MN HF4626

Creates a 10-member working group to review and provide recommendations regarding mergers of financial institutions and related tax status designations.

Working group membership includes three members selected by the commissioner of commerce (including the commissioner or designee, an attorney with advanced knowledge of financial institution acquisition law, and a certified public accountant), representatives from the Independent Community Bankers of Minnesota, Minnesota Bankers Association, and Minnesota Credit Union Network, and four legislative members from the house and senate.

Requires the commissioner of commerce or designee to convene the first meeting by July 15, 2020, with appointments to be made by July 1, 2020, and designates the speaker of the house and senate majority leader nominees as co-chairs.

Working group must develop recommendations on acquisitions of non-tax-exempt financial institutions by tax-exempt financial institutions, including review of acquisition history, state tax and revenue implications, current state law status, and advantages and disadvantages to Minnesota.

Working group must submit findings and recommendations to legislative commerce committee chairs and ranking minority members by January 15, 2021, and the provision is repealed on that date.