Putting guardrails around student debt, structured settlements, social media, and annuity sales are included in the omnibus commerce bill.
Sponsored by Rep. Zack Stephenson (DFL-Coon Rapids), HF3607 also includes about $6.53 million in additional General Fund money with the bulk going toward auto theft prevention measures.
“I think we have a very good and balanced bill before us,” Stephenson said, adding it includes provisions from both sides of the aisle.
The House Commerce Finance and Policy Committee received a walkthrough of a delete-all amendment Tuesday, and plans to hear testimony, mark-up and vote on the bill Wednesday.
[MORE: View the spreadsheet]
Before legislators heard the omnibus walkthrough, Commerce Commissioner Grace Arnold explained priorities in a successful supplemental budget request. Additional staff in senior fraud prevention, a manager who specializes in property and casualty insurance, market conditions staff and an additional special agent to investigate fraud would cost about $825,000.
It also contains a policy request to expand an assessment so that all industries the Commerce Department oversees help fund its activities. Some, such as mortgage originators, are not assessed currently.
The omnibus bill also includes many provisions aiming to strengthen consumer protections around structured settlements and annuities.
Other policy provisions in the bill include:
What’s in the bill
The following are selected bills that have been incorporated in part or in whole into the omnibus commerce bill: