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S.F. No. 4091 - Department of Commerce Technical Bill
 
Author: Senator Mark W. Koran
 
Prepared By: Christopher B. Stang, Senate Counsel (651/296-0539)
 
Date: April 24, 2020



 

Section 1 clarifies the asset base for calculation of required guaranty deposit for a national bank acting as a fiduciary.

Section 2 defines “Nationwide Multistate Licensing System and Registry.”

Section 3 allows the commissioner to establish relationships or contracts with the NMLS or entities designated by the NMLS to collect and maintain records and process transaction fees related to those subject to this chapter (Currency Exchanges). Allows the commissioner to waive or modify any part of the requirements of this chapter and establish new requirements to participate in the NMLS. Requires any waiver, modification, or addition of requirements to be adopted by rule or order.

Section 4 clarifies that motor vehicle retail installment contracts must be entered into in this state in order for a person to be regulated as a sales finance company.

Section 5 requires license fees to be calculated by reference to every branch of the licensee, not just those branches maintained in this state.

Section 6 modifies the definition of residential real estate.

Section 7 corrects a cross-reference to federal law.

Section 8 corrects cross-references.

Section 9 clarifies that amendments to articles of incorporation for an insurance corporation are effective upon the commissioner’s approval.

Section 10 requires insurance companies to disclose to the commissioner changes in principal management or directors and provide certain information. Exempts foreign insurers from this requirement unless specifically requested by the commissioner.

Section 11 makes technical changes.

Section 12 makes technical and clarifying changes in statute governing mergers of insurance corporations.

Section 13 clarifies that a disclosure must be provided before negotiating or consummating a real estate transaction.

Section 14 makes clarifying changes to definition of “appraisal review.”

Section 15 makes clarifying changes regarding licensing of appraisal management company employees.

Section 16 sets forth applicable standards for appraisal reviews under USPAP and what must be included in the review. The reviewer must be licensed under chapter 82B.

Section 17 modifies appraiser independence requirements.

Section 18 clarifies that days refers to calendar days for determining timely payment of independent contractors of appraisal management companies.

Section 19 requires a credit service organization to update their registration within 30 days of a change.

Section 20 modifies the disclosure required from a credit services organization.

Section 21 repeals sections 53B.27, subdivision 3 and 4, 60A.07, subdivision 1a, and 72B.14.

 

 
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