The bill establishes a budget for the Department of Commerce, allocating funds for various initiatives, including support for low-income populations, cybersecurity enhancements for unclaimed property, and community renewal grants for the cannabis industry. It also provides funding for a task force focused on homeowners and commercial property insurance, as well as health and safety programs. In addition to budgetary provisions, the bill modifies existing laws related to financial institutions and consumer protection, introducing new exemptions for certain loan types and clarifying definitions regarding closing costs and loan commitments.

Furthermore, the bill amends several sections of Minnesota Statutes to update regulations concerning real estate, lending, insurance, and health coverage. Key changes include redefining "finance charge," revising the maximum interest rate for certain loans, and establishing new requirements for lenders regarding borrower notifications. The bill also addresses the regulation of insurance holding company systems, enhancing oversight and compliance measures, and introduces provisions related to Medicare supplement policies, ensuring consumer protections and clear communication of rights. Overall, the legislation aims to streamline regulations, enhance consumer protections, and ensure compliance with updated standards across various sectors.

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