Minnesota 2025-2026 Regular Session

Minnesota Senate Bill SF2216

Introduced
3/6/25  
Refer
3/6/25  

Caption

Omnibus Commerce and Consumer Protections policy and appropriations

Impact

The bill's provisions will significantly affect how state regulations are implemented in commerce-related sectors. By prioritizing consumer safety, SF2216 positions itself to counter fraudulent activities and enhance transparency in transactions. It may necessitate amendments to existing laws governing business operations, potentially resulting in stricter compliance requirements for enterprises. The bill is expected to provide a clear framework that supports ethical business practices and protects consumers from deceptive practices.

Summary

SF2216, also known as the Omnibus Commerce and Consumer Protections bill, encompasses a comprehensive set of legislative measures aimed at strengthening consumer protection reforms and facilitating economic commerce. The bill introduces various changes to state laws that govern business practices, consumer rights, and the operational framework for commerce. Its overarching intent is to enhance the safety and security of consumers while promoting robust economic activity within the state.

Sentiment

The sentiment surrounding SF2216 reflects a mixture of support and concern. Advocates, including various consumer advocacy groups, have voiced strong approval, emphasizing the necessity for enhanced consumer protections and the long-term benefits of a stable and trustful commerce environment. Conversely, some business interests have expressed apprehensions regarding the implications of stricter regulations on their operational flexibility and costs.

Contention

Notable points of contention center around the balance between regulation and business autonomy. Critics argue that overly stringent consumer protections could hinder innovation and growth in the business sector. Discussions have highlighted concerns regarding the implementation of the bill's provisions, with some stakeholders suggesting that careful consideration is needed to ensure that consumer protection does not inadvertently stifle economic development.

Companion Bills

MN HF2443

Similar To Biennial budget for commerce and energy established, various energy provisions modified, provisions governing consumer small loans and lending modified, Minnesota premium security plan modified, state innovation waiver submission required, provisions governing cannabis licenses modified, and money appropriated.

Similar Bills

MN SF2794

Certain loans and contract for deed maximum interest rate modification provision, group capital calculations for insurers establishments, Insurers completion of NAIC liquidity stress test requirement provision, and insurers filing group capital calculations and results from the NAIC liquidity stress test requirement provision, and insurers securing a deposit or bond requirement provision

MN HF2601

Maximum interest rate for certain loans and contracts for deed modified.

MN HF2389

Data calls authorized, group capital calculations established for insurers, insurers required to complete a NAIC liquidity stress test, insurers required to file group capital calculations and results from the NAIC liquidity stress test, insurers required to secure a deposit or bond, limited long-term care insurance provided for and regulated, automobile insurance governing provisions modified, data classified, penalties provided, and technical changes made.

MN HF2403

Commerce policy bill.

ND HB1124

The standards and management of an insurer with an insurance holding company system and the confidential treatment of investigation and examination records of insurance holding companies.

SC S0220

Insurance Holding Company Regulatory Act

MN SF102

Hospitals and health care providers gross tax revenue repeal and technical changes made

MS HB1172

Holding Company Act; amend to include group capital calculation and liquidity stress test requirements to.