Commerce policy bill.

The bill's title changed from 'relating to consumer protection' to 'relating to commerce,' and its scope expanded to include securities broker-dealer provisions, unclaimed property modifications, penalties, and numerous technical amendments to banking and commerce statutes across many additional chapters (46, 48, 49, 58B, 60A, 72A, 80A, 80C, 239, 296A, 325E, 345).

The unfair methods of competition provision in insurance law (section 72A.20) was expanded to explicitly cover email, Internet advertisements or postings, electronic postings of any kind, and the use of the Internet or other electronic means.

The virtual currency kiosk prohibition effective date was moved up from January 1, 2027 to August 1, 2026. A new overall effective date of August 1, 2026 was added for the kiosk section.

The definition of 'virtual currency kiosk' was expanded to include 'a person acting on behalf of the virtual currency kiosk operator,' not just automated and unstaffed electronic terminals. This broadens who can be subject to the prohibition.

A new definition of 'insurance lead generator' was added, covering persons who use lead-generating devices to compile lists of Minnesota residents for insurance sales. Insurers and insurance producers are excluded. A record-keeping requirement was added specifically for insurance lead generators.

The virtual currency kiosk customer refund provision was renamed a 'payout' and now must include any fiat currency held in addition to the market value of virtual currency. The exemption for operators with alternative access means was restructured into a separate subdivision (Subd. 3).

New Section 25 adds detailed purchase and acquisition record requirements for scrap metal dealers, including electronic records, seller identification copies, vehicle descriptions, signed statements under penalty of perjury, and receipt provisions. Also adds a licensing requirement for selling scrap metal copper effective January 1, 2025, with a $250 application fee, one-year validity, and deemed license holders (licensed tradespeople, municipal certificate holders, EPA Section 608 certified technicians).

Mortgage servicing standards were strengthened: servicers must now comply with specific complaint-handling and documentation provisions (section 58.131 subdivisions 6 and 7); trust fund record-keeping was extended to servicers; business records requirements expanded to include email communications, telephone recordings, and incomplete documentation; and the exemption for bank-originated loans was narrowed to exclude loans serviced by a licensed residential mortgage servicer.

Student loan transfer protections were restructured. The old requirement that new servicers honor all previously available benefits was removed and replaced with a narrower 'negative consequences' framework covering negative credit reporting, late fees not required by the promissory note, and loss of federal or contractual benefits. Record-keeping standards were raised from 'adequate' to 'complete and accurate' records including written communications and telephone recordings.

A new repealer section (Section 28) was added that repeals sections 53B.75 subdivisions 1, 2, 3, and 5 effective August 1, 2026, and sections 53B.69 subdivisions 3b and 3c plus 53B.75 subdivision 4 effective January 17, 2027.

A new Article 2 (Technical Changes) was added containing amendments to ethanol definitions, bank charter language, the usury limit reference (updated from the Ninth Federal Reserve District bank to the Board of Governors of the Federal Reserve System), corporate merger/consolidation procedures, a new lender registration requirement (section 58B.051, effective January 1, 2025), and various other technical fixes across banking and commerce statutes.