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S.F. No. 2310 - Commerce Technical Bill
Author: Senator Paul J. Utke
Prepared By: Christopher B. Stang, Senate Counsel (651/296-0539)
Date: March 15, 2019


Section 1 adds "federal covered investment adviser" to the definition of investment adviser for purposes of the chapter of law covering financial exploitation protections for older or vulnerable adults.

Section 2 adds an exemption from licensing as a mortgage loan originator for an individual acting under temporary authority under federal law (mortgage originator moving to a new state where an application for licensure is pending).

Section 3 changes the date by which an adjuster must inform the commissioner of a change in address from 30 to 10 days.

Sections 4 and 5 correct statutory cross references.

Section 6 makes registration as a contractor for purposes of petroleum tank release corrective action services effective for two years instead of one.

Section 7 makes collection of a debt outside the statute of limitations period a prohibited practice for a collection agency.

Section 8 requires debt management services registrants to update information provided in an application within 10 instead of 90 days.

Section 9 requires a debt settlement services registrant to update information provided in an application within 10 days.

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