The bill establishes a biennial budget for the Department of Commerce and introduces various provisions aimed at enhancing consumer protections, particularly in the insurance and financial sectors. It includes new appropriations for programs that promote financial inclusion for low-income populations, such as grants to organizations like Prepare and Prosper and Exodus Lending. The legislation also allocates funds for cybersecurity upgrades, the creation of a Prescription Drug Affordability Board, and additional staffing for the Commerce Fraud Bureau. Key amendments include the introduction of the "Family Protection Act," which prohibits certain exclusions in insurance policies that limit liability for bodily injury to household members, and the establishment of annual reporting requirements for organizations receiving funding to ensure accountability.

Additionally, the bill amends existing statutes related to insurance policies, Medicare supplement policies, and money transmission services, enhancing consumer protections and regulatory oversight. It introduces provisions that clarify definitions, establish effective dates for changes, and modify fees associated with insurance filings. The bill also addresses mental health treatment reimbursements, ensuring direct reimbursement for services rendered in hospitals or psychiatric facilities, and outlines new requirements for Medicare supplement policies to prevent discrimination based on health status. In the financial sector, it sets a maximum annual percentage rate for consumer small loans and introduces stricter regulations for loan contracts. Overall, the legislation aims to improve consumer protection, enhance financial stability for underserved communities, and modernize the operations of the Department of Commerce.

Statutes affected:
Introduction: 62D.02, 62D.095, 62Q.46, 62Q.81, 46.131, 216B.62, 216C.264, 216C.375
1st Engrossment: 60A.08, 60A.14, 61A.031, 61A.60, 62A.152, 62A.3099, 62A.31, 62A.44, 62D.02, 62D.095, 62J.26, 62K.10, 62Q.096, 62Q.19, 62Q.46, 62Q.47, 62Q.735, 62Q.76, 62Q.78, 62Q.81, 65B.49, 151.071, 256B.0631, 256B.69, 256L.03, 46.131, 47.0153, 47.59, 47.60, 47.601, 53.04, 56.131, 80A.50, 48.10, 53C.01, 53C.08, 80E.041, 325D.01, 325D.44, 325F.662, 325F.6641, 325F.69, 325F.70, 325G.051, 325D.71, 103G.291, 237.066, 327C.015, 327C.04, 515B.3
1st Engrossment: 60A.08, 60A.14, 61A.031, 61A.60, 62A.152, 62A.3099, 62A.31, 62A.44, 62D.02, 62D.095, 62J.26, 62K.10, 62Q.096, 62Q.19, 62Q.46, 62Q.47, 62Q.735, 62Q.76, 62Q.78, 62Q.81, 65B.49, 151.071, 256B.0631, 256B.69, 256L.03, 46.131, 47.0153, 47.59, 47.60, 47.601, 53.04, 56.131, 80A.50, 48.10, 53C.01, 53C.08, 80E.041, 325D.01, 325D.44, 325F.662, 325F.6641, 325F.69, 325F.70, 325G.051, 325D.71, 103G.291, 237.066, 327C.015, 327C.04, 515B.3