HF 4188

Summary

As enacted: ++Cryptocurrency++ - Exempts virtual currency business licensees from subtracting virtual currency from total assets when calculating net worth if virtual currency is part of their daily business, they have corresponding liabilities denominated in virtual currency, and the virtual currency is unencumbered. (p. 8-9) - Specifies virtual currency is presumed abandoned three years after the apparent owner's last indication of interest. (p. 95) ++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. 52) - 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. 54) ++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 promptly provide to the customer a written confirmation at or before completing a transaction in accordance with FINRA Rule. 2232, or any successor federal law. (p. 71) - 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. 72-77) ++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) ++Healthcare++ - Requires health insurers that have large increases in enrollment to notify the commissioner. (p. 77) - Prohibits health insurers from using automated processing alone in utilization review. (p. 82) - Repeals the Prescription Drug Affordability Board Advisory Council. (p. 92) ++Automotive++ - Amends the ASTM specifications for the sale of biofuel, ethanol, denatured ethanol, and nonethanol oxygenate. (p. 101-108) ++Recreation++ - Creates a limited lines travel producer license, which allows a person to sell, solicit, or negotiate travel insurance through a licensed insurer. (p. 22) - 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. 32) - Establishes a regulatory framework for guarantees offered by rental home marketplaces to property owners. (p. 19) - 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. NOTE: the 5/16/2026 amendment deletes provisions that: - Prohibits the operation of virtual-currency kiosks and requires operators to remove existing kiosks and refund customers. NOTE: the 4/29/2026 amendment deletes provisions that: - 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.

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