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MN HF3607
Bill
Status
2/21/2022
Primary Sponsor
Zack Stephenson
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AI Summary
HF3607 Summary
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Appropriates $6,153,000 in fiscal year 2023 to the Department of Commerce for administrative services, financial services, insurance, and enforcement activities including the automobile theft prevention program.
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Establishes a student loan advocate position within the Department of Commerce to receive complaints, compile data, and provide education and assistance to student loan borrowers.
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Modifies insurance producer duties and annuity recommendation standards to shift from "suitability" to a "best interest" standard requiring producers to exercise reasonable care and disclose material conflicts of interest.
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Prohibits social media platforms with over 1,000,000 account holders from using algorithms to target user-generated content to users under 18 in Minnesota, with liability of up to $100,000 annually per individual for violations.
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Criminalizes possession and purchase of catalytic converters by non-registered dealers unless the converters are marked with removal date and vehicle identification number, or EPA certified for reuse, effective August 1, 2022.
Legislative Description
Commerce activity supplemental budget established; commerce, licensee continuing education, financial institutions, weights and measures, insurance, and consumer protection provisions modified and added; civil procedures modified; reports required; technical changes made; and money transferred and appropriated.
Last Action
Committee report, to adopt as amended and re-refer to Ways and Means
4/21/2022