This bill focuses on enhancing commerce regulations in Minnesota, particularly through the establishment of a common interest community ombudsperson and various funding initiatives. It allocates $400,000 annually for a financial services inclusion program aimed at supporting low-income populations and $735,000 each year for additional examiners in the advisor and broker-dealer sectors. The bill also creates a task force to evaluate homeowners and commercial property insurance, which is required to report its findings by February 15, 2026. Additionally, it introduces provisions for cannabis industry community renewal grants and a revolving loan account with specific appropriations for fiscal years 2026 and 2027.

Key amendments include an increase in the transfer fee for registered agents moving between broker-dealers from $25 to $65 and the introduction of a $100 filing fee for private fund advisers submitting initial or renewal notices. The bill also modifies investment adviser registration requirements, particularly concerning exemptions for private fund advisers, and establishes a grandfathering provision for certain funds. Furthermore, it sets limitations on employment with individuals whose registrations have been suspended or revoked. The task force will consist of members from various sectors, including the commissioner of commerce, and is tasked with identifying solutions to stabilize the insurance industry and mitigate rising claim costs.

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: 80A.58, 80A.65