Minnesota 2025-2026 Regular Session

Minnesota House Bill HF2601 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1		1.1 A bill for an act
2	2		1.2 relating to financial institutions; modifying the maximum interest rate for certain
3		-	1.3 loans and contracts for deed; establishing group capital calculations for insurers;
4		-	1.4 requiring insurers to complete a NAIC liquidity stress test; requiring insurers to
5		-	1.5 file group capital calculations and results from the NAIC liquidity stress test;
6		-	1.6 requiring insurers to secure a deposit or bond; amending Minnesota Statutes 2024,
7		-	1.7 sections 47.20, subdivision 4a; 60D.09, by adding a subdivision; 60D.15,
8		-	1.8 subdivisions 4, 7, by adding subdivisions; 60D.16, subdivision 2; 60D.17,
9		-	1.9 subdivision 1; 60D.18, subdivision 3; 60D.19, subdivision 4, by adding
10		-	1.10 subdivisions; 60D.20, subdivision 1; 60D.217; 60D.22, subdivisions 1, 3, 6, by
11		-	1.11 adding a subdivision; 60D.24, subdivision 2; 60D.25; 334.01, subdivision 2;
12		-	1.12 proposing coding for new law in Minnesota Statutes, chapter 60D.
13		-	1.13BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
14		-	1.14 Section 1. Minnesota Statutes 2024, section 47.20, subdivision 4a, is amended to read:
15		-	1.15 Subd. 4a.Maximum interest rate.(a) No conventional or cooperative apartment loan
16		-	1.16or contract for deed shall be made at a rate of interest or loan yield in excess of a maximum
17		-	1.17lawful interest rate in an amount equal to the Federal National Mortgage Association posted
18		-	1.18yields on 30-year mortgage commitments for delivery within 60 days on standard
19		-	1.19conventional fixed-rate mortgages published in the Wall Street Journal for the last business
20		-	1.20day of the second preceding month average prime offer rate, as defined in Code of Federal
21		-	1.21Regulations, title 12, part 1026.35(a)(2), that applies to a comparable transaction, as most
22		-	1.22recently published by the United States Consumer Financial Protection Bureau on the last
23		-	1.23date the discounted interest rate for the transaction is set before consummation, plus four
24		-	1.24percentage points. If the index is not available, a substitute index may be adopted by a
25		-	1.25commissioner order.
	3	+	1.3 loans and contracts for deed; amending Minnesota Statutes 2024, sections 47.20,
	4	+	1.4 subdivision 4a; 334.01, subdivision 2.
	5	+	1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
	6	+	1.6 Section 1. Minnesota Statutes 2024, section 47.20, subdivision 4a, is amended to read:
	7	+	1.7 Subd. 4a.Maximum interest rate.(a) No conventional or cooperative apartment loan
	8	+	1.8or contract for deed shall be made at a rate of interest or loan yield in excess of a maximum
	9	+	1.9lawful interest rate in an amount equal to the Federal National Mortgage Association posted
	10	+	1.10yields on 30-year mortgage commitments for delivery within 60 days on standard
	11	+	1.11conventional fixed-rate mortgages published in the Wall Street Journal for the last business
	12	+	1.12day of the second preceding month average prime offer rate, as defined in Code of Federal
	13	+	1.13Regulations, title 12, part 1026.35(a)(2), that applies to a comparable transaction, as most
	14	+	1.14recently published by the United States Consumer Financial Protection Bureau on the last
	15	+	1.15date the discounted interest rate for the transaction is set before consummation, plus four
	16	+	1.16percentage points. If the index is not available, a substitute index may be adopted by a
	17	+	1.17commissioner order.
	18	+	1.18 (b) The maximum lawful interest rate applicable to a cooperative apartment loan or
	19	+	1.19contract for deed at the time the loan or contract is made is the maximum lawful interest
	20	+	1.20rate for the term of the cooperative apartment loan or contract for deed. Notwithstanding
	21	+	1.21the provisions of section 334.01, a cooperative apartment loan or contract for deed may
	22	+	1.22provide, at the time the loan or contract is made, for the application of specified different
	23	+	1.23consecutive periodic interest rates to the unpaid principal balance, if no interest rate exceeds
26	24		1Section 1.
27		-	REVISOR ~~RSI H2601-1~~~~HF2601 FIRST ENGROSSMENT~~
	25	+	REVISOR EB/DG 25-0048411/27/24
28	26		State of Minnesota
29	27		This Document can be made available
30	28		in alternative formats upon request
31	29		HOUSE OF REPRESENTATIVES
32	30		H. F. No. 2601
33	31		NINETY-FOURTH SESSION
34	32		Authored by Huot03/20/2025
35		-	The bill was read for the first time and referred to the Committee on Commerce Finance and Policy
36		-	Adoption of Report: Amended and re-referred to the Committee on Judiciary Finance and Civil Law04/01/2025 2.1 (b) The maximum lawful interest rate applicable to a cooperative apartment loan or
37		-	2.2contract for deed at the time the loan or contract is made is the maximum lawful interest
38		-	2.3rate for the term of the cooperative apartment loan or contract for deed. Notwithstanding
39		-	2.4the provisions of section 334.01, a cooperative apartment loan or contract for deed may
40		-	2.5provide, at the time the loan or contract is made, for the application of specified different
41		-	2.6consecutive periodic interest rates to the unpaid principal balance, if no interest rate exceeds
42		-	2.7the maximum lawful interest rate applicable to the loan or contract at the time the loan or
43		-	2.8contract is made.
44		-	2.9 (c) The maximum interest rate that can be charged on a conventional loan or a contract
45		-	2.10for deed, with a duration of ten years or less, for the purchase of real estate described in
46		-	2.11section 83.20, subdivisions 11 and 13, is three percentage points above the rate permitted
47		-	2.12under paragraph (a) or 15.75 percent per year, whichever is less. This paragraph is effective
48		-	2.13August 1, 1992.
49		-	2.14 (d) Contracts for deed executed pursuant to a commitment for a contract for deed, or
50		-	2.15conventional or cooperative apartment loans made pursuant to a borrower's interest rate
51		-	2.16commitment or made pursuant to a borrower's loan commitment, or made pursuant to a
52		-	2.17commitment for conventional or cooperative apartment loans made upon payment of a
53		-	2.18forward commitment fee including a borrower's loan commitment issued pursuant to a
54		-	2.19forward commitment, which commitment provides for consummation within some future
55		-	2.20time following the issuance of the commitment may be consummated pursuant to the
56		-	2.21provisions, including the interest rate, of the commitment notwithstanding the fact that the
57		-	2.22maximum lawful rate of interest at the time the contract for deed or conventional or
58		-	2.23cooperative apartment loan is actually executed or made is less than the commitment rate
59		-	2.24of interest, provided the commitment rate of interest does not exceed the maximum lawful
60		-	2.25interest rate in effect on the date the commitment was issued. The refinancing of: (1) an
61		-	2.26existing conventional or cooperative apartment loan, (2) a loan insured or guaranteed by
62		-	2.27the secretary of housing and urban development, the administrator of veterans affairs, or
63		-	2.28the administrator of the Farmers Home Administration, or (3) a contract for deed by making
64		-	2.29a conventional or cooperative apartment loan is deemed to be a new conventional or
65		-	2.30cooperative apartment loan for purposes of determining the maximum lawful rate of interest
66		-	2.31under this subdivision. The renegotiation of a conventional or cooperative apartment loan
67		-	2.32or a contract for deed is deemed to be a new loan or contract for deed for purposes of
68		-	2.33paragraph (b) and for purposes of determining the maximum lawful rate of interest under
69		-	2.34this subdivision. A borrower's interest rate commitment or a borrower's loan commitment
70		-	2.35is deemed to be issued on the date the commitment is hand delivered by the lender to, or
	33	+	The bill was read for the first time and referred to the Committee on Commerce Finance and Policy 2.1the maximum lawful interest rate applicable to the loan or contract at the time the loan or
	34	+	2.2contract is made.
	35	+	2.3 (c) The maximum interest rate that can be charged on a conventional loan or a contract
	36	+	2.4for deed, with a duration of ten years or less, for the purchase of real estate described in
	37	+	2.5section 83.20, subdivisions 11 and 13, is three percentage points above the rate permitted
	38	+	2.6under paragraph (a) or 15.75 percent per year, whichever is less. This paragraph is effective
	39	+	2.7August 1, 1992.
	40	+	2.8 (d) Contracts for deed executed pursuant to a commitment for a contract for deed, or
	41	+	2.9conventional or cooperative apartment loans made pursuant to a borrower's interest rate
	42	+	2.10commitment or made pursuant to a borrower's loan commitment, or made pursuant to a
	43	+	2.11commitment for conventional or cooperative apartment loans made upon payment of a
	44	+	2.12forward commitment fee including a borrower's loan commitment issued pursuant to a
	45	+	2.13forward commitment, which commitment provides for consummation within some future
	46	+	2.14time following the issuance of the commitment may be consummated pursuant to the
	47	+	2.15provisions, including the interest rate, of the commitment notwithstanding the fact that the
	48	+	2.16maximum lawful rate of interest at the time the contract for deed or conventional or
	49	+	2.17cooperative apartment loan is actually executed or made is less than the commitment rate
	50	+	2.18of interest, provided the commitment rate of interest does not exceed the maximum lawful
	51	+	2.19interest rate in effect on the date the commitment was issued. The refinancing of: (1) an
	52	+	2.20existing conventional or cooperative apartment loan, (2) a loan insured or guaranteed by
	53	+	2.21the secretary of housing and urban development, the administrator of veterans affairs, or
	54	+	2.22the administrator of the Farmers Home Administration, or (3) a contract for deed by making
	55	+	2.23a conventional or cooperative apartment loan is deemed to be a new conventional or
	56	+	2.24cooperative apartment loan for purposes of determining the maximum lawful rate of interest
	57	+	2.25under this subdivision. The renegotiation of a conventional or cooperative apartment loan
	58	+	2.26or a contract for deed is deemed to be a new loan or contract for deed for purposes of
	59	+	2.27paragraph (b) and for purposes of determining the maximum lawful rate of interest under
	60	+	2.28this subdivision. A borrower's interest rate commitment or a borrower's loan commitment
	61	+	2.29is deemed to be issued on the date the commitment is hand delivered by the lender to, or
	62	+	2.30mailed to the borrower. A forward commitment is deemed to be issued on the date the
	63	+	2.31forward commitment is hand delivered by the lender to, or mailed to the person paying the
	64	+	2.32forward commitment fee to the lender, or to any one of them if there should be more than
	65	+	2.33one. A commitment for a contract for deed is deemed to be issued on the date the commitment
	66	+	2.34is initially executed by the contract for deed vendor or the vendor's authorized agent.
71	67		2Section 1.
72		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT 3.1mailed to the borrower. A forward commitment is deemed to be issued on the date the
73		-	3.2forward commitment is hand delivered by the lender to, or mailed to the person paying the
74		-	3.3forward commitment fee to the lender, or to any one of them if there should be more than
75		-	3.4one. A commitment for a contract for deed is deemed to be issued on the date the commitment
76		-	3.5is initially executed by the contract for deed vendor or the vendor's authorized agent.
77		-	3.6 (e) A contract for deed executed pursuant to a commitment for a contract for deed, or a
78		-	3.7loan made pursuant to a borrower's interest rate commitment, or made pursuant to a
79		-	3.8borrower's loan commitment, or made pursuant to a forward commitment for conventional
80		-	3.9or cooperative apartment loans made upon payment of a forward commitment fee including
81		-	3.10a borrower's loan commitment issued pursuant to a forward commitment at a rate of interest
82		-	3.11not in excess of the rate of interest authorized by this subdivision at the time the commitment
83		-	3.12was made continues to be enforceable in accordance with its terms until the indebtedness
84		-	3.13is fully satisfied.
85		-	3.14 Sec. 2. Minnesota Statutes 2024, section 60D.09, is amended by adding a subdivision to
86		-	3.15read:
87		-	3.16 Subd. 6.Other violations.If the commissioner believes a person has committed a
88		-	3.17violation of section 60D.17 that prevents the full understanding of the enterprise risk to the
89		-	3.18insurer by affiliates or by the insurance holding company system, the violation may serve
90		-	3.19as an independent basis for disapproving dividends or distributions and for placing the
91		-	3.20insurer under an order of supervision under chapter 60B.
92		-	3.21 Sec. 3. Minnesota Statutes 2024, section 60D.15, subdivision 4, is amended to read:
93		-	3.22 Subd. 4.Control.The term "control," including the terms "controlling," "controlled
94		-	3.23by," and "under common control with," means the possession, direct or indirect, of the
95		-	3.24power to direct or cause the direction of the management and policies of a person, whether
96		-	3.25through the ownership of voting securities, by contract other than a commercial contract
97		-	3.26for goods or nonmanagement services, or otherwise, unless the power is the result of an
98		-	3.27official position with, or corporate office held by, or court appointment of, the person.
99		-	3.28Control is presumed to exist if any person, directly or indirectly, owns, controls, holds with
100		-	3.29the power to vote, or holds proxies representing, ten percent or more of the voting securities
101		-	3.30of any other person. This presumption may be rebutted by a showing made in the manner
102		-	3.31provided by section 60D.19, subdivision 11, that control does not exist in fact. The
103		-	3.32commissioner may determine, after furnishing all persons in interest notice and opportunity
104		-	3Sec. 3.
105		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT 4.1to be heard and making specific findings of fact to support such the determination, that
106		-	4.2control exists in fact, notwithstanding the absence of a presumption to that effect.
107		-	4.3 Sec. 4. Minnesota Statutes 2024, section 60D.15, is amended by adding a subdivision to
108		-	4.4read:
109		-	4.5 Subd. 4c.Group capital calculation instructions."Group capital calculation
110		-	4.6instructions" means the group capital calculation instructions adopted by the NAIC and as
111		-	4.7amended by the NAIC from time to time in accordance with procedures adopted by the
112		-	4.8NAIC.
113		-	4.9 Sec. 5. Minnesota Statutes 2024, section 60D.15, is amended by adding a subdivision to
114		-	4.10read:
115		-	4.11 Subd. 6b.NAIC."NAIC" means the National Association of Insurance Commissioners.
116		-	4.12 Sec. 6. Minnesota Statutes 2024, section 60D.15, is amended by adding a subdivision to
117		-	4.13read:
118		-	4.14 Subd. 6c.NAIC liquidity stress test framework."NAIC liquidity stress test framework"
119		-	4.15means a NAIC publication which includes a history of the NAIC's development of regulatory
120		-	4.16liquidity stress testing, the scope criteria applicable for a specific data year, and the liquidity
121		-	4.17stress test instructions and reporting templates for a specific data year, scope criteria,
122		-	4.18instructions, and reporting template being adopted by the NAIC, and as amended by the
123		-	4.19NAIC from time to time in accordance with the procedures adopted by the NAIC.
124		-	4.20 Sec. 7. Minnesota Statutes 2024, section 60D.15, subdivision 7, is amended to read:
125		-	4.21 Subd. 7.Person.A "person" is an individual, a corporation, a limited liability company,
126		-	4.22a partnership, an association, a joint stock company, a trust, an unincorporated organization,
127		-	4.23any similar entity or any combination of the foregoing acting in concert, but does not include
128		-	4.24any joint venture partnership exclusively engaged in owning, managing, leasing, or
129		-	4.25developing real or tangible personal property.
130		-	4.26 Sec. 8. Minnesota Statutes 2024, section 60D.15, is amended by adding a subdivision to
131		-	4.27read:
132		-	4.28 Subd. 7a.Scope criteria."Scope criteria," as detailed in the NAIC liquidity stress test
133		-	4.29framework, means the designated exposure bases along with minimum magnitudes of the
134		-	4.30designated exposure bases for the specified data year that are used to establish a preliminary
135		-	4Sec. 8.
136		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT 5.1list of insurers considered scoped into the NAIC liquidity stress test framework for that data
137		-	5.2year.
138		-	5.3 Sec. 9. Minnesota Statutes 2024, section 60D.16, subdivision 2, is amended to read:
139		-	5.4 Subd. 2.Additional investment authority.In addition to investments in common stock,
140		-	5.5preferred stock, debt obligations, and other securities otherwise permitted under this chapter,
141		-	5.6a domestic insurer may also:
142		-	5.7 (a) Invest, in common stock, preferred stock, debt obligations, and other securities of
143		-	5.8one or more subsidiaries, amounts that do not exceed the lesser of ten percent of the insurer's
144		-	5.9assets or 50 percent of the insurer's surplus as regards policyholders, provided that after the
145		-	5.10investments, the insurer's surplus as regards policyholders will be is reasonable in relation
146		-	5.11to the insurer's outstanding liabilities and adequate to its financial needs. In calculating the
147		-	5.12amount of these investments, investments in domestic or foreign insurance subsidiaries and
148		-	5.13health maintenance organizations must be excluded, and there must be included:
149		-	5.14 (1) total net money or other consideration expended and obligations assumed in the
150		-	5.15acquisition or formation of a subsidiary, including all organizational expenses and
151		-	5.16contributions to capital and surplus of the subsidiary whether or not represented by the
152		-	5.17purchase of capital stock or issuance of other securities; and
153		-	5.18 (2) all amounts expended in acquiring additional common stock, preferred stock, debt
154		-	5.19obligations, and other securities; and all contributions to the capital or surplus, of a subsidiary
155		-	5.20subsequent to its acquisition or formation.
156		-	5.21 (b) Invest any amount in common stock, preferred stock, debt obligations, and other
157		-	5.22securities of one or more subsidiaries engaged or organized to engage exclusively in the
158		-	5.23ownership and management of assets authorized as investments for the insurer provided
159		-	5.24that the subsidiary agrees to limit its investments in any asset so that the investments will
160		-	5.25do not cause the amount of the total investment of the insurer to exceed any of the investment
161		-	5.26limitations specified in paragraph (a) or other statutes applicable to the insurer. For the
162		-	5.27purpose of this paragraph, "the total investment of the insurer" includes:
163		-	5.28 (1) any direct investment by the insurer in an asset; and
164		-	5.29 (2) the insurer's proportionate share of any investment in an asset by any subsidiary of
165		-	5.30the insurer, which must be calculated by multiplying the amount of the subsidiary's
166		-	5.31investment by the percentage of the ownership of the subsidiary.
167		-	5.32 (c) With the approval of the commissioner, invest any greater amount in common stock,
168		-	5.33preferred stock, debt obligations, or other securities of one or more subsidiaries, if after the
169		-	5Sec. 9.
170		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT 6.1investment the insurer's surplus as regards policyholders will be is reasonable in relation to
171		-	6.2the insurer's outstanding liabilities and adequate to its financial needs.
172		-	6.3 Sec. 10. Minnesota Statutes 2024, section 60D.17, subdivision 1, is amended to read:
173		-	6.4 Subdivision 1.Filing requirements.(a) No person other than the issuer shall: (1) make
174		-	6.5a tender offer for or a request or invitation for tenders of, or enter into any agreement to
175		-	6.6exchange securities or for, seek to acquire, or acquire, in the open market or otherwise, any
176		-	6.7voting security of a domestic insurer if, after the consummation thereof, the person would,
177		-	6.8directly or indirectly, or by conversion or by exercise of any right to acquire, be in control
178		-	6.9of the insurer; or (2) enter into an agreement to merge with or otherwise to acquire control
179		-	6.10of a domestic insurer or any person controlling a domestic insurer unless, at the time the
180		-	6.11offer, request, or invitation is made or the agreement is entered into, or before the acquisition
181		-	6.12of the securities if no offer or agreement is involved, the person has filed with the
182		-	6.13commissioner and has sent to the insurer, a statement containing the information required
183		-	6.14by this section and the offer, request, invitation, agreement, or acquisition has been approved
184		-	6.15by the commissioner in the manner prescribed in this section.
185		-	6.16 (b) For purposes of this section, a controlling person of a domestic insurer seeking to
186		-	6.17divest its controlling interest in the domestic insurer, in any manner, shall file with the
187		-	6.18commissioner, with a copy to the insurer, confidential notice of its proposed divestiture at
188		-	6.19least 30 days before the cessation of control. The commissioner shall determine those
189		-	6.20instances in which the party or parties seeking to divest or to acquire a controlling interest
190		-	6.21in an insurer will be required to file for and obtain approval of the transaction. The
191		-	6.22information must remain confidential until the conclusion of the transaction unless the
192		-	6.23commissioner, in the commissioner's discretion, determines that confidential treatment
193		-	6.24interferes with the enforcement of this section. This paragraph does not apply if the statement
194		-	6.25referred to in paragraph (a) is otherwise filed.
195		-	6.26 (c) With respect to a transaction subject to this section, the acquiring person must also
196		-	6.27file a preacquisition notification with the commissioner, which must contain the information
197		-	6.28set forth in section 60D.18, subdivision 3, paragraph (b). A failure to file the notification
198		-	6.29may be subject to penalties specified in section 60D.18, subdivision 5.
199		-	6.30 (d) For purposes of this section, a domestic insurer includes a person controlling a
200		-	6.31domestic insurer unless the person, as determined by the commissioner, is either directly
201		-	6.32or through its affiliates primarily engaged in business other than the business of insurance.
202		-	6.33For the purposes of this section, "person" does not include any securities broker holding,
203		-	6Sec. 10.
204		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT 7.1in the usual and customary brokers broker's function, less than 20 percent of the voting
205		-	7.2securities of an insurance company or of any person that controls an insurance company.
206		-	7.3 (e) The statement filed with the commissioner pursuant to subdivisions 1 and 2 must
207		-	7.4remain confidential until the transaction is approved by the commissioner, except that all
208		-	7.5attachments filed with the statement remain confidential after the approval unless the
209		-	7.6commissioner, in the commissioner's discretion, determines that confidential treatment of
210		-	7.7any of this information will interfere with enforcement of this section.
211		-	7.8 Sec. 11. Minnesota Statutes 2024, section 60D.18, subdivision 3, is amended to read:
212		-	7.9 Subd. 3.Preacquisition notification; waiting period.(a) An acquisition covered by
213		-	7.10subdivision 2 may be subject to an order pursuant to subdivision 4 5 unless the acquiring
214		-	7.11person files a preacquisition notification and the waiting period has expired. The acquired
215		-	7.12person may file a preacquisition notification. The commissioner shall give confidential
216		-	7.13treatment to information submitted under this section in the same manner as provided in
217		-	7.14section 60D.22.
218		-	7.15 (b) The preacquisition notification must be in the form and contain the information as
219		-	7.16prescribed by the National Association of Insurance Commissioners relating to those markets
220		-	7.17that, under subdivision 2, paragraph (b), clause (5) (4), cause the acquisition not to be
221		-	7.18exempted from the provisions of this section. The commissioner may require the additional
222		-	7.19material and information as the commissioner deems necessary to determine whether the
223		-	7.20proposed acquisition, if consummated, would violate the competitive standard of subdivision
224		-	7.214. The required information may include an opinion of an economist as to the competitive
225		-	7.22impact of the acquisition in this state accompanied by a summary of the education and
226		-	7.23experience of the person indicating that person's ability to render an informed opinion.
227		-	7.24 (c) The waiting period required begins on the date of receipt of the commissioner of a
228		-	7.25preacquisition notification and ends on the earlier of the 30th day after the date of its receipt,
229		-	7.26or termination of the waiting period by the commissioner. Before the end of the waiting
230		-	7.27period, the commissioner on a onetime basis may require the submission of additional
231		-	7.28needed information relevant to the proposed acquisition, in which event the waiting period
232		-	7.29shall end on the earlier of the 30th day after receipt of the additional information by the
233		-	7.30commissioner or termination of the waiting period by the commissioner.
234		-	7.31 Sec. 12. Minnesota Statutes 2024, section 60D.19, subdivision 4, is amended to read:
235		-	7.32 Subd. 4.Materiality.No information need be disclosed on the registration statement
236		-	7.33filed pursuant to subdivision 2 if the information is not material for the purposes of this
237		-	7Sec. 12.
238		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT 8.1section. Unless the commissioner by rule or order provides otherwise; sales, purchases,
239		-	8.2exchanges, loans or extensions of credit, investments, or guarantees involving one-half of
240		-	8.3one percent or less of an insurer's admitted assets as of the 31st day of December next
241		-	8.4preceding shall not be deemed material for purposes of this section. The definition of
242		-	8.5materiality provided in this subdivision does not apply for purposes of the group capital
243		-	8.6calculation or the NAIC liquidity stress test framework.
244		-	8.7 Sec. 13. Minnesota Statutes 2024, section 60D.19, is amended by adding a subdivision to
245		-	8.8read:
246		-	8.9 Subd. 11b.Group capital calculation.(a) Except as otherwise provided in this paragraph,
247		-	8.10the ultimate controlling person of every insurer subject to registration must concurrently
248		-	8.11file with the registration an annual group capital calculation as directed by the lead state
249		-	8.12insurance commissioner. The report must be completed in accordance with the NAIC group
250		-	8.13capital calculation instructions, which may permit the lead state insurance commissioner
251		-	8.14to allow a controlling person that is not the ultimate controlling person to file the group
252		-	8.15capital calculation. The report must be filed with the lead state insurance commissioner of
253		-	8.16the insurance holding company system, as determined by the commissioner in accordance
254		-	8.17with the procedures within the Financial Analysis Handbook adopted by the NAIC. The
255		-	8.18following insurance holding company systems are exempt from filing the group capital
256		-	8.19calculation:
257		-	8.20 (1) an insurance holding company system that (i) has only one insurer within the insurance
258		-	8.21holding company system's holding company structure, (ii) only writes business and is only
259		-	8.22licensed in the insurance holding company system's domestic state, and (iii) assumes no
260		-	8.23business from any other insurer;
261		-	8.24 (2) an insurance holding company system that is required to perform a group capital
262		-	8.25calculation specified by the United States Federal Reserve Board. The lead state insurance
263		-	8.26commissioner must request the calculation from the Federal Reserve Board under the terms
264		-	8.27of information sharing agreements in effect. If the Federal Reserve Board is unable to share
265		-	8.28the calculation with the lead state insurance commissioner, the insurance holding company
266		-	8.29system is not exempt from the group capital calculation filing;
267		-	8.30 (3) an insurance holding company system whose non-United States groupwide supervisor
268		-	8.31is located within a reciprocal jurisdiction as described in section 60A.092, subdivision 10b,
269		-	8.32that recognizes the United States state regulatory approach to group supervision and group
270		-	8.33capital; or
271		-	8.34 (4) an insurance holding company system:
272		-	8Sec. 13.
273		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT 9.1 (i) that provides information to the lead state insurance commissioner that meets the
274		-	9.2requirements for accreditation under the NAIC financial standards and accreditation program,
275		-	9.3either directly or indirectly through the groupwide supervisor, that has determined the
276		-	9.4information is satisfactory to allow the lead state insurance commissioner to comply with
277		-	9.5the NAIC group supervision approach, as detailed in the NAIC Financial Analysis Handbook;
278		-	9.6and
279		-	9.7 (ii) whose non-United States groupwide supervisor that is not in a reciprocal jurisdiction
280		-	9.8recognizes and accepts, as specified by the commissioner in an administrative rule, the
281		-	9.9group capital calculation as the worldwide group capital assessment for United States
282		-	9.10insurance groups that operate in that jurisdiction.
283		-	9.11 (b) Notwithstanding paragraph (a), clauses (3) and (4), a lead state insurance
284		-	9.12commissioner must require the group capital calculation for the United States operations
285		-	9.13of any non-United States based insurance holding company system where, after any necessary
286		-	9.14consultation with other supervisors or officials, requiring the group capital calculation is
287		-	9.15deemed appropriate by the lead state insurance commissioner for prudential oversight and
288		-	9.16solvency monitoring purposes or for ensuring the competitiveness of the insurance
289		-	9.17marketplace.
290		-	9.18 (c) Notwithstanding the exemptions from filing the group capital calculation under
291		-	9.19paragraph (a), the lead state insurance commissioner may exempt the ultimate controlling
292		-	9.20person from filing the annual group capital calculation or accept a limited group capital
293		-	9.21filing or report in accordance with criteria specified by the commissioner in an administrative
294		-	9.22rule.
295		-	9.23 (d) If the lead state insurance commissioner determines that an insurance holding company
296		-	9.24system no longer meets one or more of the requirements for an exemption from filing the
297		-	9.25group capital calculation under this subdivision, the insurance holding company system
298		-	9.26must file the group capital calculation at the next annual filing date unless given an extension
299		-	9.27by the lead state insurance commissioner based on reasonable grounds shown.
300		-	9.28 Sec. 14. Minnesota Statutes 2024, section 60D.19, is amended by adding a subdivision to
301		-	9.29read:
302		-	9.30 Subd. 11c.Liquidity stress test.(a) The ultimate controlling person of every insurer
303		-	9.31subject to registration and also scoped into the NAIC liquidity stress test framework must
304		-	9.32file the results of a specific year's liquidity stress test. The filing must be made to the lead
305		-	9.33state insurance commissioner of the insurance holding company system, as determined by
306		-	9.34the procedures within the Financial Analysis Handbook adopted by the NAIC.
307		-	9Sec. 14.
308		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT 10.1 (b) The NAIC liquidity stress test framework includes scope criteria applicable to a
309		-	10.2specific data year. The scope criteria must be reviewed at least annually by the NAIC
310		-	10.3Financial Stability Task Force or the NAIC Financial Stability Task Force's successor. Any
311		-	10.4change made to the NAIC liquidity stress test framework or to the data year for which the
312		-	10.5scope criteria must be measured is effective January 1 of the year following the calendar
313		-	10.6year in which the change is adopted. An insurer meeting at least one threshold of the scope
314		-	10.7criteria is scoped into the NAIC liquidity stress test framework for the specified data year
315		-	10.8unless the lead state insurance commissioner, in consultation with the NAIC Financial
316		-	10.9Stability Task Force or the NAIC Financial Stability Task Force's successor, determines
317		-	10.10the insurer should not be scoped into the framework for that data year. An insurer that does
318		-	10.11not trigger at least one threshold of the scope criteria is scoped out of the NAIC liquidity
319		-	10.12stress test framework for the specified data year unless the lead state insurance commissioner,
320		-	10.13in consultation with the NAIC Financial Stability Task Force or the NAIC Financial Stability
321		-	10.14Task Force's successor, determines the insurer should be scoped into the framework for the
322		-	10.15specified data year.
323		-	10.16 (c) The commissioner and other state insurance commissioners must avoid scoping
324		-	10.17insurers in and out of the NAIC liquidity stress test framework on a frequent basis. The lead
325		-	10.18state insurance commissioner, in consultation with the NAIC Financial Stability Task Force
326		-	10.19or the NAIC Financial Stability Task Force's successor, must assess irregular scope status
327		-	10.20as part of an insurer's determination.
328		-	10.21 (d) The performance of and filing of the results from a specific year's liquidity stress
329		-	10.22test must comply with (1) the NAIC liquidity stress test framework's instructions and
330		-	10.23reporting templates for the specific year, and (2) any lead state insurance commissioner
331		-	10.24determinations, in consultation with the NAIC Financial Stability Task Force or the NAIC
332		-	10.25Financial Stability Task Force's successor, provided within the framework.
333		-	10.26Sec. 15. [60D.195] GROUP CAPITAL CALCULATION.
334		-	10.27 Subdivision 1.Annual group capital calculation; exemption permitted.The lead
335		-	10.28state insurance commissioner may exempt the ultimate controlling person from filing the
336		-	10.29annual group capital calculation if the lead state insurance commissioner makes a
337		-	10.30determination that the insurance holding company system meets the following criteria:
338		-	10.31 (1) has annual direct written and unaffiliated assumed premium, including international
339		-	10.32direct and assumed premium but excluding premiums reinsured with the Federal Crop
340		-	10.33Insurance Corporation and Federal Flood Program, of less than $1,000,000,000;
341		-	10Sec. 15.
342		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT 11.1 (2) has no insurers within the insurance holding company's structure that are domiciled
343		-	11.2outside of the United States or a United States territory;
344		-	11.3 (3) has no banking, depository, or other financial entity that is subject to an identified
345		-	11.4regulatory capital framework within the insurance holding company's structure;
346		-	11.5 (4) attests that no material changes in the transactions between insurers and noninsurers
347		-	11.6in the group have occurred since the last annual group capital filing; and
348		-	11.7 (5) the noninsurers within the holding company system do not pose a material financial
349		-	11.8risk to the insurer's ability to honor policyholder obligations.
350		-	11.9 Subd. 2.Limited group capital filing.The lead state insurance commissioner may
351		-	11.10accept a limited group capital filing in lieu of the group capital calculation if:
352		-	11.11 (1) the insurance holding company system has annual direct written and unaffiliated
353		-	11.12assumed premium, including international direct and assumed premium but excluding
354		-	11.13premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program,
355		-	11.14of less than $1,000,000,000; and
356		-	11.15 (2) the insurance holding company system:
357		-	11.16 (i) has no insurers within the insurance holding company's structure that are domiciled
358		-	11.17outside of the United States or a United States territory;
359		-	11.18 (ii) does not include a banking, depository, or other financial entity that is subject to an
360		-	11.19identified regulatory capital framework; and
361		-	11.20 (iii) attests that no material changes in transactions between insurers and noninsurers in
362		-	11.21the group have occurred and the noninsurers within the holding company system do not
363		-	11.22pose a material financial risk to the insurer's ability to honor policyholder obligations.
364		-	11.23 Subd. 3.Previous exemption; required filing.For an insurance holding company that
365		-	11.24has previously met an exemption with respect to the group capital calculation under
366		-	11.25subdivision 1 or 2, the lead state insurance commissioner may at any time require the ultimate
367		-	11.26controlling person to file an annual group capital calculation, completed in accordance with
368		-	11.27the NAIC group capital calculation instructions, if:
369		-	11.28 (1) an insurer within the insurance holding company system is in a risk-based capital
370		-	11.29action level event under section 60A.62 or a similar standard for a non-United States insurer;
371		-	11.30 (2) an insurer within the insurance holding company system meets one or more of the
372		-	11.31standards of an insurer deemed to be in hazardous financial condition, as defined under
373		-	11.32section 60E.02, subdivision 5; or
374		-	11Sec. 15.
375		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT 12.1 (3) an insurer within the insurance holding company system otherwise exhibits qualities
376		-	12.2of a troubled insurer, as determined by the lead state insurance commissioner based on
377		-	12.3unique circumstances, including but not limited to the type and volume of business written,
378		-	12.4ownership and organizational structure, federal agency requests, and international supervisor
379		-	12.5requests.
380		-	12.6 Subd. 4.Non-United States jurisdictions; recognition and acceptance.A non-United
381		-	12.7States jurisdiction is deemed to recognize and accept the group capital calculation if the
382		-	12.8non-United States jurisdiction:
383		-	12.9 (1) with respect to section 60D.19, subdivision 11b, paragraph (a), clause (4):
384		-	12.10 (i) recognizes the United States state regulatory approach to group supervision and group
385		-	12.11capital by providing confirmation by a competent regulatory authority in the non-United
386		-	12.12States jurisdiction that insurers and insurance groups whose lead state is accredited by the
387		-	12.13NAIC under the NAIC accreditation program: (A) are subject only to worldwide prudential
388		-	12.14insurance group supervision, including worldwide group governance, solvency and capital,
389		-	12.15and reporting, as applicable, by the lead state; and (B) are not subject to group supervision,
390		-	12.16including worldwide group governance, solvency and capital, and reporting, at the level of
391		-	12.17the worldwide parent undertaking of the insurance or reinsurance group by the non-United
392		-	12.18States jurisdiction; or
393		-	12.19 (ii) if no United States insurance group operates in the non-United States jurisdiction,
394		-	12.20indicates formally in writing to the lead state with a copy to the International Association
395		-	12.21of Insurance Supervisors that the group capital calculation is an acceptable international
396		-	12.22capital standard. The formal indication under this item serves as the documentation otherwise
397		-	12.23required under item (i); and
398		-	12.24 (2) provides confirmation by a competent regulatory authority in the non-United States
399		-	12.25jurisdiction that information regarding an insurer and the insurer's parent, subsidiary, or
400		-	12.26affiliated entities, if applicable, must be provided to the lead state insurance commissioner
401		-	12.27in accordance with a memorandum of understanding or similar document between the
402		-	12.28commissioner and the non-United States jurisdiction, including but not limited to the
403		-	12.29International Association of Insurance Supervisors Multilateral Memorandum of
404		-	12.30Understanding or other multilateral memoranda of understanding coordinated by the NAIC.
405		-	12.31The commissioner must determine, in consultation with the NAIC committee process, if
406		-	12.32the information sharing agreement requirements are effective.
407		-	12.33 Subd. 5.Non-United States jurisdiction; publication.(a) A list of non-United States
408		-	12.34jurisdictions that recognize and accept the group capital calculation under section 60D.19,
409		-	12Sec. 15.
410		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT 13.1subdivision 11b, paragraph (a), clause (4), must be published through the NAIC committee
411		-	13.2process to assist the lead state insurance commissioner determine what insurers must file
412		-	13.3an annual group capital calculation. The list must clarify the situations in which a jurisdiction
413		-	13.4is exempt from filing under section 60D.19, subdivision 11b, paragraph (a), clause (4). To
414		-	13.5assist with a determination under section 60D.19, subdivision 11b, paragraph (b), the list
415		-	13.6must also identify whether a jurisdiction that is exempt under section 60D.19, subdivision
416		-	13.711b, paragraph (a), clause (3) or (4), requires a group capital filing for any United States
417		-	13.8insurance group's operations in the non-United States jurisdiction.
418		-	13.9 (b) For a non-United States jurisdiction where no United States insurance group operates,
419		-	13.10the confirmation provided to comply with subdivision 4, clause (1), item (ii), serves as
420		-	13.11support for a recommendation to be published that the non-United States jurisdiction is a
421		-	13.12jurisdiction that recognizes and accepts the group capital calculation pursuant to the NAIC
422		-	13.13committee process.
423		-	13.14 (c) If the lead state insurance commissioner makes a determination pursuant to section
424		-	13.1560D.19, subdivision 11b, that differs from the NAIC list, the lead state insurance
425		-	13.16commissioner must provide thoroughly documented justification to the NAIC and other
426		-	13.17states.
427		-	13.18 (d) Upon a determination by the lead state insurance commissioner that a non-United
428		-	13.19States jurisdiction no longer meets one or more of the requirements to recognize and accept
429		-	13.20the group capital calculation, the lead state insurance commissioner may provide a
430		-	13.21recommendation to the NAIC that the non-United States jurisdiction be removed from the
431		-	13.22list of jurisdictions that recognize and accept the group capital calculation.
432		-	13.23Sec. 16. Minnesota Statutes 2024, section 60D.20, subdivision 1, is amended to read:
433		-	13.24 Subdivision 1.Transactions within an insurance holding company system.(a)
434		-	13.25Transactions within an insurance holding company system to which an insurer subject to
435		-	13.26registration is a party are subject to the following standards:
436		-	13.27 (1) the terms shall be fair and reasonable;
437		-	13.28 (2) agreements for cost-sharing services and management shall include the provisions
438		-	13.29required by rule issued by the commissioner;
439		-	13.30 (3) charges or fees for services performed shall be reasonable;
440		-	13.31 (4) expenses incurred and payment received shall be allocated to the insurer in conformity
441		-	13.32with customary insurance accounting practices consistently applied;
442		-	13Sec. 16.
443		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT 14.1 (5) the books, accounts, and records of each party to all such transactions shall be so
444		-	14.2maintained as to clearly and accurately disclose the nature and details of the transactions
445		-	14.3including this accounting information as is necessary to support the reasonableness of the
446		-	14.4charges or fees to the respective parties; and
447		-	14.5 (6) the insurer's surplus as regards policyholders following any dividends or distributions
448		-	14.6to shareholder affiliates shall be reasonable in relation to the insurer's outstanding liabilities
449		-	14.7and adequate to its financial needs.;
450		-	14.8 (7) if the commissioner determines an insurer subject to this chapter is in a hazardous
451		-	14.9financial condition, as defined under section 60E.02, subdivision 5, or a condition that would
452		-	14.10be grounds for supervision, conservation, or a delinquency proceeding, the commissioner
453		-	14.11may require the insurer to secure and maintain either a deposit, held by the commissioner,
454		-	14.12or a bond, as determined by the insurer at the insurer's discretion, to protect the insurer for
455		-	14.13the duration of the contract, agreement, or the existence of the condition for which the
456		-	14.14commissioner required the deposit or bond. When determining whether a deposit or bond
457		-	14.15is required, the commissioner must consider whether concerns exist with respect to the
458		-	14.16affiliated person's ability to fulfill the contract or agreement if the insurer entered into
459		-	14.17liquidation. Once the insurer is deemed to be in a hazardous financial condition or a condition
460		-	14.18that would be grounds for supervision, conservation, or a delinquency proceeding, and a
461		-	14.19deposit or bond is necessary, the commissioner may determine the amount of the deposit
462		-	14.20or bond, not to exceed the value of the contract or agreement in any one year, and whether
463		-	14.21the deposit or bond is required for a single contract, multiple contracts, or a contract only
464		-	14.22with a specific person or persons;
465		-	14.23 (8) all of an insurer's records and data held by an affiliate are and remain the property
466		-	14.24of the insurer, are subject to control of the insurer, are identifiable, and are segregated or
467		-	14.25readily capable of segregation, at no additional cost to the insurer, from all other persons'
468		-	14.26records and data. For purposes of this clause, records and data include all records and data
469		-	14.27that are otherwise the property of the insurer in whatever form maintained, including but
470		-	14.28not limited to claims and claim files, policyholder lists, application files, litigation files,
471		-	14.29premium records, rate books, underwriting manuals, personnel records, financial records,
472		-	14.30or similar records within the affiliate's possession, custody, or control. At the request of the
473		-	14.31insurer, the affiliate must provide that the receiver may (i) obtain a complete set of all records
474		-	14.32of any type that pertain to the insurer's business, (ii) obtain access to the operating systems
475		-	14.33on which the data are maintained, (iii) obtain the software that runs the operating systems
476		-	14.34either through assumption of licensing agreements or otherwise, and (iv) restrict the use of
477		-	14.35the data by the affiliate if the affiliate is not operating the insurer's business. The affiliate
478		-	14Sec. 16.
479		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT 15.1must provide a waiver of any landlord lien or other encumbrance to provide the insurer
480		-	15.2access to all records and data in the event the affiliate defaults under a lease or other
481		-	15.3agreement; and
482		-	15.4 (9) premiums or other funds belonging to the insurer that are collected or held by an
483		-	15.5affiliate are the exclusive property of the insurer and are subject to the control of the insurer.
484		-	15.6Any right of offset in the event an insurer is placed into receivership is subject to chapter
485		-	15.7576.
486		-	15.8 (b) The following transactions involving a domestic insurer and any person in its
487		-	15.9insurance holding company system, including amendments or modifications of affiliate
488		-	15.10agreements previously filed pursuant to this section, which are subject to any materiality
489		-	15.11standards contained in clauses (1) to (7), may not be entered into unless the insurer has
490		-	15.12notified the commissioner in writing of its intention to enter into the transaction at least 30
491		-	15.13days prior thereto, or a shorter period the commissioner permits, and the commissioner has
492		-	15.14not disapproved it within this period. The notice for amendments or modifications must
493		-	15.15include the reasons for the change and the financial impact on the domestic insurer. Informal
494		-	15.16notice must be reported, within 30 days after a termination of a previously filed agreement,
495		-	15.17to the commissioner for determination of the type of filing required, if any:
496		-	15.18 (1) sales, purchases, exchanges, loans or extensions of credit, guarantees, or investments
497		-	15.19provided the transactions are equal to or exceed: (i) with respect to nonlife insurers, the
498		-	15.20lesser of three percent of the insurer's admitted assets, or 25 percent of surplus as regards
499		-	15.21policyholders; (ii) with respect to life insurers, three percent of the insurer's admitted assets;
500		-	15.22each as of the 31st day of December next preceding;
501		-	15.23 (2) loans or extensions of credit to any person who is not an affiliate, where the insurer
502		-	15.24makes the loans or extensions of credit with the agreement or understanding that the proceeds
503		-	15.25of the transactions, in whole or in substantial part, are to be used to make loans or extensions
504		-	15.26of credit to, to purchase assets of, or to make investments in, any affiliate of the insurer
505		-	15.27making such loans or extensions of credit provided the transactions are equal to or exceed:
506		-	15.28(i) with respect to nonlife insurers, the lesser of three percent of the insurer's admitted assets
507		-	15.29or 25 percent of surplus as regards policyholders; (ii) with respect to life insurers, three
508		-	15.30percent of the insurer's admitted assets; each as of the 31st day of December next preceding;
509		-	15.31 (3) reinsurance agreements or modifications to those agreements, including: (i) all
510		-	15.32reinsurance pooling agreements; and (ii) agreements in which the reinsurance premium or
511		-	15.33a change in the insurer's liabilities, or the projected reinsurance premium or a change in the
512		-	15.34insurer's liabilities in any of the next three years, equals or exceeds five percent of the
513		-	15Sec. 16.
514		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT 16.1insurer's surplus as regards policyholders, as of the 31st day of December next preceding,
515		-	16.2including those agreements which may require as consideration the transfer of assets from
516		-	16.3an insurer to a nonaffiliate, if an agreement or understanding exists between the insurer and
517		-	16.4nonaffiliate that any portion of such the assets will be transferred to one or more affiliates
518		-	16.5of the insurer;
519		-	16.6 (4) all management agreements, service contracts, tax allocation agreements, guarantees,
520		-	16.7and all cost-sharing arrangements;
521		-	16.8 (5) guarantees when made by a domestic insurer; provided, however, that a guarantee
522		-	16.9which is quantifiable as to amount is not subject to the notice requirements of this paragraph
523		-	16.10unless it exceeds the lesser of one-half of one percent of the insurer's admitted assets or ten
524		-	16.11percent of surplus as regards policyholders as of the 31st day of December next preceding.
525		-	16.12Further, all guarantees which are not quantifiable as to amount are subject to the notice
526		-	16.13requirements of this paragraph;
527		-	16.14 (6) direct or indirect acquisitions or investments in a person that controls the insurer or
528		-	16.15in an affiliate of the insurer in an amount which, together with its present holdings in the
529		-	16.16investments, exceeds 2-1/2 percent of the insurer's surplus to policyholders. Direct or indirect
530		-	16.17acquisitions or investments in subsidiaries acquired pursuant to section 60D.16, as otherwise
531		-	16.18authorized under this chapter, or in nonsubsidiary insurance affiliates that are subject to the
532		-	16.19provisions of sections 60D.15 to 60D.29, are exempt from this requirement; and
533		-	16.20 (7) any material transactions, specified by regulation, which the commissioner determines
534		-	16.21may adversely affect the interests of the insurer's policyholders.
535		-	16.22 Nothing contained in this section authorizes or permits any transactions that, in the case
536		-	16.23of an insurer not a member of the same insurance holding company system, would be
537		-	16.24otherwise contrary to law.
538		-	16.25 (c) A domestic insurer may not enter into transactions which are part of a plan or series
539		-	16.26of like transactions with persons within the insurance holding company system if the purpose
540		-	16.27of those separate transactions is to avoid the statutory threshold amount and thus avoid the
541		-	16.28review that would occur otherwise. If the commissioner determines that the separate
542		-	16.29transactions were entered into over any 12-month period for the purpose, the commissioner
543		-	16.30may exercise the authority under section 60D.25.
544		-	16.31 (d) The commissioner, in reviewing transactions pursuant to paragraph (b), shall consider
545		-	16.32whether the transactions comply with the standards set forth in paragraph (a), and whether
546		-	16.33they may adversely affect the interests of policyholders.
547		-	16Sec. 16.
548		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT 17.1 (e) The commissioner shall be notified within 30 days of any investment of the domestic
549		-	17.2insurer in any one corporation if the total investment in the corporation by the insurance
550		-	17.3holding company system exceeds ten percent of the corporation's voting securities.
551		-	17.4 (f) An affiliate that is party to an agreement or contract with a domestic insurer that is
552		-	17.5subject to paragraph (b), clause (4), is subject to the jurisdiction of any supervision, seizure,
553		-	17.6conservatorship, or receivership proceedings against the insurer and to the authority of a
554		-	17.7supervisor, conservator, rehabilitator, or liquidator for the insurer appointed pursuant to
555		-	17.8chapters 60B and 576 for the purpose of interpreting, enforcing, and overseeing the affiliate's
556		-	17.9obligations under the agreement or contract to perform services for the insurer that are: (1)
557		-	17.10an integral part of the insurer's operations, including but not limited to management,
558		-	17.11administrative, accounting, data processing, marketing, underwriting, claims handling,
559		-	17.12investment, or any other similar functions; or (2) essential to the insurer's ability to fulfill
560		-	17.13the insurer's obligations under insurance policies. The commissioner may require that an
561		-	17.14agreement or contract pursuant to paragraph (b), clause (4), to provide the services described
562		-	17.15in clauses (1) and (2) must specify that the affiliate consents to the jurisdiction as provided
563		-	17.16under this paragraph.
564		-	17.17Sec. 17. Minnesota Statutes 2024, section 60D.217, is amended to read:
565		-	17.18 60D.217 GROUPWIDE SUPERVISION OF INTERNATIONALLY ACTIVE
566		-	17.19INSURANCE GROUPS.
567		-	17.20 (a) The commissioner is authorized to act as the groupwide supervisor for any
568		-	17.21internationally active insurance group in accordance with the provisions of this section.
569		-	17.22However, the commissioner may otherwise acknowledge another regulatory official as the
570		-	17.23groupwide supervisor where the internationally active insurance group:
571		-	17.24 (1) does not have substantial insurance operations in the United States;
572		-	17.25 (2) has substantial insurance operations in the United States, but not in this state; or
573		-	17.26 (3) has substantial insurance operations in the United States and this state, but the
574		-	17.27commissioner has determined pursuant to the factors set forth in subsections paragraphs (b)
575		-	17.28and (f) that the other regulatory official is the appropriate groupwide supervisor.
576		-	17.29An insurance holding company system that does not otherwise qualify as an internationally
577		-	17.30active insurance group may request that the commissioner make a determination or
578		-	17.31acknowledgment as to a groupwide supervisor pursuant to this section.
579		-	17.32 (b) In cooperation with other state, federal, and international regulatory agencies, the
580		-	17.33commissioner will must identify a single groupwide supervisor for an internationally active
581		-	17Sec. 17.
582		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT 18.1insurance group. The commissioner may determine that the commissioner is the appropriate
583		-	18.2groupwide supervisor for an internationally active insurance group that conducts substantial
584		-	18.3insurance operations concentrated in this state. However, the commissioner may acknowledge
585		-	18.4that a regulatory official from another jurisdiction is the appropriate groupwide supervisor
586		-	18.5for the internationally active insurance group. The commissioner shall consider the following
587		-	18.6factors when making a determination or acknowledgment under this subsection paragraph:
588		-	18.7 (1) the place of domicile of the insurers within the internationally active insurance group
589		-	18.8that hold the largest share of the group's written premiums, assets, or liabilities;
590		-	18.9 (2) the place of domicile of the top-tiered insurer(s) insurer or insurers in the insurance
591		-	18.10holding company system of the internationally active insurance group;
592		-	18.11 (3) the location of the executive offices or largest operational offices of the internationally
593		-	18.12active insurance group;
594		-	18.13 (4) whether another regulatory official is acting or is seeking to act as the groupwide
595		-	18.14supervisor under a regulatory system that the commissioner determines to be:
596		-	18.15 (i) substantially similar to the system of regulation provided under the laws of this state;
597		-	18.16or
598		-	18.17 (ii) otherwise sufficient in terms of providing for groupwide supervision, enterprise risk
599		-	18.18analysis, and cooperation with other regulatory officials; and
600		-	18.19 (5) whether another regulatory official acting or seeking to act as the groupwide
601		-	18.20supervisor provides the commissioner with reasonably reciprocal recognition and cooperation.
602		-	18.21However, a commissioner identified under this section as the groupwide supervisor may
603		-	18.22determine that it is appropriate to acknowledge another supervisor to serve as the groupwide
604		-	18.23supervisor. The acknowledgment of the groupwide supervisor shall be made after
605		-	18.24consideration of the factors listed in clauses (1) to (5), and shall be made in cooperation
606		-	18.25with and subject to the acknowledgment of other regulatory officials involved with
607		-	18.26supervision of members of the internationally active insurance group, and in consultation
608		-	18.27with the internationally active insurance group.
609		-	18.28 (c) Notwithstanding any other provision of law, when another regulatory official is acting
610		-	18.29as the groupwide supervisor of an internationally active insurance group, the commissioner
611		-	18.30shall acknowledge that regulatory official as the groupwide supervisor. However, in the
612		-	18.31event of a material change in the internationally active insurance group that results in:
613		-	18.32 (1) the internationally active insurance group's insurers domiciled in this state holding
614		-	18.33the largest share of the group's premiums, assets, or liabilities; or
615		-	18Sec. 17.
616		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT 19.1 (2) this state being the place of domicile of the top-tiered insurer(s) insurer or insurers
617		-	19.2in the insurance holding company system of the internationally active insurance group,
618		-	19.3the commissioner shall make a determination or acknowledgment as to the appropriate
619		-	19.4groupwide supervisor for such an internationally active insurance group pursuant to
620		-	19.5subsection paragraph (b).
621		-	19.6 (d) Pursuant to section 60D.21, the commissioner is authorized to collect from any
622		-	19.7insurer registered pursuant to section 60D.19 all information necessary to determine whether
623		-	19.8the commissioner may act as the groupwide supervisor of an internationally active insurance
624		-	19.9group or if the commissioner may acknowledge another regulatory official to act as the
625		-	19.10groupwide supervisor. Prior to issuing a determination that an internationally active insurance
626		-	19.11group is subject to groupwide supervision by the commissioner, the commissioner shall
627		-	19.12notify the insurer registered pursuant to section 60D.19 and the ultimate controlling person
628		-	19.13within the internationally active insurance group. The internationally active insurance group
629		-	19.14shall have not less than 30 days to provide the commissioner with additional information
630		-	19.15pertinent to the pending determination. The commissioner shall publish in the State Register
631		-	19.16and on the department's website the identity of internationally active insurance groups that
632		-	19.17the commissioner has determined are subject to groupwide supervision by the commissioner.
633		-	19.18 (e) If the commissioner is the groupwide supervisor for an internationally active insurance
634		-	19.19group, the commissioner is authorized to engage in any of the following groupwide
635		-	19.20supervision activities:
636		-	19.21 (1) assess the enterprise risks within the internationally active insurance group to ensure
637		-	19.22that:
638		-	19.23 (i) the material financial condition and liquidity risks to the members of the internationally
639		-	19.24active insurance group that are engaged in the business of insurance are identified by
640		-	19.25management; and
641		-	19.26 (ii) reasonable and effective mitigation measures are in place; or
642		-	19.27 (2) request, from any member of an internationally active insurance group subject to the
643		-	19.28commissioner's supervision, information necessary and appropriate to assess enterprise risk,
644		-	19.29including but not limited to information about the members of the internationally active
645		-	19.30insurance group regarding:
646		-	19.31 (i) governance, risk assessment, and management;
647		-	19.32 (ii) capital adequacy; and
648		-	19.33 (iii) material intercompany transactions;
649		-	19Sec. 17.
650		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT 20.1 (3) coordinate and, through the authority of the regulatory officials of the jurisdictions
651		-	20.2where members of the internationally active insurance group are domiciled, compel
652		-	20.3development and implementation of reasonable measures designed to ensure that the
653		-	20.4internationally active insurance group is able to timely recognize and mitigate enterprise
654		-	20.5risks to members of such the internationally active insurance group that are engaged in the
655		-	20.6business of insurance;
656		-	20.7 (4) communicate with other state, federal and international regulatory agencies for
657		-	20.8members within the internationally active insurance group and share relevant information
658		-	20.9subject to the confidentiality provisions of section 60D.22, through supervisory colleges as
659		-	20.10set forth in section 60D.215 or otherwise;
660		-	20.11 (5) enter into agreements with or obtain documentation from any insurer registered under
661		-	20.12section 60D.19, any member of the internationally active insurance group, and any other
662		-	20.13state, federal, and international regulatory agencies for members of the internationally active
663		-	20.14insurance group, providing the basis for or otherwise clarifying the commissioner's role as
664		-	20.15groupwide supervisor, including provisions for resolving disputes with other regulatory
665		-	20.16officials. Such Agreements or documentation under this clause shall not serve as evidence
666		-	20.17in any proceeding that any insurer or person within an insurance holding company system
667		-	20.18not domiciled or incorporated in this state is doing business in this state or is otherwise
668		-	20.19subject to jurisdiction in this state; and
669		-	20.20 (6) other groupwide supervision activities, consistent with the authorities and purposes
670		-	20.21enumerated above, as considered necessary by the commissioner.
671		-	20.22 (f) If the commissioner acknowledges that another regulatory official from a jurisdiction
672		-	20.23that is not accredited by the NAIC is the groupwide supervisor, the commissioner is
673		-	20.24authorized to reasonably cooperate, through supervisory colleges or otherwise, with
674		-	20.25groupwide supervision undertaken by the groupwide supervisor, provided that:
675		-	20.26 (1) the commissioner's cooperation is in compliance with the laws of this state; and
676		-	20.27 (2) the regulatory official acknowledged as the groupwide supervisor also recognizes
677		-	20.28and cooperates with the commissioner's activities as a groupwide supervisor for other
678		-	20.29internationally active insurance groups where applicable. Where such recognition and
679		-	20.30cooperation by the groupwide supervisor is not reasonably reciprocal, the commissioner is
680		-	20.31authorized to refuse recognition and cooperation.
681		-	20.32 (g) The commissioner is authorized to enter into agreements with or obtain documentation
682		-	20.33from any insurer registered under section 60D.19, any affiliate of the insurer, and other
683		-	20.34state, federal, and international regulatory agencies for members of the internationally active
684		-	20Sec. 17.
685		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT 21.1insurance group, that provide the basis for or otherwise clarify a regulatory official's role
686		-	21.2as groupwide supervisor.
687		-	21.3 (h) A registered insurer subject to this section shall be liable for and shall pay the
688		-	21.4reasonable expenses of the commissioner's participation in the administration of this section,
689		-	21.5including the engagement of attorneys, actuaries, and any other professionals and all
690		-	21.6reasonable travel expenses.
691		-	21.7 Sec. 18. Minnesota Statutes 2024, section 60D.22, subdivision 1, is amended to read:
692		-	21.8 Subdivision 1.Classification protection and use of information by commissioner.(a)
693		-	21.9Documents, materials, or other information in the possession or control of the department
694		-	21.10that are obtained by or disclosed to the commissioner or any other person in the course of
695		-	21.11an examination or investigation made pursuant to section 60D.21 and all information reported
696		-	21.12pursuant to sections 60D.17, except as provided in section 60D.17, subdivision 1, paragraph
697		-	21.13(e); 60D.18; 60D.19; and 60D.20,; and 60D.217, are classified as confidential or protected
698		-	21.14nonpublic or both, are not subject to subpoena, and are not subject to discovery or admissible
699		-	21.15in evidence in a private civil action. However, the commissioner may use the documents,
700		-	21.16materials, or other information in the furtherance of any regulatory or legal action brought
701		-	21.17as a part of the commissioner's official duties. The commissioner shall not otherwise make
702		-	21.18the documents, materials, or other information public without the prior written consent of
703		-	21.19the insurer to which it pertains unless the commissioner, after giving the insurer and its
704		-	21.20affiliates who would be affected by this action notice and opportunity to be heard, determines
705		-	21.21that the interest of policyholders, shareholders, or the public will be is served by the
706		-	21.22publication of it, in which event the commissioner may publish all or any part in the manner
707		-	21.23the commissioner deems appropriate.
708		-	21.24 (b) For purposes of the information reported and provided to the department pursuant
709		-	21.25to section 60D.19, subdivision 11b, the commissioner must maintain the confidentiality of
710		-	21.26the group capital calculation and group capital ratio produced within the calculation and
711		-	21.27any group capital information received from an insurance holding company supervised by
712		-	21.28the Federal Reserve Board or any United States groupwide supervisor.
713		-	21.29 (c) For purposes of the information reported and provided to the department pursuant
714		-	21.30to section 60D.19, subdivision 11c, the commissioner must maintain the confidentiality of
715		-	21.31the liquidity stress test results and supporting disclosures and any liquidity stress test
716		-	21.32information received from an insurance holding company supervised by the Federal Reserve
717		-	21.33Board and non-United States groupwide supervisors.
718		-	21Sec. 18.
719		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT 22.1 Sec. 19. Minnesota Statutes 2024, section 60D.22, subdivision 3, is amended to read:
720		-	22.2 Subd. 3.Sharing of information.In order to assist in the performance of the
721		-	22.3commissioner's duties, the commissioner:
722		-	22.4 (1) may share documents, materials, or other information, including the confidential,
723		-	22.5protected nonpublic, and privileged documents, materials, or information subject to this
724		-	22.6section, including proprietary and trade secret documents and materials, with: (i) other state,
725		-	22.7federal, and international regulatory agencies, with; (ii) the NAIC and its affiliates and
726		-	22.8subsidiaries,; (iii) any third-party consultants designated by the commissioner; and with
727		-	22.9(iv) state, federal, and international law enforcement authorities, including members of any
728		-	22.10supervisory college described in section 60D.215, provided that the recipient agrees in
729		-	22.11writing to maintain the confidentiality and privileged status of the document, material, or
730		-	22.12other information, and has verified in writing the legal authority to maintain confidentiality;
731		-	22.13 (2) notwithstanding clause (1), may only share confidential, protected nonpublic, and
732		-	22.14privileged documents, materials, or information reported pursuant to section 60D.19,
733		-	22.15subdivision 11a, with commissioners of states having statutes or regulations substantially
734		-	22.16similar to subdivision 1 and who have agreed in writing not to disclose this information;
735		-	22.17 (3) may receive documents, materials, or information, including otherwise confidential
736		-	22.18and privileged documents, materials, or information from the NAIC and its the NAIC's
737		-	22.19affiliates and subsidiaries and from regulatory and law enforcement officials of other foreign
738		-	22.20or domestic jurisdictions, and shall maintain as confidential, protected nonpublic, or
739		-	22.21privileged any document, material, or information received with notice or the understanding
740		-	22.22that it is confidential or privileged under the laws of the jurisdiction that is the source of the
741		-	22.23document, material, or information; and
742		-	22.24 (4) shall enter into written agreements with the NAIC and a third-party consultant
743		-	22.25designated by the commissioner governing sharing and use of information provided pursuant
744		-	22.26to sections 60D.15 to 60D.29 consistent with this clause that shall:
745		-	22.27 (i) specify procedures and protocols regarding the confidentiality and security of
746		-	22.28information shared with the NAIC and its affiliates and subsidiaries or a third-party consultant
747		-	22.29designated by the commissioner pursuant to sections 60D.15 to 60D.29, including procedures
748		-	22.30and protocols for sharing by the NAIC with other state, federal, or international regulators.
749		-	22.31The agreement must provide that the recipient agrees in writing to maintain the confidentiality
750		-	22.32and privileged status of the documents, materials, or other information, and has verified in
751		-	22.33writing the legal authority to maintain confidentiality;
752		-	22Sec. 19.
753		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT 23.1 (ii) specify that ownership of information shared with the NAIC and its affiliates and
754		-	23.2subsidiaries or a third-party consultant pursuant to sections 60D.15 to 60D.29 remains with
755		-	23.3the commissioner and the NAIC's or a third-party consultant's, as designated by the
756		-	23.4commissioner, use of the information is subject to the direction of the commissioner;
757		-	23.5 (iii) excluding documents, material, or information reported pursuant to section 60D.19,
758		-	23.6subdivision 11c, prohibit the NAIC or a third-party consultant designated by the
759		-	23.7commissioner from storing the information shared pursuant to sections 60D.15 to 60D.29
760		-	23.8in a permanent database after the underlying analysis is completed;
761		-	23.9 (iii) (iv) require prompt notice to be given to an insurer whose confidential or protected
762		-	23.10nonpublic information in the possession of the NAIC or a third-party consultant designated
763		-	23.11by the commissioner pursuant to sections 60D.15 to 60D.29 is subject to a request or
764		-	23.12subpoena to the NAIC or a third-party consultant designated by the commissioner for
765		-	23.13disclosure or production; and
766		-	23.14 (iv) (v) require the NAIC and its affiliates and subsidiaries or a third-party consultant
767		-	23.15designated by the commissioner to consent to intervention by an insurer in any judicial or
768		-	23.16administrative action in which the NAIC and its affiliates and subsidiaries or a third-party
769		-	23.17consultant designated by the commissioner may be required to disclose confidential or
770		-	23.18protected nonpublic information about the insurer shared with the NAIC and its affiliates
771		-	23.19and subsidiaries or a third-party consultant designated by the commissioner pursuant to
772		-	23.20sections 60D.15 to 60D.29.; and
773		-	23.21 (vi) for documents, material, or information reported pursuant to section 60D.19,
774		-	23.22subdivision 11c, in the case of an agreement involving a third-party consultant, provide for
775		-	23.23notification of the identity of the consultant to the applicable insurers.
776		-	23.24Sec. 20. Minnesota Statutes 2024, section 60D.22, subdivision 6, is amended to read:
777		-	23.25 Subd. 6.Classification protection and use by others.Documents, materials, or other
778		-	23.26information in the possession or control of the NAIC or a third-party consultant designated
779		-	23.27by the commissioner pursuant to sections 60D.15 to 60D.29 are confidential, protected
780		-	23.28nonpublic, or privileged, are not subject to subpoena, and are not subject to discovery or
781		-	23.29admissible in evidence in a private civil action.
782		-	23Sec. 20.
783		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT 24.1 Sec. 21. Minnesota Statutes 2024, section 60D.22, is amended by adding a subdivision to
784		-	24.2read:
785		-	24.3 Subd. 7.Certain disclosures or publication prohibited.(a) The group capital calculation
786		-	24.4and resulting group capital ratio required under section 60D.19, subdivision 11b, and the
787		-	24.5liquidity stress test along with the liquidity stress test's results and supporting disclosures
788		-	24.6required under section 60D.19, subdivision 11c, are regulatory tools to assess group risks
789		-	24.7and capital adequacy and group liquidity risks, respectively, and are not intended as a means
790		-	24.8to rank insurers or insurance holding company systems generally.
791		-	24.9 (b) Except as otherwise required under sections 60D.09 to 60D.29, making, publishing,
792		-	24.10disseminating, circulating, or placing before the public, or causing directly or indirectly to
793		-	24.11be made, published, disseminated, circulated, or placed before the public in a newspaper,
794		-	24.12magazine, or other publication, or in the form of a notice, circular, pamphlet, letter, or poster,
795		-	24.13or over any radio, television station, or any electronic means of communication available
796		-	24.14to the public, or in any other way as an advertisement, announcement, or statement containing
797		-	24.15a representation or statement with regard to the group capital calculation, group capital ratio,
798		-	24.16the liquidity stress test results, or supporting disclosures for the liquidity stress test of any
799		-	24.17insurer or any insurer group, or of any component derived in the calculation by any insurer,
800		-	24.18broker, or other person engaged in any manner in the insurance business is misleading and
801		-	24.19is prohibited.
802		-	24.20 (c) Notwithstanding paragraph (b), an insurer may publish an announcement in a written
803		-	24.21publication if any materially false statement with respect to the group capital calculation,
804		-	24.22resulting group capital ratio, an inappropriate comparison of any amount to an insurer's or
805		-	24.23insurance group's group capital calculation or resulting group capital ratio, liquidity stress
806		-	24.24test result, supporting disclosures for the liquidity stress test, or an inappropriate comparison
807		-	24.25of any amount to an insurer's or insurance group's liquidity stress test result or supporting
808		-	24.26disclosures is published in any written publication and the insurer is able to demonstrate to
809		-	24.27the commissioner with substantial proof the statement's falsity or inappropriateness. The
810		-	24.28sole purpose of an announcement under this paragraph must be to rebut the materially false
811		-	24.29statement.
812		-	24.30Sec. 22. Minnesota Statutes 2024, section 60D.24, subdivision 2, is amended to read:
813		-	24.31 Subd. 2.Voting of securities; when prohibited.No security that is the subject of any
814		-	24.32agreement or arrangement regarding acquisition, or that is acquired or to be acquired, in
815		-	24.33contravention of the provisions of this chapter or of any rule or order issued by the
816		-	24.34commissioner may be voted at any shareholder's meeting, or may be counted for quorum
817		-	24Sec. 22.
818		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT 25.1purposes, and any action of shareholders requiring the affirmative vote of a percentage of
819		-	25.2shares may be taken as though the securities were not issued and outstanding. No action
820		-	25.3taken at the meeting shall be invalidated by the voting of the securities, unless the action
821		-	25.4would materially affect control of the insurer or unless the courts of this state have so
822		-	25.5ordered. If an insurer or the commissioner has reason to believe that any security of the
823		-	25.6insurer has been or is about to be acquired in contravention of the provisions of this chapter
824		-	25.7or of any rule or order issued by the commissioner, the insurer or the commissioner may
825		-	25.8apply to the district court for the county in which the insurer has its principal place of
826		-	25.9business to enjoin any offer, request, invitation, agreement, or acquisition made in
827		-	25.10contravention of section 60D.16 60D.17 or any rule or order issued by the commissioner
828		-	25.11to enjoin the voting of any security so acquired, to void any vote of the security already cast
829		-	25.12at any meeting of shareholders and for other equitable relief as the nature of the case and
830		-	25.13the interest of the insurer's policyholders or the public requires.
831		-	25.14Sec. 23. Minnesota Statutes 2024, section 60D.25, is amended to read:
832		-	25.15 60D.25 RECEIVERSHIP.
833		-	25.16 Whenever it appears to the commissioner that any person has committed a violation of
834		-	25.17this chapter that so impairs the financial condition of a domestic insurer as to threaten
835		-	25.18insolvency or make the further transaction of business by it hazardous to its policyholders,
836		-	25.19creditors, shareholders, or the public, then the commissioner may proceed as provided in
837		-	25.20chapter 60B to take possessions of the property of the domestic insurer and to conduct the
838		-	25.21business of that the domestic insurer.
839		-	25.22Sec. 24. Minnesota Statutes 2024, section 334.01, subdivision 2, is amended to read:
840		-	25.23 Subd. 2.Contracts of $100,000 or more.Notwithstanding any law to the contrary,
841		-	25.24except as stated in section 58.137, and with respect to contracts a conventional loan or
842		-	25.25contract for deed, section 47.20, subdivision 4a, no limitation on the rate or amount of
843		-	25.26interest, points, finance charges, fees, or other charges applies to a loan, mortgage, credit
844		-	25.27sale, or advance made under a written contract, signed by the debtor, for the extension of
845		-	25.28credit to the debtor in the amount of $100,000 or more, or any written extension and other
846		-	25.29written modification of the written contract. The written contract, written extension, and
847		-	25.30written modification are exempt from the other provisions of this chapter.
848		-	25Sec. 24.
849		-	REVISOR RSI H2601-1HF2601 FIRST ENGROSSMENT
	68	+	REVISOR EB/DG 25-0048411/27/24 3.1 (e) A contract for deed executed pursuant to a commitment for a contract for deed, or a
	69	+	3.2loan made pursuant to a borrower's interest rate commitment, or made pursuant to a
	70	+	3.3borrower's loan commitment, or made pursuant to a forward commitment for conventional
	71	+	3.4or cooperative apartment loans made upon payment of a forward commitment fee including
	72	+	3.5a borrower's loan commitment issued pursuant to a forward commitment at a rate of interest
	73	+	3.6not in excess of the rate of interest authorized by this subdivision at the time the commitment
	74	+	3.7was made continues to be enforceable in accordance with its terms until the indebtedness
	75	+	3.8is fully satisfied.
	76	+	3.9 Sec. 2. Minnesota Statutes 2024, section 334.01, subdivision 2, is amended to read:
	77	+	3.10 Subd. 2.Contracts of $100,000 or more.Notwithstanding any law to the contrary,
	78	+	3.11except as stated in section 58.137, and with respect to contracts a conventional loan or
	79	+	3.12contract for deed, section 47.20, subdivision 4a, no limitation on the rate or amount of
	80	+	3.13interest, points, finance charges, fees, or other charges applies to a loan, mortgage, credit
	81	+	3.14sale, or advance made under a written contract, signed by the debtor, for the extension of
	82	+	3.15credit to the debtor in the amount of $100,000 or more, or any written extension and other
	83	+	3.16written modification of the written contract. The written contract, written extension, and
	84	+	3.17written modification are exempt from the other provisions of this chapter.
	85	+	3Sec. 2.
	86	+	REVISOR EB/DG 25-0048411/27/24