The bill establishes a budget for the Department of Commerce, allocating funds for various initiatives, including the Office of Cannabis Management, financial inclusion programs, cybersecurity upgrades, and community renewal grants for the cannabis industry. It also provides for the transfer of funds to support the Commission of Deaf, DeafBlind, and Hard-of-Hearing, and technology accessibility initiatives, with certain funds available until June 30, 2026. Additionally, the bill modifies existing laws related to financial institutions and insurance, amending definitions and exemptions concerning mortgage and loan processes, and introducing new provisions that exempt loans meeting Federal Qualified Mortgage standards from specific service charge limitations.

Furthermore, the bill enhances regulations surrounding insurance, particularly focusing on the oversight of domestic insurers and insurance holding company systems. It introduces new requirements for preacquisition notifications and group capital calculations, while also establishing a task force to evaluate homeowners and commercial property insurance affordability. The bill aims to improve consumer protections, streamline financial processes, and ensure regulatory compliance across various sectors, including real estate, lending, and health insurance. Key amendments include updates to Medicare supplement policies, the introduction of a common interest community ombudsperson, and provisions for electric vehicle supply equipment and fuel standards, with effective dates set for various provisions.

Statutes affected:
Introduction: 46A.04, 47.20, 47.77, 53B.61, 55.07, 58B.02, 82.63, 334.01, 60A.201, 62A.65, 62D.12, 62D.121, 62J.26, 62Q.73, 65B.02, 65B.05, 65B.06, 65B.10, 72A.20, 60D.09, 60D.15, 60D.16, 60D.17, 60D.18, 60D.19, 60D.20, 60D.217, 60D.22, 60D.24, 60D.25, 62D.221, 62A.31, 62A.44, 60A.052, 62E.21, 62E.23, 62E.24, 62E.25, 62V.06, 297I.20, 297I.40, 41A.09, 45.027, 45.24, 80A.58, 80A.65, 80A.66, 80E.12, 82B.19, 168.27, 216B.40, 216B.62, 239.761, 239.791, 296A.01, 325E.3892, 325F.072, 325G.24, 550.136, 551.06, 571.922