MN SF2432

Prohibits insurers from rejecting, canceling, non-renewing, limiting coverage, or determining premium rates for private passenger motor vehicle or homeowner's insurance based on credit information, credit scores, or insurance scores.

Requires insurers to disclose to consumers that credit information will be obtained and used in the underwriting process if credit scoring or insurance scoring is to be used.

Mandates insurers exclude credit as a factor in rejection or non-renewal decisions if a credit score cannot be generated due to absence of credit history.

Requires insurers to provide reasonable underwriting exceptions for applicants whose credit is negatively impacted by catastrophic injury or illness, temporary employment loss, or death of an immediate family member.

Effective August 1, 2010, and applies to policies issued, renewed, or continued on or after that date.