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S.F. No. 2078 - Commerce Appropriations
 
Author: Senator Gary H. Dahms
 
Prepared By: Christopher B. Stang, Senate Counsel (651/296-0539)
 
Date: March 23, 2017



 

Article 1

Section 1 states that all appropriations in this article are from the general fund unless otherwise specified.

Section 2, subdivision 1, contains the total appropriation for the DOC accounts funded by this bill by fund.

Subdivision 2 appropriates $4,885,000 in each year of the 2018-19 biennium for financial institutions regulation. $4,465,0000 in each year is from the newly established financial institutions account created in article 2, section 3, of the bill.

Subdivision 3 appropriates $7,386,000 in each year of the 2018-19 biennium for administrative services.

Subdivision 4 appropriates $4,901,000 in each year of the 2018-19 biennium from the general fund and $198,000 in each year from the workers’ compensation fund for enforcement activities.

Subdivision 5 appropriates $4,416,000 in each year of the 2018-19 biennium from the general fund and $553,000 in each year from the workers compensation fund for insurance regulation.

Subdivision 6 requires that revenue transferred by the bill to the insurance fraud prevention account be used in part for compensation for two new employees to perform analytical duties in the Commerce Fraud Bureau.

Article 2

Sections 1, 6, and 9 redirect $1,300,000 a year that currently goes into the general fund from the auto theft prevention account to the insurance fraud prevention account.

Section 2 provides that financial institutions assessment revenue is remitted to the commissioner for deposit in the financial institutions account.

Section 3 creates the financial institutions account as a separate account in the special revenue fund. The account consists of assessments and examination fees on financial institutions and is annually appropriated to the commissioner.

Section 4 raises the annual renewal fee for money transmitters from $2,500 to $3,030.

Section 5 increases the renewal fee for a mortgage originator’s license from $500 to $780.

Section 7 increases the fee for a securities agent from $50 to $60.

Section 8 provides that 10% of metrology and other fees must be credited to the petroleum inspection fee account.

Section 9 repeal a provision related to application and adjustment of financial institution fees.

 

 
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