SF 4365

Summary

As amended 4/27/2026: ++Cryptocurrency++ - Prohibits the operation of virtual-currency kiosks by 8/1/2026 and requires operators to remove existing kiosks and pay out funds to customers by 12/31/2026. (p. 26-27) - Exempts operators from paying out customers if they maintain a lawful new way for existing customers to access and make transactions with their money or virtual currency. (p. 27) - Authorizes banks and credit unions to provide virtual currency custody services in a fiduciary capacity. (p. 63-64) - Requires banks and credit unions to separate virtual currency and associated control mechanisms from their other assets and ensure virtual currency is not treated as the bank's property. (p. 63-64) - Requires the Commissioner of Commerce to regularly examine banks and credit unions' virtual currency custody services. (p. 63-64) - Exempts licensees engaged in virtual currency business activities from subtracting virtual currency from net worth calculations. (p. 68-69) - Specifies that virtual currency is presumed abandoned 3 years after the owner's latest indication of interest. (p.110-111) - Requires the holder of abandoned virtual currency property reported to the commissioner to liquidate the virtual currency and remit the proceeds to the commissioner within 30 days. (p.110-111) ++Health care++ - Repeals the Prescription Drug Affordability Advisory Council. (p. 2) - Requires health plans to notify the Insurance Commissioner of increases in enrollees of more than 35% of total number of enrollees or increases in a specific product line that is greater than a percentage established by the Commissioner. (p. 8) - Clarifies eligibility for Medicare supplement plans. (p. 15) - Prohibits a utilization review organization from using algorithms or artificial intelligence alone to issue an adverse determination. (p. 19) - Prohibits television advertisements for the sale of prescription drugs to consumers. (p. 33) ++Technology++ - Prohibits operators of websites, apps, or software from allowing or performing “nudification” of images or videos, and bans advertising or promoting services that offer such functionality. (p. 31) - Requires companion chatbot operators to ensure their systems are not accessible to minors for use, interaction, purchase, or conversation. (p. 38) ++Financial Services++ - Establishes that arranging a consumer small loan includes but is not limited to any substantial involvement to facilitate, market, generate leads for, underwrite, or collect a consumer small loan. (p. 9) - Establishes comprehensive residential mortgage loan servicing standards covering payment processing, servicing transfers, borrower communications, and complaint resolution. (p. 69-77) - Increases protections for student loan borrowers when their loan servicing is transferred by requiring the new servicer to honor existing benefits and mandating detailed information transfers. - Subjects insurance lead generators to regulation by the Dept. of Commerce. - Authorizes a financial services provider to report suspected fraudulent activity or financial exploitation targeting a customer to a federal, state, county, or municipal law enforcement agency or an appropriate public protective agency. (p. 25) - Establishes filing requirement for federal crowdfunding offerings. (p. 44) - Requires a broker-dealer to establish and maintain a set of written supervisory procedures that reasonably prevent and detect violations. (p. 46) - Requires an investment adviser registered or required to be registered under this chapter must establish, maintain, and enforce written policies and procedures relating to business continuity and succession planning. (p. 48) - Requires a broker-dealer to observe high standards of commercial honor and just and equitable principles of trade when conducting the broker-dealer's business. (p. 51) ++Automotive++ - Changes the ASTM specifications for various fuels, including ethanol, biodiesel, and E85. (p. 115-122) ++Gaming++ - 4/20 substitute adds provisions concerning sweepstakes (Sec. 9) - Defines "Dual-currency" and "online sweepstakes game." - Prohibits online sweepstakes games. ++Recreation++ - Establishes a regulatory framework for guarantees offered by rental home marketplaces to property owners. (p. 86) - Requires providers of such guarantees to register with the commissioner of commerce and back all guarantees with a reimbursement insurance policy from an authorized insurer. - Creates a limited lines travel producer license, which allows a person to sell, solicit, or negotiate travel insurance through a licensed insurer. (p. 88) - Prohibits a person who sells or solicits travel insurance or travel protection plans from selling or soliciting plans using a negative option that requires a consumer to de-select certain coverages when the consumer purchases a trip (p. 99) ++Environment++ - Requires every purchase or acquisition record by a scrap metal dealer, including an agent, employee, or representative of the dealer, to include, among other things, a certificate of authority to transact business in Minnesota and business tax identification number, if the seller is an entity. (p. 27) - Requires the application form for a license to sell scrap metal copper by an entity to include, among other things, the name, legal entity type, principal business address, telephone number, and date of formation of the entity, and an acknowledgment that the applicant obtained the copper by lawful means in the regular course of the applicant's business, trade, or authorized construction work. (p. 29) ++Education++ - Requires any student loan lender that secures, makes, or extends student loans in Minnesota to submit a report to the commissioner. (pg. 78)

Sponsor

Legislative History

Companion Bills

Quick Actions

Details

Related Legislation