Minnesota 2025-2026 Regular Session

Minnesota Senate Bill SF2205 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 commerce; establishing a task force on homeowners and commercial
3	3		1.3 property insurance; appropriating money; requiring a report.
4	4		1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
5	5		1.5 Section 1. TASK FORCE ON HOMEOWNERS AND COMMERCIAL PROPERTY
6	6		1.6INSURANCE.
7	7		1.7 Subdivision 1.Establishment.A task force is established to evaluate issues and provide
8	8		1.8recommendations relating to insurance affordability with respect to single-family housing,
9	9		1.9multifamily rental housing, common interest communities, cooperatives, and small
10	10		1.10businesses, and preventing disruptions or loss to the development, preservation, and long-term
11	11		1.11sustainability of Minnesota's housing infrastructure and small businesses.
12	12		1.12 Subd. 2.Membership.(a) The task force consists of the following:
13	13		1.13 (1) one member appointed by the commissioner of commerce;
14	14		1.14 (2) one member appointed by the speaker of the house;
15	15		1.15 (3) one member appointed by the house minority leader;
16	16		1.16 (4) one member appointed by the senate majority leader;
17	17		1.17 (5) one member appointed by the senate minority leader;
18	18		1.18 (6) one member appointed by the Minnesota Consortium of Community Developers;
19		-	1.19 (7) one ~~member~~ appointed by the Insurance Federation of Minnesota;
20		-	1.20 (8) one ~~member~~ appointed by Big I Minnesota;
	19	+	1.19 (7) one representative appointed by the Insurance Federation of Minnesota;
	20	+	1.20 (8) one representative appointed by Big I Minnesota;
21	21		1Section 1.
22		-	S2205-~~2 2nd~~ EngrossmentSF2205 REVISOR RSI
	22	+	S2205-1 1st EngrossmentSF2205 REVISOR RSI
23	23		SENATE
24	24		STATE OF MINNESOTA
25	25		S.F. No. 2205NINETY-FOURTH SESSION
26	26		(SENATE AUTHORS: PORT, Lucero, Draheim, Housley and Boldon)
27	27		OFFICIAL STATUSD-PGDATE
28	28		Introduction and first reading65803/06/2025
29	29		Referred to Commerce and Consumer Protection
30	30		Author added Boldon77603/13/2025
31	31		Withdrawn and re-referred to Housing and Homelessness Prevention94403/20/2025
32		-	Comm report: To pass as amended and re-refer to State and Local Government1147a04/01/2025
33		-	Comm report: To pass as amended and re-refer to Rules and Administration04/03/2025 2.1 (9) one member appointed by the Minnesota Realtors;
	32	+	Comm report: To pass as amended and re-refer to State and Local Government04/01/2025 2.1 (9) one representative appointed by the Minnesota Realtors;
34	33		2.2 (10) one member appointed by the Minnesota Community Development Financial
35	34		2.3Institutions Coalition;
36	35		2.4 (11) one member appointed by the Minnesota Homeownership Center;
37	36		2.5 (12) one member appointed by the Housing Justice Center; and
38	37		2.6 (13) one member with climate science expertise.
39	38		2.7 (b) The appointing authorities must make the appointments by August 15, 2025.
40	39		2.8 Subd. 3.Duties.(a) The task force must identify recommendations to strengthen and
41	40		2.9stabilize the homeowners and commercial property insurance industry.
42	41		2.10 (b) The task force must consult with the commissioner of the Housing Finance Agency,
43	42		2.11the commissioner of employment and economic development, and key stakeholders in the
44	43		2.12insurance and housing industries.
45	44		2.13 (c) The task force must review:
46	45		2.14 (1) risk mitigation and property resilience to natural hazards, and the relationship with
47	46		2.15insurance costs;
48	47		2.16 (2) liability laws impacting insurance costs;
49	48		2.17 (3) minimum notice for coverage changes, including enforcement and oversight;
50	49		2.18 (4) public reporting of aggregated data relating to insurance plan costs and coverage;
51	50		2.19 (5) the reinsurance market for homeowners and commercial property insurance;
52	51		2.20 (6) the current state-supported insurance program and the potential to expand the program
53	52		2.21to include a catastrophic reinsurance fund and a self-insured pool;
54	53		2.22 (7) factors that increase claim costs, including but not limited to post-loss contractors,
55	54		2.23fraudulent claims, climate, inflation, and discontinued building materials; and
56	55		2.24 (8) other areas that would strengthen and stabilize the homeowners and commercial
57	56		2.25property insurance industry.
58	57		2.26 Subd. 4.Administration.The Legislative Coordinating Commission must provide
59	58		2.27administrative support to the task force. Upon request of the task force, the commissioners
60	59		2.28of commerce, the Housing Finance Agency, and employment and economic development
61	60		2.29must provide technical support and expertise.
62	61		2Section 1.
63		-	S2205-~~2 2nd~~ EngrossmentSF2205 REVISOR RSI 3.1 Subd. 5.Meetings.(a) The Legislative Coordinating Commission must ensure the first
	62	+	S2205-1 1st EngrossmentSF2205 REVISOR RSI 3.1 Subd. 5.Meetings.(a) The Legislative Coordinating Commission must ensure the first
64	63		3.2meeting of the task force convenes no later than September 15, 2025, and must provide
65	64		3.3accessible physical or virtual meeting space as necessary for the task force to conduct work.
66	65		3.4 (b) At the first meeting, the task force must elect a chair or cochairs from those appointed
67	66		3.5by the house and senate by a majority vote of those members present and may elect a
68	67		3.6vice-chair as necessary.
69	68		3.7 (c) The task force must establish a schedule for meetings and must meet as necessary
70	69		3.8to accomplish the duties under subdivision 3.
71	70		3.9 (d) The task force is subject to Minnesota Statutes, chapter 13D.
72	71		3.10 Subd. 6.Report required.(a) The task force must submit a report to the commissioners
73		-	3.11of commerce, the Housing Finance Agency, and employment and economic development,
74		-	3.12and the chairs and ranking minority members of the legislative committees having jurisdiction
75		-	3.13over the agencies listed in this paragraph by February 15, 2026.
76		-	3.14 (b) The report must:
77		-	3.15 (1) summarize the activities of the task force;
78		-	3.16 (2) provide findings and recommendations adopted by the task force;
79		-	3.17 (3) include any draft legislation required to implement recommendations; and
80		-	3.18 (4) include other information the task force believes is necessary to report.
81		-	3.19 Subd. 7.Expiration.The task force expires upon submission of the report required
82		-	3.20under subdivision 6.
83		-	3.21 EFFECTIVE DATE.This section is effective the day following final enactment.
84		-	3.22 Sec. 2. APPROPRIATION; TASK FORCE ON HOMEOWNERS AND
85		-	3.23COMMERCIAL PROPERTY INSURANCE.
86		-	3.24 $200,000 in fiscal year 2025 is appropriated from the general fund to the Legislative
87		-	3.25Coordinating Commission to provide administrative support to the task force. This is a
88		-	3.26onetime appropriation and is available until June 30, 2026.
89		-	3.27 EFFECTIVE DATE.This section is effective the day following final enactment.
	72	+	3.11of the Department of Commerce, Minnesota Housing, and the Department of Employment
	73	+	3.12and Economic Development, and the chairs and ranking minority members of the legislative
	74	+	3.13committees having jurisdiction over the agencies listed in this paragraph by February 15,
	75	+	3.142026.
	76	+	3.15 (b) The report must:
	77	+	3.16 (1) summarize the activities of the task force;
	78	+	3.17 (2) provide findings and recommendations adopted by the task force;
	79	+	3.18 (3) include any draft legislation required to implement recommendations; and
	80	+	3.19 (4) include other information the task force believes is necessary to report.
	81	+	3.20 Subd. 7.Expiration.The task force expires upon submission of the final report required
	82	+	3.21under subdivision 6.
	83	+	3.22 EFFECTIVE DATE.This section is effective the day following final enactment.
	84	+	3.23 Sec. 2. APPROPRIATION; TASK FORCE ON HOMEOWNERS AND
	85	+	3.24COMMERCIAL PROPERTY INSURANCE.
	86	+	3.25 $200,000 in fiscal year 2025 is appropriated from the general fund to the Legislative
	87	+	3.26Coordinating Commission to provide administrative support to the task force. This is a
	88	+	3.27onetime appropriation and is available until June 30, 2026.
	89	+	3.28 EFFECTIVE DATE.This section is effective the day following final enactment.
90	90		3Sec. 2.
91		-	S2205-~~2 2nd~~ EngrossmentSF2205 REVISOR RSI
	91	+	S2205-1 1st EngrossmentSF2205 REVISOR RSI