This bill focuses on enhancing commerce regulations in Minnesota, particularly through the establishment of a common interest community ombudsperson and the creation of a task force on homeowners and commercial property insurance. It allocates significant funding for initiatives such as a $400,000 annual financial services inclusion program for low-income populations and $1,000,000 each year for cannabis industry community renewal grants. Additionally, the bill modifies private fund adviser registration fees, increasing the transfer fee for registered agents from $25 to $65 and introducing a $100 filing fee for private fund advisers. It also includes provisions for the operation of the Prescription Drug Affordability Board and the Mental Health Parity and Substance Abuse Accountability Office.

The newly created position of common interest community ombudsperson will assist unit owners and associations in understanding their rights and resolving disputes, with responsibilities including resource creation, mediation services, and maintaining a relevant website. The bill also outlines 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. The task force on homeowners and commercial property insurance will consist of various stakeholders and is tasked with evaluating insurance affordability and providing recommendations to stabilize the insurance industry, with a report due by February 15, 2026.

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