This bill addresses various aspects of commerce in Minnesota, including appropriations for the Department of Commerce and the Office of Cannabis Management. It establishes a new position of a common interest community ombudsperson to assist unit owners and associations in understanding their rights and resolving disputes. The bill modifies private fund adviser registration fees, 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 for initial or renewal notices. Additionally, it creates a task force focused on homeowners and commercial property insurance, which will require a report on its findings by February 15, 2026.

Significant appropriations in the bill include $400,000 annually for a financial services inclusion program, $735,000 for additional examiners, and $14,258,000 for cannabis industry community renewal grants. The bill also includes provisions to ensure that appropriated funds do not cancel and remain available until June 30, 2026. Furthermore, it amends existing statutes to clarify registration requirements for private fund advisers, including new conditions for exemptions and the requirement for electronic filings. Overall, the bill aims to enhance consumer protection, improve financial stability for underserved populations, and streamline regulatory processes within the commerce sector.

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