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Changes to commerce provisions (new law)

Published (5/30/2008)
By Craig Green
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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.


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