissioner may require the filing
of any other information determined to be reasonably necessary for the continual enforcement
of these laws. The statement may be limited to the insurer's business and condition in the
United States unless the commissioner finds that the business conducted outside the United
States may detrimentally affect the interests of policyholders in this state. The statements
shall also contain a verified schedule showing all details required by law for assessment
and taxation. The statement or schedules shall be in the form and shall contain all matters
the commissioner may prescribe, and it may be varied as to different types of insurers so
as to elicit a true exhibit of the condition of each insurer.

Sec. 7.

Minnesota Statutes 2024, section 60A.13, subdivision 6, is amended to read:

Subd. 6.

Company or agent cannot continue business unless statement is filed.

deleted text begin No deleted text end new text begin
A new text end company deleted text begin shall transact deleted text end new text begin is prohibited from transacting new text end any new business in this state after
deleted text begin May deleted text end new text begin August new text end 31 in any year unless deleted text begin it shall have deleted text end new text begin the company new text end previously transmitted its
annual statement to the commissioner and filed a copy of its statement with the National
Association of Insurance Commissioners. The commissioner may by order annually require
that each insurer pay the required fee to the National Association of Insurance Commissioners
for the filing of annual statements, but the fee shall not be more than 50 percent greater than
the fee set by the National Association of Insurance Commissioners. Failure to file the
annual statement with the commissioner or the National Association of Insurance
Commissioners is a violation of section 72A.061, subdivision 1. The fee shall be based on
the relative premium volume of each insurer.

Sec. 8.

Minnesota Statutes 2024, section 72A.061, subdivision 5, is amended to read:

Subd. 5.

Extensions.

The commissioner may grant an extension of any filing deadline
or requirement specified by this section deleted text begin , on receiving, not less than ten days deleted text end new text begin if the
commissioner receives a written request for an extension from the company new text end before the date
of default deleted text begin , satisfactory evidence of imminent hardship to the company deleted text end .

Sec. 9.

Minnesota Statutes 2025 Supplement, section 239.761, subdivision 3, is amended
to read:

Subd. 3.

Gasoline.

(a) Gasoline that is not blended with biofuel must not be contaminated
with water or other impurities and must comply with ASTM specification deleted text begin D4814-24a deleted text end new text begin D4814 new text end .
Gasoline that is not blended with biofuel must also comply with the volatility requirements
in Code of Federal Regulations, title 40, part 1090.

(b) After gasoline is sold, transferred, or otherwise removed from a refinery or terminal,
a person responsible for the product:

(1) may blend the gasoline with agriculturally derived ethanol as provided in subdivision
4;

(2) shall not blend the gasoline with any oxygenate other than biofuel;

(3) shall not blend the gasoline with other petroleum products that are not gasoline or
biofuel;

(4) shall not blend the gasoline with products commonly and commercially known as
casinghead gasoline, absorption gasoline, condensation gasoline, drip gasoline, or natural
gasoline; and

(5) may blend the gasoline with a detergent additive, an antiknock additive, or an additive
designed to replace tetra-ethyl lead, that is registered by the EPA.

Sec. 10.

Minnesota Statutes 2025 Supplement, section 239.761, subdivision 4, is amended
to read:

Subd. 4.

Gasoline blended with ethanol; general.

(a) Gasoline may be blended with
agriculturally derived, denatured ethanol that complies with the requirements of subdivision
5.

(b) A gasoline-ethanol blend must:

(1) comply with the volatility requirements in Code of Federal Regulations, title 40, part
1090;

(2) comply with ASTM specification deleted text begin D4814-24a deleted text end new text begin D4814 new text end , or the gasoline base stock from
which a gasoline-ethanol blend was produced must comply with ASTM specification
deleted text begin D4814-24a deleted text end new text begin D4814 new text end ; and

(3) not be blended with casinghead gasoline, absorption gasoline, condensation gasoline,
drip gasoline, or natural gasoline after the gasoline-ethanol blend has been sold, transferred,
or otherwise removed from a refinery or terminal.

Sec. 11.

Minnesota Statutes 2025 Supplement, section 239.761, subdivision 5, is amended
to read:

Subd. 5.

Denatured ethanol.

Denatured ethanol that is to be blended with gasoline must
be agriculturally derived and must comply with ASTM specification deleted text begin D4806-21a deleted text end new text begin D4806 new text end .
This includes the requirement that ethanol may be denatured only as specified in Code of
Federal Regulations, title 27, parts 20 and 21.

Sec. 12.

Minnesota Statutes 2025 Supplement, section 239.761, subdivision 6, is amended
to read:

Subd. 6.

Gasoline blended with nonethanol oxygenate.

(a) A person responsible for
the product shall comply with the following requirements:

(1) after July 1, 2000, gasoline containing in excess of one-third of one percent, in total,
of nonethanol oxygenates listed in paragraph (b) must not be sold or offered for sale at any
time in this state; and

(2) after July 1, 2005, gasoline containing any of the nonethanol oxygenates listed in
paragraph (b) must not be sold or offered for sale in this state.

(b) The oxygenates prohibited under paragraph (a) are:

(1) methyl tertiary butyl ether, as defined in section 296A.01, subdivision 34;

(2) ethyl tertiary butyl ether, as defined in section 296A.01, subdivision 18; or

(3) tertiary amyl methyl ether.

(c) Gasoline that is blended with a nonethanol oxygenate must comply with ASTM
specification deleted text begin D4814-24a deleted text end new text begin D4814 new text end . Nonethanol oxygenates must not be blended into gasoline
after the gasoline has been sold, transferred, or otherwise removed from a refinery or terminal.

Sec. 13.

Minnesota Statutes 2024, section 239.761, subdivision 7, is amended to read:

Subd. 7.

Heating fuel oil.

Heating fuel oil must comply with ASTM specification
deleted text begin D396-12 deleted text end new text begin D396 new text end .

Sec. 14.

Minnesota Statutes 2024, section 239.761, subdivision 8, is amended to read:

Subd. 8.

Diesel fuel oil.

(a) When diesel fuel oil is not blended with biodiesel, it must
comply with ASTM specification deleted text begin D975-12a deleted text end new text begin D975 new text end .

(b) When diesel fuel oil is a blend of up to five volume percent biodiesel, the diesel
component must comply with ASTM specification deleted text begin D975-12a deleted text end new text begin D975 new text end and the biodiesel
component must comply with ASTM specification deleted text begin D6751-11b deleted text end new text begin D6751 new text end .

Sec. 15.

Minnesota Statutes 2024, section 239.761, subdivision 9, is amended to read:

Subd. 9.

Kerosene.

Kerosene must comply with ASTM specification deleted text begin D3699-08 deleted text end new text begin D3699 new text end .

Sec. 16.

Minnesota Statutes 2024, section 239.761, subdivision 10, is amended to read:

Subd. 10.

Aviation gasoline.

Aviation gasoline must comply with ASTM specification
deleted text begin D910-11 deleted text end new text begin D910 new text end .

Sec. 17.

Minnesota Statutes 2024, section 239.761, subdivision 11, is amended to read:

Subd. 11.

Aviation turbine fuel, jet fuel.

Aviation turbine fuel and jet fuel must comply
with ASTM specification deleted text begin D1655-12 deleted text end new text begin D1655 new text end .

Sec. 18.

Minnesota Statutes 2024, section 239.761, subdivision 12, is amended to read:

Subd. 12.

Gas turbine fuel oil.

Fuel oil for use in nonaviation gas turbine engines must
comply with ASTM specification deleted text begin D2880-03 deleted text end new text begin D2880 new text end .

Sec. 19.

Minnesota Statutes 2024, section 239.761, subdivision 13, is amended to read:

Subd. 13.

E85.

A blend of ethanol and gasoline, containing not more than 85 percent
ethanol, produced for use as a motor fuel in alternative fuel vehicles as defined in section
296A.01, subdivision 5, must comply with ASTM specification deleted text begin D5798-11 deleted text end new text begin D5798 new text end .

Sec. 20.

Minnesota Statutes 2024, section 239.761, subdivision 14, is amended to read:

Subd. 14.

M85.

A blend of methanol and gasoline, containing at least 70 percent methanol
and not more than 85 percent methanol, produced for use as a motor fuel in alternative fuel
vehicles as defined in section 296A.01, subdivision 5, must comply with ASTM specification
deleted text begin D5797-07 deleted text end new text begin D5797 new text end .

Sec. 21.

Minnesota Statutes 2024, section 239.761, subdivision 16, is amended to read:

Subd. 16.

Biodiesel fuel definition.

"Biodiesel fuel" means a renewable, biodegradable,
mono alkyl ester combustible liquid that is derived from agricultural plant oils or animal
fats and that meets American Society for Testing and Materials (ASTM) specification
deleted text begin D6751-11b deleted text end new text begin D6751 new text end for Biodiesel Fuel (B100) Blend Stock for Distillate Fuels.

Sec. 22.

Minnesota Statutes 2024, section 239.761, subdivision 17, is amended to read:

Subd. 17.

Grade 82 unleaded aviation gasoline.

Grade 82 unleaded aviation gasoline
must comply with ASTM specification deleted text begin D6227-12 deleted text end new text begin D6227 new text end .

Sec. 23.

Minnesota Statutes 2024, section 239.77, subdivision 1, is amended to read:

Subdivision 1.

Biodiesel blend and fuel.

(a) "Biodiesel blend" is a blend of diesel fuel
and biodiesel fuel between six percent and 20 percent for on-road and off-road diesel-fueled
vehicle use. Biodiesel blend must comply with ASTM specification deleted text begin D7467-10 deleted text end new text begin D7467 new text end .

(b) "Biodiesel fuel" means a renewable, biodegradable, mono alkyl ester combustible
liquid fuel that is derived from agricultural and other plant oils or animal fats and that meets
American Society for Testing and Materials specification deleted text begin D6751-11b deleted text end new text begin D6751 new text end for Biodiesel
Fuel (B100) Blend Stock for Distillate Fuels.

(c) Biodiesel produced from palm oil is not biodiesel fuel for the purposes of this section,
unless the palm oil is contained within waste oil and grease collected within the United
States or Canada.

Sec. 24.

Minnesota Statutes 2024, section 296A.01, subdivision 7, is amended to read:

Subd. 7.

Aviation gasoline.

"Aviation gasoline" means any gasoline that is used to
produce or generate power for propelling internal combustion engine aircraft.

Aviation gasoline includes any gasoline:

(1) is invoiced and billed by a producer, manufacturer, refiner, or blender to a distributor
or dealer, by a distributor to a dealer or consumer, or by a dealer to consumer, as "aviation
gasoline" that meets specifications in ASTM specification deleted text begin D910-16 deleted text end new text begin D910 new text end or any other
ASTM specification as gasoline appropriate for use in producing or generating power for
propelling internal combustion engine aircraft; or

(2) sold to a dealer of aviation gasoline for dispensing directly into the fuel tank of an
aircraft.

Sec. 25.

Minnesota Statutes 2024, section 296A.01, subdivision 8, is amended to read:

Subd. 8.

Aviation turbine fuel and jet fuel.

"Aviation turbine fuel" and "jet fuel" mean
blends of hydrocarbons derived from crude petroleum, natural gasoline, and synthetic
hydrocarbons, intended for use in aviation turbine engines, and that meet the specifications
in ASTM specification deleted text begin D1655-12 deleted text end new text begin D1655 new text end .

Sec. 26.

Minnesota Statutes 2024, section 296A.01, subdivision 14, is amended to read:

Subd. 14.

Diesel fuel oil.

"Diesel fuel oil" means a petroleum distillate or blend of
petroleum distillate and residual fuels that is intended for use as a motor fuel in internal
combustion diesel engines and that meets ASTM specification deleted text begin D975-11b deleted text end new text begin D975 new text end .

Sec. 27.

Minnesota Statutes 2024, section 296A.01, subdivision 19, is amended to read:

Subd. 19.

E85.

"E85" means a petroleum product that is a blend of agriculturally derived
denatured ethanol and gasoline or natural gasoline that contains not more than 85 percent
ethanol by volume, but at a minimum must contain greater than 50 percent ethanol by
volume. For the purposes of this chapter, the energy content of E85 will be considered to
be 82,000 BTUs per gallon. E85 produced for use as a motor fuel in alternative fuel vehicles
as defined in subdivision 5 must comply with ASTM specification deleted text begin D5798-11 deleted text end new text begin D5798 new text end .

Sec. 28.

Minnesota Statutes 2025 Supplement, section 296A.01, subdivision 20, is amended
to read:

Subd. 20.

Ethanol, denatured.

"Ethanol, denatured" means ethanol that is to be blended
with gasoline, has been agriculturally derived, and complies with ASTM specification
deleted text begin D4806-21a deleted text end new text begin D4806 new text end . This includes the requirement that ethanol may be denatured only as
specified in Code of Federal Regulations, title 27, parts 20 and 21.

Sec. 29.

Minnesota Statutes 2024, section 296A.01, subdivision 22, is amended to read:

Subd. 22.

Gas turbine fuel oil.

"Gas turbine fuel oil" means fuel that contains mixtures
of hydrocarbon oils free of inorganic acid and excessive amounts of solid or fibrous foreign
matter, intended for use in nonaviation gas turbine engines, and that meets the specifications
in ASTM specification deleted text begin D2880-03 deleted text end new text begin D2880 new text end .

Sec. 30.

Minnesota Statutes 2025 Supplement, section 296A.01, subdivision 23, is amended
to read:

Subd. 23.

Gasoline.

(a) "Gasoline" means:

(1) all products commonly or commercially known or sold as gasoline regardless of
their classification or uses, except casinghead gasoline, absorption gasoline, condensation
gasoline, drip gasoline, or natural gasoline that under the requirements of section 239.761,
subdivision 3, must not be blended with gasoline that has been sold, transferred, or otherwise
removed from a refinery or terminal; and

(2) any liquid prepared, advertised, offered for sale or sold for use as, or commonly and
commercially used as, a fuel in spark-ignition, internal combustion engines, and that when
tested by the Weights and Measures Division meets the specifications in ASTM specification
deleted text begin D4814-24a deleted text end new text begin D4814 new text end .

(b) Gasoline that is not blended with ethanol must not be contaminated with water or
other impurities and must comply with both ASTM specification deleted text begin D4814-24a deleted text end new text begin D4814 new text end and
the volatility requirements in Code of Federal Regulations, title 40, part 1090.

(c) After gasoline is sold, transferred, or otherwise removed from a refinery or terminal,
a person responsible for the product:

(1) may blend the gasoline with agriculturally derived ethanol, as provided in subdivision
24;

(2) must not blend the gasoline with any oxygenate other than denatured, agriculturally
derived ethanol;

(3) must not blend the gasoline with other petroleum products that are not gasoline or
denatured, agriculturally derived ethanol;

(4) must not blend the gasoline with products commonly and commercially known as
casinghead gasoline, absorption gasoline, condensation gasoline, drip gasoline, or natural
gasoline; and

(5) may blend the gasoline with a detergent additive, an antiknock additive, or an additive
designed to replace tetra-ethyl lead, that is registered by the EPA.

Sec. 31.

Minnesota Statutes 2025 Supplement, section 296A.01, subdivision 24, is amended
to read:

Subd. 24.

Gasoline blended with nonethanol oxygenate.

"Gasoline blended with
nonethanol oxygenate" means gasoline blended with ETBE, MTBE, or other alcohol or
ether, except denatured ethanol, that is approved as an oxygenate by the EPA, and that
complies with ASTM specification deleted text begin D4814-24a deleted text end new text begin D4814 new text end . Oxygenates, other than denatured
ethanol, must not be blended into gasoline after the gasoline has been sold, transferred, or
otherwise removed from a refinery or terminal.

Sec. 32.

Minnesota Statutes 2024, section 296A.01, subdivision 26, is amended to read:

Subd. 26.

Heating fuel oil.

"Heating fuel oil" means a petroleum distillate, blend of
petroleum distillates and residuals, or petroleum residual heating fuel that meets the
specifications in ASTM specification deleted text begin D396-12 deleted text end new text begin D396 new text end .

Sec. 33.

Minnesota Statutes 2024, section 296A.01, subdivision 28, is amended to read:

Subd. 28.

Kerosene.

"Kerosene" means a refined petroleum distillate consisting of a
homogeneous mixture of hydrocarbons essentially free of water, inorganic acidic and basic
compounds, and excessive amounts of particulate contaminants and that meets the
specifications in ASTM specification deleted text begin D3699-08 deleted text end new text begin D3699 new text end .

Sec. 34.

Minnesota Statutes 2024, section 296A.01, subdivision 35, is amended to read:

Subd. 35.

M85.

"M85" means a petroleum product that is a liquid fuel blend of methanol
and gasoline that contains at least 70 percent methanol and not more than 85 percent methanol
by volume. For the purposes of this chapter, the energy content of M85 will be considered
to be 65,000 BTUs per gallon. M85 produced for use as a motor fuel in alternative fuel
vehicles, as defined in subdivision 5, must comply with ASTM specification deleted text begin D5797-07 deleted text end new text begin
D5797 new text end .

Sec. 35.

Minnesota Statutes 2024, section 349.211, subdivision 2b, is amended to read:

Subd. 2b.

Paddlewheel prizes.

new text begin (a) new text end The maximum cash prize deleted text begin which deleted text end new text begin that new text end may be awarded
for a paddle ticket is $70. new text begin The maximum value of a merchandise prize that may be awarded
for a paddle ticket must not exceed a fair market value of $200. new text end An organization may not
sell any paddle ticket for more than deleted text begin $2 deleted text end new text begin $5 new text end .

new text begin (b) "Merchandise prize" does not include gift cards that can be redeemed for cash.
new text end

Sec. 36.

Minnesota Statutes 2024, section 609.761, subdivision 3, is amended to read:

Subd. 3.

Social skill game.

Sections 609.755 and 609.76 do not prohibit tournaments
or contests that satisfy all of the following requirements:

(1) the tournament or contest consists of the card games of chance commonly known as
cribbage, skat, sheepshead, bridge, euchre, new text begin hasenpfeffer, new text end pinochle, gin, 500, smear, Texas
hold'em, or whist;

(2) the tournament or contest does not provide any direct financial benefit to the promoter
or organizer;

(3) the value of all prizes awarded for each tournament or contest does not exceed $200;
and

(4) for a tournament or contest involving Texas hold'em:

(i) no person under 18 years of age may participate;

(ii) the payment of an entry fee or other consideration for participating is prohibited;

(iii) the value of all prizes awarded to an individual winner of a tournament or contest
at a single location may not exceed $200 each day; and

(iv) the organizer or promoter must ensure that reasonable accommodations are made
for players with disabilities. Accommodations to the table and the cards shall include the
announcement of the cards visible to the entire table and the use of Braille cards for players
who are blind.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end

Sec. 37. new text begin REPEALER.
new text end

new text begin Minnesota Statutes 2024, section 48.158, new text end new text begin is repealed.
new text end

APPENDIX

Repealed Minnesota Statutes: H4188-3

48.158 SETTLEMENT OF CHECKS AT LESS THAN PAR.

No bank or trust company organized under the laws of this state shall settle any check drawn on it otherwise than at par. The provisions of this section shall not apply with respect to the settlement of a check sent to such bank or trust company as a special collection item. This section is in effect on and after November 1, 1968.

56.08 ANNUAL LICENSE FEE.

Every licensee shall, on or before the 20th day of each December, pay to the commissioner the sum of $150 as an annual license fee for the next succeeding calendar year.

62J.86 DEFINITIONS.

Subd. 2.

Advisory council.

"Advisory council" means the Prescription Drug Affordability Advisory Council established under section 62J.88.

62J.88 PRESCRIPTION DRUG AFFORDABILITY ADVISORY COUNCIL.

Subdivision 1.

Establishment.

The governor shall appoint a 18-member stakeholder advisory council to provide advice to the board on drug cost issues and to represent stakeholders' views. The governor shall appoint the members of the advisory council based on the members' knowledge and demonstrated expertise in one or more of the following areas: the pharmaceutical business; practice of medicine; patient perspectives; health care cost trends and drivers; clinical and health services research; and the health care marketplace.

Subd. 2.

Membership.

The council's membership shall consist of the following:

(1) two members representing patients and health care consumers;

(2) two members representing health care providers;

(3) one member representing health plan companies;

(4) two members representing employers, with one member representing large employers and one member representing small employers;

(5) one member representing government employee benefit plans;

(6) one member representing pharmaceutical manufacturers;

(7) one member who is a health services clinical researcher;

(8) one member who is a pharmacologist;

(9) one member representing the commissioner of health with expertise in health economics;

(10) one member representing pharmaceutical wholesalers;

(11) one member representing pharmacy benefit managers;

(12) one member from the Rare Disease Advisory Council;

(13) one member representing generic drug manufacturers;

(14) one member representing pharmaceutical distributors; and

(15) one member who is an oncologist who is not employed by, under contract with, or otherwise affiliated with a hospital.

Subd. 3.

Terms.

(a) The initial appointments to the advisory council must be made by January 1, 2024. The initial appointed advisory council members shall serve staggered terms of two, three, or four years, determined by lot by the secretary of state. Following the initial appointments, the advisory council members shall serve four-year terms.

(b) Removal and vacancies of advisory council members shall be governed by section 15.059.

Subd. 4.

Compensation.

Advisory council members may be compensated according to section 15.059, except that those advisory council members designated in subdivision 2, clauses (10) to (15), must not be compensated.

Subd. 5.

Meetings.

Meetings of the advisory council are subject to chapter 13D. The advisory council shall meet publicly at least every three months to advise the board on drug cost issues related to the prescription drug product information submitted to the board under section 62J.90.

Subd. 6.

Exemption.

Notwithstanding section 15.059, the advisory council shall not expire.

332A.02 DEFINITIONS.

Subd. 2.

Accreditation.

"Accreditation" means certification as an accredited credit counseling provider by the Council on Accreditation, the Bureau Veritas Certification North America, Inc., or BSI Management Systems America, Inc.

332B.02 DEFINITIONS.

Subd. 2.

Accreditation.

"Accreditation" means certification as an accredited credit counseling provider by the Council on Accreditation, the Bureau Veritas Certification North America, Inc., or BSI Management Systems America, Inc.