HF 2443 Minnesota House · 2025-2026 Regular Session

Commerce policy and finance bill.

HF 2443 is a budget bill that allocates funding for Minnesota's Department of Commerce over the 2026-2027 biennium. It provides $42.2 million annually for department operations, including $500,000 per year to create the Prescription Drug Affordability Board, $811,000 for five additional Commerce Fraud Bureau officers, and $225,000 to establish a Mental Health Parity Office. The bill also funds financial inclusion programs for underserved communities and cybersecurity upgrades for the unclaimed property program. It does not create new regulations but directs existing state agencies to implement specific programs using the appropriated funds. This bill primarily affects state agencies managing commerce, energy, and consumer protection programs.

Bill status in committee 1 of 4 stages cleared

Introduction

Mar 2025

Committee Review

Floor Vote

Governor

Introduced Mar 17, 2025 Last action Apr 21, 2025

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What changed between versions

Introduction → 1st Engrossment · 7 edits · Apr 21, 2025

MODERATE

This bill was updated from its introduction to its first engrossment, incorporating significant amendments that add new funding allocations, create a common interest community ombudsperson position, establish a task force on homeowners and commercial property insurance, and modify registration fees for private fund advisers. The changes reflect a shift from a general commerce budget to a more detailed financial plan with specific provisions for consumer protection, dispute resolution, and insurance affordability.

Scope change

The bill's scope expanded to include specific new programs for resolving disputes in common interest communities and evaluating insurance affordability issues, while also refining the regulatory framework for investment advisers and broker-dealers.

FISCAL

Added specific appropriations for a new common interest community ombudsperson position, a task force on homeowners and commercial property insurance, and various administrative services.

Adjusted registration and renewal filing fees for broker-dealers, agents, investment advisers, and investment adviser representatives.

REQUIREMENT

Established a new common interest community ombudsperson within the Department of Commerce to assist unit owners and associations with understanding their rights and resolving disputes.

Created a task force on homeowners and commercial property insurance to evaluate affordability issues and provide recommendations on stabilizing the industry.

ELIGIBILITY

Modified exemptions for private fund advisers, adding requirements for audited financial statements and disclosure of services to beneficial owners.

DEFINITION

Defined key terms such as 'association', 'common interest community', and 'unit owner' for the new ombudsperson section.

TIMELINE

Set specific deadlines for the task force, including a first meeting by September 15, 2025, and a final report by February 15, 2026.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Apr 21, 2025

Lower · Passed

Committee report, to adopt as amended and re-refer to Ways and Means

lower

Mar 17, 2025

Introduced

Introduction and first reading, referred to Commerce Finance and Policy

lower

1 primary · 0 co-sponsors