This bill aims to enhance commerce regulations in Minnesota by appropriating funds for various initiatives, including $400,000 annually for a financial services inclusion program to assist low-income populations and $735,000 each year for additional examiners in the advisory and broker-dealer sectors. It establishes a task force focused on homeowners and commercial property insurance, which will evaluate insurance affordability and submit a report by February 15, 2026. The bill also introduces community renewal grants for the cannabis industry and creates a new ombudsperson position to assist unit owners and associations in common interest communities, providing resources and dispute resolution support.

Additionally, the bill modifies registration fees for private fund advisers, increasing the transfer fee for registered agents from $25 to $65 and introducing a $100 filing fee for private fund advisers submitting initial or renewal notices. It outlines a transition period for investment advisers who lose their exemption status, requiring compliance with registration laws within 90 days. The new legal language clarifies the qualifications and duties of the common interest community ombudsperson, who will maintain a website with relevant information. Overall, the bill seeks to improve consumer protection and support within Minnesota's 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