The bill seeks to modernize and enhance various provisions related to financial institutions, insurance, and long-term care insurance in Minnesota. It introduces the Uniform Special Deposits Act and amends the Minnesota Business Corporations Act, garnishment forms, and other regulations enforced by the Department of Commerce. Key changes include new subdivisions that provide exemptions for certain financial institutions, updates to the maximum lawful interest rate for conventional and cooperative apartment loans, and the introduction of clearer definitions and regulations surrounding loans. The bill also mandates that lenders provide borrowers with a conformed copy of the promissory note and mortgage upon execution, and it establishes new requirements for the foreclosure process, including written notice of default to borrowers.

Additionally, the bill addresses various aspects of insurance, including the regulation of long-term care insurance policies and Medicare supplement policies. It introduces new definitions and standards for limited long-term care insurance, ensuring non-discrimination based on age or health, and mandates that policies include specific disclosure and performance standards. The bill also enhances consumer protections by requiring insurers to offer nonforfeiture benefits and clarifying the rights of policyholders. Furthermore, it revises garnishment laws to improve transparency and protect debtors' rights, including clearer guidelines for claiming exemptions and updated definitions for earnings and disposable earnings. Overall, the bill aims to streamline regulatory processes, enhance consumer protections, and ensure compliance with current financial practices.

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