On May 19, MN LEG passed bill on a range of consumer protections.
MN LEG passed bill HF 4757 (companion SF 4782), a commerce policy omnibus bill.
consumer protection provisions, including re cannabis sector, established Minnesota Consumer Data Privacy Act, amend provisions re Commerce Dept. assessments, other.
Bill Provisions
Modified and added various provisions governing the registration, licensing obligations for cannabis providers, enforcement, and its usage for qualifying medical conditions.
Provisions re cannabis patient registry, health care practitioner, manufacturer duties.
Additionally, provisions applicable to employers re testing, duties and prohibitions.
Per MN FIN 58B.051, as of Jan. 1, 2025, a lender must register with Commerce Dept as a lender before providing services in Minnesota, including offering student loans.
MN LEG 45.0135 re Dept of Commerce assessment, requires insurers, including surplus lines carriers, that earned premium in prior calendar year, pay an assessment.
Assessment is paid by Jun. 1st for deposit in the insurance fraud prevention account.
Amount of the assessment shall be based on the insurer's total assets as indicated.
Amended MN FIN 62Q.73 on external review of adverse determinations to eliminate $25 fee associated with filing of request for external review previously charged.
Minnesota Consumer Data Privacy Act applies to legal entities that conduct business in Minnesota or produce products or services that are targeted to residents in MN.
Also that process data for 100,000 consumers or more during the calendar year.
Alternatively that derive over 25 percent of gross revenue from the sale of personal data and processes or control the personal data of 25,000 consumers or more.
The Act does not apply to certain information, including if it is covered by Health Insurance Portability and Accountability Act of 1996, and related regulations.
Legislative History
On Mar. 7, 2024, bill introduced in House; on Apr. 18, 2024, amended bill passed.
On Mar. 7, 2024, bill introduced in Senate; on May 19, 2024, bill repassed in Senate.
Effectiveness
Provisions effective various dates, some sections effective day after enactment.
May 24, 2024, MN LEG Governor Approval
On May 24, 2024, MN LEG reported governor approved HF 4757 as Chapter 121.
Regulators
MN LEG
Entity Types
Bank; CNSM; Corp; Ins
Reference
Ch. 121, 5/24/2024; Bill, HF4757, SF4782, 5/19/2024; Citation: MN FIN 58B.051; MN LEG 45.0135; MN FIN 62Q.73;
