The bill seeks to enhance consumer protection and regulatory clarity across various sectors in Minnesota, particularly focusing on financial institutions, telecommunications, and real estate transactions. It introduces new definitions and modifies existing laws related to money transmission and payroll processing services, clarifying that payroll processing now includes transmitting funds for employee transactions. The bill also establishes new subdivisions, repeals outdated provisions, and introduces penalties for non-compliance to ensure a robust regulatory framework. Additionally, it updates registration and filing requirements for small corporate offerings and investment advisers, enhancing oversight and compliance within the securities market.

In the realm of consumer protection, the bill addresses issues related to real estate transactions, insurance policies, and telecommunications services. It mandates that investor sellers disclose specific information to prospective purchasers in contracts for deed, prohibits certain unfair practices, and enhances protections against coerced debt and medical debt collection. The legislation also introduces new requirements for telecommunications providers, ensuring transparency and accountability in service delivery. Overall, the bill aims to modernize legal terminology, enhance consumer rights, and ensure equitable access to necessary services while adapting to the evolving landscape of commerce and technology in Minnesota.

Statutes affected:
Introduction: 82B.021, 82B.094, 82B.095, 82B.13, 82B.19, 115C.08, 45.014, 82B.25
1st Engrossment: 80A.61, 80A.66, 80C.05, 82B.021, 82B.095, 82B.19, 115C.08, 272.12, 325D.43, 325D.44, 325F.03, 325F.04, 325F.05, 325F.56, 325F.62, 507.235, 513.73, 559.21, 559.211, 559.213, 82B.25, 47.20, 47.54, 47.59, 48.24, 58.02, 58.04, 58.05, 58.06, 58.08, 58.10, 58.115, 58.13, 519.05, 550.37, 550.39, 563.01, 563.02, 571.72, 571.911, 571.914, 571.92, 571.921, 571.922, 571.924, 571.925, 571.927, 45.011, 60A.201, 65A.29, 70A.05, 72A.20, 325E.66, 471.6161, 471.617, 604.18, 332.3351, 116J.39, 116J.394, 116J.399, 237.121, 237.162, 237.163, 237.19, 412.221, 429.021, 340A.404, 41.52