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Commerce committee adopts omnibus insurance and consumer‑protection provisions
Summary
The Minnesota Commerce and Consumer Protection committee approved a series of omnibus provisions across multiple articles — covering mortgage servicing, travel insurance, unclaimed property, securities reporting and reinsurance technical changes — by voice vote and agreed to several data‑sharing and transparency measures.
The Commerce and Consumer Protection policy committee convened at 10 a.m. in Room 1200 of the Minnesota Senate Building and approved a package of omnibus provisions affecting insurance, consumer protections and regulatory reporting.
Committee members voted by voice to adopt a succession of motions that collectively approved changes including residential mortgage loan‑servicing standards; student‑loan borrower and servicer provisions; travel‑insurance rules; definitions related to collections and Minnesota transactions; proof‑of‑identification requirements for certain business filings; and unclaimed‑property rules that address virtual currency and funeral prepayment funds. Counsel summarized each article and the committee adopted the motions without recorded roll‑call tallies.
The meeting also advanced measures for data access and reporting. The committee adopted provisions directing the Commissioner of Commerce and the Commissioner of Health to share and receive specified datasets for oversight, and sections that change reporting dates and technical statutory references.
Most motions were presented and explained by committee counsel and moved by Chair Kagle. When counsel summarized the changes to Article 9, for example, he said the sections include “technical changes related to references to the ASTM specifications” and adjustments to report filing dates. On Article 8, counsel explained the senate language addresses virtual currency held as unclaimed property and funds held for prepayment of funeral expenses.
Votes were taken by voice; the chair called for “all those in favor, say aye,” and the motions were adopted. The committee’s actions were procedural adoptions of negotiated language; members indicated they planned a short huddle of the three chairs before resuming later to finish remaining items.
The committee recessed after approving the package and an amendment related to automated decisionmaking in utilization review (see separate article on that amendment).
