This bill amends various sections of Minnesota Statutes to enhance the regulatory framework governing commerce, financial institutions, and insurance practices. It establishes a budget for the Department of Commerce, appropriating funds for the Office of Cannabis Management and programs aimed at financial inclusion, cybersecurity, and the Prescription Drug Affordability Board. Key provisions include the introduction of cannabis industry community renewal grants, a revolving loan account, and technical changes to existing statutes. The bill also revises definitions and regulations related to loans, insurance, and health plans, including updates to the maximum interest rate for loans and the establishment of a rebuttable presumption regarding insurance coverages.

Additionally, the bill introduces new requirements for investment advisers and private fund advisers, mandates annual audits, and modifies registration fees for financial professionals. It also addresses wage garnishment limitations, particularly concerning child support judgments, and updates references to the Fair Labor Standards Act. The bill emphasizes consumer protection, regulatory clarity, and the financial stability of the health insurance market, with effective dates for various provisions set for future implementation. Overall, the bill aims to streamline regulatory processes while ensuring adequate protections for consumers and enhancing the operational efficiency of financial and insurance entities in Minnesota.

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