This bill proposes significant changes to Minnesota's commerce regulations, particularly in the areas of health maintenance organizations (HMOs) and financial institutions. It eliminates the Prescription Drug Affordability Advisory Council and transfers its responsibilities to the commissioner of commerce, while appropriating $1,750,000 from the general fund to support the regulation of health maintenance organizations and county-based purchasers. The bill also amends various sections of Minnesota Statutes related to nondepository financial institutions, enhancing the regulatory framework for these entities. Key amendments include the removal of references to the advisory council in conflict of interest definitions and the identification of prescription drug products, streamlining decision-making processes.

Additionally, the bill shifts regulatory oversight of HMOs from the commissioner of health to the commissioner of commerce, effective July 1, 2026, and establishes a health maintenance organization regulation account funded by fees collected from HMOs. It mandates that HMOs with over 25,000 enrollees notify the commissioner of significant enrollment growth and provide additional financial information if requested. The bill also introduces provisions for virtual currency business activities, updates the registration process for debt settlement services providers, and enhances consumer protections in health insurance, including compliance with federal laws related to mental health and substance use disorder benefits. Overall, the bill aims to improve regulatory clarity, accountability, and consumer protections within Minnesota's healthcare and financial sectors.

Statutes affected:
Introduction: 62J.89, 62J.90, 47.20, 47.59, 47.60, 53.04, 53B.74, 53C.09, 56.002, 56.01, 56.05, 58.06, 58B.051, 332.52, 332A.04, 332B.04, 60A.50, 60A.951, 60A.985, 60A.9853, 60A.9854, 60B.03, 60G.01, 62A.02, 62A.021, 62A.61, 62A.65, 62D.08, 62D.12, 62D.124, 62D.221, 62E.11, 62J.40, 62J.60, 62K.07, 62L.02, 62L.08, 62L.09, 62L.10, 62L.11, 62M.11, 62Q.01, 62Q.106, 62Q.188, 62Q.37, 62Q.47, 62Q.51, 62Q.556, 62Q.69, 62Q.71, 62Q.73, 62Q.81, 62U.04, 62W.06, 62E.23