HF 4188

Summary

As amended on 4/29/2026: ++Cryptocurrency++ - Prohibits the operation of virtual-currency kiosks by August 1, 2026, and requires operators to remove existing kiosks and refund customers by December 31, 2026. (p. 2) - Specifies virtual currency is presumed abandoned three years after the apparent owner's last indication of interest. (p. 40) ++Scrap Metal++ - 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. 13) ++Financial Services++ - Strengthens protections for student loan borrowers when a loan is transferred to a new servicer, requiring the transfer of all account information and honoring of benefits. (p. 7) - Requires issuers using federal Regulation Crowdfunding to file a notice with the state if they are based in Minnesota or sell at least 50% of the offering to Minnesota residents. (p. 22) - Requires an investment adviser to establish, maintain, and enforce written policies and procedures relating to business continuity and succession planning. (p. 31) - 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 and establishes acts or practices that are contrary to the standards. (p. 34) ++Real Estate++ - Requires a person acting as a residential mortgage loan servicer that services at least 500 residential mortgage loans secured by property in Minnesota to record a telephone conversation with a borrower and a borrower's representatives and maintain the recording of the conversation for 60 months after the date the recording is made. (p. 3) - Requires real property appraisers and appraisal management companies to report certain civil judgments, disciplinary actions, and criminal charges to the commissioner of commerce. (p. 11) ++Insurance++ - Defines insurance lead generators. (p. 9) The 4/29/2026 amendment deletes provisions that: - Repeals the Prescription Drug Affordability Board Advisory Council. - Requires insurers and HMOs to report large enrollment spikes. Expands prescription drug cost reporting in rate filings. Strengthens enforcement of mental health parity laws. Requires coverage of home care nursing services in Medicare. - Prohibits insurers from using AI alone to make adverse determinations. - Prohibits television advertisements for the sale of prescription drugs to consumers. - Prohibits nudification apps. Allows depicted individuals to bring a civil action. - Prohibits allowing minor access to companion chatbots. - Prohibits a pet shop from selling an animal. - Creates a limited lines travel producer license, which allows a person to sell, solicit, or negotiate travel insurance through a licensed insurer. - 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. - Establishes a regulatory framework for guarantees offered by rental home marketplaces to property owners. - 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.

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