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S.F. No. 4091 - Department of Commerce Technical Bill (First Engrossment)
 
Author: Senator Mark W. Koran
 
Prepared By: Christopher B. Stang, Senate Counsel (651/296-0539)
 
Date: May 1, 2020



 

Article 1 - Commerce Provisions

Sections 1, 3, 4, 5, 8, 10, 13, 22, 23, 25, 27, and 28 add cross-references related to commissioner authority under NMLS. (Nationwide Multistate Licensing System and Registry)

Section 2 clarifies the asset base for calculation of required guaranty deposit for a national bank acting as a fiduciary.

Section 6 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 7 requires license fees to be calculated by reference to every branch of the licensee, not just those branches maintained in this state.

Section 9 modifies the definition of residential real estate.

Section 11 corrects a cross-reference to federal law.

Section 12 corrects cross-references.

Section 14 clarifies that scheduling orders and documents related to scheduling conferences must be given confidential treatment.

Section 15 clarifies that amendments to articles of incorporation for an insurance corporation are effective upon the commissioner’s approval.

Section 16 makes technical changes.

Section 17 makes technical and clarifying changes in statute governing mergers of insurance corporations.

Section 18 clarifies that a disclosure must be provided before negotiating or consummating a real estate transaction.

Sections 19 and 20 modify owner requirement standards for an appraisal management company.

Section 21 removes obsolete language.

Section 24 requires a credit service organization to update their registration within 30 days of a change.

Section 26 modifies the disclosure required from a credit services organization.

Section 29 repeals sections 53B.27, subdivision 3 and 4, 60A.07, subdivision 1a, and 72B.14.

Article 2 - Life and Health Guarantee Act Amendments

This article adopts NAIC changes to the model act. Significant provisions include HMOs as members of the association, broadens the assessment base for long-term care insolvencies, and splits the assessment 50% / 50% between the life and health insurance industries.

 

 
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