This bill seeks to amend various provisions of Minnesota Statutes concerning financial institutions, insurance, and long-term care insurance, with a focus on enhancing consumer protections and regulatory clarity. Key changes include the introduction of a new exemption for loans meeting Federal Qualified Mortgage standards, updates to the maximum lawful interest rate for loans, and requirements for lenders to provide borrowers with conformed copies of promissory notes and mortgages. The bill also establishes new procedures for postponing foreclosure sales and mandates that health carriers provide written notice before discontinuing individual health plans, along with options for guaranteed-issue replacements.

Additionally, the bill introduces the "Limited Long-Term Care Insurance Act," defining the scope of such policies and establishing requirements to protect policyholders. It includes provisions for penalties against insurers who violate regulations, amendments to Medicare supplement insurance policies, and clarifications regarding corporate governance and the treatment of data calls. The legislation aims to streamline regulatory processes, enhance consumer rights, and ensure compliance with federal standards, with many provisions set to take effect on August 1, 2025, and some retroactively effective from July 31, 2024.

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