The bill seeks to enhance and modify various provisions related to financial institutions, insurance, and corporate governance in Minnesota. Key amendments include updates to the definitions and regulations surrounding conventional and cooperative apartment loans, with specific exemptions for loans meeting Federal Qualified Mortgage standards from certain service charge limitations. The bill also updates the maximum lawful interest rate for loans by referencing the average prime offer rate published by the Consumer Financial Protection Bureau. Additionally, it introduces new requirements for conventional loan documents, mandates notifications for borrowers regarding defaults, and allows for automatic renewal of safe deposit leases. In the realm of health insurance, the bill ensures individual health plans are guaranteed renewable, with specific exceptions, and establishes new regulations for the discontinuation of individual health plans by health carriers.

Furthermore, the bill introduces significant amendments to corporate governance, including provisions for the ratification of defective corporate acts and the management of corporate affairs during emergencies. It clarifies the conditions under which corporate actions may be deemed defective and outlines the processes for ratifying such acts. The bill also expands shareholder rights, allowing for retroactive ratification of board actions and enhancing the ability of shareholders to inspect corporate records. Additionally, it includes provisions for the confidentiality of data collected through regulatory data calls and updates various regulations related to the automotive industry, real estate appraisers, and gasoline standards. Overall, the bill aims to streamline regulations, enhance consumer protections, and clarify existing laws across multiple sectors 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