The bill proposes significant amendments to Minnesota Statutes concerning financial institutions, insurance, and corporate governance, aiming to enhance consumer protections and streamline regulatory frameworks. Key provisions include the introduction of new regulations for conventional and cooperative apartment loans, which modify the maximum interest rate calculation and allow for substitute indices if the primary index is unavailable. The bill also clarifies definitions related to loan commitments and closing costs, introduces exemptions for certain loans, and mandates lenders to provide borrowers with copies of promissory notes and mortgages. Additionally, it establishes new procedures for postponing foreclosure sales and outlines requirements for health carriers regarding individual health plans, including mandatory notifications for plan discontinuation.

In the realm of corporate governance, the bill introduces new definitions and provisions related to defective corporate acts, emergency powers, and the management of corporations during crises. It emphasizes the duty of good faith for corporate officers and enhances shareholder rights, including the right to dissent from corporate actions. The bill also addresses data confidentiality in regulatory examinations and updates provisions related to licensing technology fees and the relationships between manufacturers and new motor vehicle dealers. Furthermore, it includes a repeal of specific subdivisions to streamline regulations, with an effective date set for August 1, 2025, for certain policies. Overall, the bill aims to modernize and clarify the regulatory landscape for financial transactions, insurance practices, and corporate governance in 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