This bill seeks to modernize and enhance various provisions related to financial institutions, insurance, and long-term care insurance in Minnesota. It introduces new definitions and exemptions for financial transactions, updates maximum lawful interest rates for loans, and allows certain loans to bypass service charge limitations if they meet Federal Qualified Mortgage standards. The bill also mandates lenders to provide borrowers with a conformed copy of the promissory note and mortgage, and it establishes new requirements for financial institutions regarding deposit account transfers and closures. Additionally, it introduces the "Limited Long-Term Care Insurance Act," which outlines specific conditions for issuing limited long-term care insurance policies, ensuring they provide necessary coverage without discrimination based on health status.

Furthermore, the bill amends regulations concerning Medicare-related coverage, ensuring automatic reinstatement of policies for individuals who lose medical assistance, and prohibits preexisting condition limitations. It also enhances corporate governance by clarifying the ratification process for defective corporate acts and establishing emergency bylaws for corporations. The bill includes provisions for the confidentiality of data calls issued by the commissioner and updates regulations for real estate appraisers and gasoline standards. Overall, the amendments aim to improve regulatory oversight, protect consumer rights, and enhance the operational framework for various sectors within Minnesota.

Statutes affected:
Introduction: 62A.31, 62A.65, 62D.12, 62D.121
1st Engrossment: 46A.04, 47.20, 47.77, 53B.61, 55.07, 58B.02, 334.01, 580.07, 581.02, 60C.09, 62A.65, 62D.12, 62D.121, 62Q.73, 65B.02, 65B.05, 65B.06, 65B.10, 72A.20, 62A.31, 62A.44, 60D.09, 60D.15, 60D.16, 60D.17, 60D.18, 60D.19, 60D.20, 60D.217, 60D.22, 60D.24, 60D.25, 302A.011, 302A.111, 302A.161, 302A.181, 302A.201, 302A.237, 302A.361, 302A.461, 302A.471, 302A.611, 550.136, 550.143, 551.05, 551.06, 571.72, 571.74, 571.75, 571.912, 571.914, 571.925, 571.931, 571.932, 41A.09, 45.027, 45.24, 80A.66, 80E.12, 82B.19, 168.27, 239.761, 239.791, 296A.01
2nd Engrossment: 46A.04, 47.20, 47.77, 53B.61, 55.07, 58B.02, 334.01, 580.07, 581.02, 62A.65, 62D.12, 62D.121, 62Q.73, 65B.02, 65B.05, 65B.06, 65B.10, 72A.20, 62A.31, 62A.44, 60D.09, 60D.15, 60D.16, 60D.17, 60D.18, 60D.19, 60D.20, 60D.217, 60D.22, 60D.24, 60D.25, 302A.011, 302A.111, 302A.161, 302A.181, 302A.201, 302A.237, 302A.361, 302A.461, 302A.471, 302A.611, 41A.09, 45.027, 45.24, 80A.66, 80E.12, 82B.19, 168.27, 239.761, 239.791, 296A.01