This bill focuses on enhancing commerce in Minnesota through various initiatives, including the establishment of a common interest community ombudsperson within the Department of Commerce. The ombudsperson will assist unit owners and associations in understanding their rights and resolving disputes, providing resources and mediation services. The bill allocates significant funding, including $400,000 annually for a financial services inclusion program aimed at supporting low-income populations and $1,000,000 each year for cannabis industry community renewal grants. Additionally, it creates a task force on homeowners and commercial property insurance, which will evaluate insurance affordability and submit a report by February 15, 2026.

Furthermore, the bill modifies regulations concerning investment advisers, particularly private fund advisers, by increasing the transfer fee for registered agents moving between broker-dealers from $25 to $65 and introducing a $100 filing fee for private fund advisers when submitting initial or renewal notices. It also includes a grandfathering provision for certain investment advisers to maintain exemptions under specific conditions and sets limitations on employment with individuals whose registrations have been suspended or revoked. These changes aim to streamline the registration process and enhance the overall regulatory framework for investment advisers in Minnesota.

Statutes affected:
Introduction: 47.60, 47.601, 80A.58, 80A.65, 62E.21, 62E.23, 62E.24, 62E.25, 116C.7792, 216C.09, 216C.10, 216C.11, 216C.12, 216C.391, 342.17, 342.37
1st Engrossment: 45.24, 46A.04, 47.20, 47.77, 53B.61, 55.07, 58B.02, 58B.051, 60C.09, 62Q.73, 80A.65, 80A.66, 62A.31, 62A.65, 62D.12, 62D.121, 62J.26, 45.027, 60A.201, 60D.09, 60D.15, 60D.16, 60D.17, 60D.18, 60D.19, 60D.20, 60D.217, 60D.22, 60D.24, 60D.25, 62D.221, 65A.01, 72A.20, 334.01, 80E.12, 168.27, 216B.40, 216B.62, 325G.24, 342.17, 342.37, 116.943, 325E.3892, 325F.072
2nd Engrossment: 45.24, 46A.04, 47.20, 47.77, 53B.61, 55.07, 58B.02, 58B.051, 80A.65, 80A.66, 62A.31, 62A.65, 62D.12, 62D.121, 62J.26, 62Q.73, 45.027, 60A.201, 60C.09, 60D.09, 60D.15, 60D.16, 60D.17, 60D.18, 60D.19, 60D.20, 60D.217, 60D.22, 60D.24, 60D.25, 62D.221, 65A.01, 72A.20, 334.01, 80E.12, 168.27, 216B.40, 216B.62, 325G.24, 342.17, 342.37, 116.943, 325E.3892, 325F.072
3rd Engrossment: 45.24, 46A.04, 47.20, 47.77, 53B.61, 55.07, 58B.02, 58B.051, 80A.65, 80A.66, 82.63, 62A.31, 62A.65, 62D.12, 62D.121, 62J.26, 62Q.73, 45.027, 60A.201, 60C.09, 60D.09, 60D.15, 60D.16, 60D.17, 60D.18, 60D.19, 60D.20, 60D.217, 60D.22, 60D.24, 60D.25, 62D.221, 65A.01, 72A.20, 334.01, 80E.12, 168.27, 216B.40, 216B.62, 325G.24, 342.17, 342.37, 116.943, 325E.3892, 325F.072
1st Unofficial Engrossment: 80A.58, 80A.65