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AUTO INSURANCE: You can help prevent auto theft
July is National Vehicle Theft Prevention Month, a timely reminder that preventing auto theft is a nationwide effort. In 2022, about 1 million vehicles were stolen in the U.S. and 16,000 were stolen across Minnesota.? Even if your own car isn?t stolen, you are impacted. Increased auto thefts contribute to rising premiums for your auto insurance policies.?
The Commerce Fraud Bureau within Commerce?s Enforcement Division has operated the Auto Theft Prevention Program since 2009 and collaborates with local and national law enforcement, and international coalitions, to investigate and help stop auto thefts. Consumers can take action as well, with a simple ? but critically important ? step: Take your keys ALWAYS.? According to law enforcement, the majority of auto thefts involve vehicles with the keys being left inside. Learn more about Commerce?s campaign and help us spread the word:? mn.gov/StopAutoTheft.?
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FARMFEST: Visit with Commerce?s Weights & Measures Aug. 1-3
At FarmFest, being held Aug. 1-3 in Redwood, stop by Commerce?s Weights & Measures? outdoor exhibit to learn about how staff test the accuracy of gas pumps, grocery scales and other commercial scales across Minnesota.? How does ?Tested and Found Correct? protect consumers and businesses? Learn more: mn.gov/wmtested.
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DEBT AND PAYDAY LOAN LAWS: New consumer protections ??
Borrowers have been harmed by falling into a debt trap of multiple payday loans each year.?Data from Commerce?s Financial Institutions Division shows 25,096 Minnesotans took out almost $68 million in payday loans in 2022, with an average seven loans per borrower.?
Starting September 1, 2023, debt collection agencies are required to provide a written document that lists Minnesota-based nonprofit organizations that provide credit counseling services to debtors. PDFs of the document are on the Commerce website in six (6) languages:? English, Chinese, Hmong, Somali, Spanish and Vietnamese.
The new payday loan law takes effect on January 1, 2024. The law makes significant changes for lenders who offer consumer small loans and consumer short-term loans, otherwise known as ?payday loans.?? Changes to payday loans include a maximum cap for loan finance charges and fees of 50% APR (annual percentage rate) and a requirement to analyze the borrower?s ability to repay for loans from 37% to 50% APR.??
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HEALTH INSURANCE: Actions to ensure parity? ?
In the past two months, Commerce has taken enforcement actions against two major health insurers ordering them to remove obstacles from accessing mental health care for Minnesotans. Commerce reviewed the practices of HealthPartners and Medica for their compliance with what is known as mental health parity laws to ensure insurance coverage for mental health care is equivalent to coverage for medical or surgical care. Under Commerce?s consent orders, both insurance companies will make systematic improvements to ensure compliance with those laws.??
WE ARE HIRING
Join our team. We have positions in clean energy, senior financial fraud protection, and more:? mn.gov/Commerce/Careers.??
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