Changes to commerce provisions (new law)

With various effective dates, this year’s omnibus commerce law covers motor vehicle loans, life insurance, real estate appraisers and debt collectors.

Sponsored by Rep. Joe Atkins (DFL-Inver Grove Heights) and Sen. Linda Scheid (DFL-Brooklyn Park), the law has more than 50 provisions. They include:

• administrative fees for a motor vehicle sales finance contract may be as high as $75, up from $50;

• consumers have 30 days to back out of a replacement life insurance policy without penalty, up from 20 days;

• health insurance coverage for cancer screenings must include charges for an office or facility visit;

• clarification that mental health and chemical dependency coverage includes alcoholism;

• insurance companies must notify customers of new long-term policy series previously unavailable;

• long-term providers must permit policyholders to reduce coverage and premiums, and requires notification to policyholders of the right if the policy is about to expire; and

• a debt collection agency must maintain a separate trust account clearly designated for customer funds, and another for regular business accounts.

HF3783*/SF3467/CH344