FOR IMMEDIATE RELEASE: Minnesota House Committee Advances Omnibus Commerce Policy Bill to House Floor

FOR IMMEDIATE RELEASE: Minnesota House Committee Advances Omnibus Commerce Policy Bill to House Floor

SAINT PAUL, MN – The Minnesota House Commerce Finance and Policy Committee has approved HF2403, an omnibus commerce policy bill encompassing numerous provisions related to financial institutions, insurance, and other commercial matters, sending it to the House Floor.

The committee, co-chaired by Representative Tim O'Driscoll (R-Sartell) and Representative Kaohly Vang Her (DFL-St. Paul), swiftly passed the amended bill on Thursday. Both co-chairs commended the committee's collaborative efforts, highlighting the bill's potential to significantly benefit Minnesotans.

"This omnibus bill represents a comprehensive approach to addressing key commercial issues, incorporating provisions with broad support to streamline processes and enhance consumer protections," stated Representative O'Driscoll.

Representative Vang Her added, "We have worked diligently to consolidate various legislative proposals into a cohesive package that reflects the diverse needs of our state's commerce sector."

The bill, which consolidates several individual bills previously heard by the committee, also includes some stand alone bills moving to the floor to provide the house with more flexibility during conference committee. Sam Smith, Government Relations Director at the Department of Commerce, provided the only testimony on the bill Wednesday, expressing strong support for its alignment with departmental priorities.

Key provisions of HF2403 include:

• Uniform Special Deposits Act: Establishing a clear framework for banks and customers regarding special deposits.
• Insurance Guarantee Association: Authorizing the association to request financial information from insured parties to determine net worth under specific circumstances.
• Policy Provision: Requiring insurers to provide policy copies to insured individuals upon request for auto and homeowner’s insurance.
• Safe Deposit Leases: Allowing automatic renewals and consumer termination at any time.
• Auto Dealer Participation: Enabling auto dealers to participate in auto shows.
• Water access: Requiring places of entertainment to provide access to potable water at ticketed events with at least 100 attendees.
• Postponement of foreclosures: Postponing foreclosures in line with HF1224.

The "delete-all" amendment to the bill underwent five amendments on Thursday, including technical adjustments and the incorporation of HF1224, which addresses foreclosure postponements. Compromise language resulting from prior committee hearings was also integrated, notably the provision regarding potable water access at entertainment venues.

Selected Bills Incorporated into HF2403:

The omnibus bill incorporates provisions from the following individual bills, either in part or in whole: HF247, HF320, HF695, HF747, HF1014, HF1224, HF1330, HF1546, HF1865, HF2014, HF2233, HF2335, HF2389, HF2398, HF2401, HF2403, HF2543, HF2601, and HF2607.

The bill will now move to the House Floor for further consideration.