MN HF2638

Requires vendors of portable electronics to obtain a limited lines license to sell or offer portable electronics insurance coverage in connection with device purchases or leases.

Mandates vendors provide written materials to customers disclosing that insurance may duplicate existing homeowner's or renter's coverage, enrollment is optional, and customers may cancel anytime with pro rata refunds.

Allows vendor employees to sell insurance without individual producer licenses if the insurer or appointed supervising entity provides training on the product and required disclosures.

Permits vendors to bill and collect insurance charges separately itemized from the device purchase, with funds remitted to the supervising entity within 60 days and held in fiduciary capacity for the insurer.

Establishes that notice to customers may be sent by mail or electronic means, and allows the supervising entity to send notices on behalf of the insurer or vendor.