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November 2023 Consumer News |
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Child and Working Family Tax Credits
Minnesotans: Do not miss out on the Child Tax Credit of $1,750 for each child under 18. Or you could get credits through the Working Family Tax Credits of up to $2,850. If your income is below $35,000 (joint filers) or up to $29,000 (other filers), be sure to file for 2023 taxes, even if you do not owe any tax. You may also qualify for free tax return preparation. Go to www.revenue.state.mn.us. In the ?Search? box, type in ?Child Tax Credit? or ?Working Family Tax Credit? or ?Free tax prep? to find more info.
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STUDENT LOANS: Bill of Rights and advocate for borrowers
For Minnesotans who are repaying student loans, the Commerce Department offers you important consumer protections. The Student Loan Borrower Bill of Rights law, passed by the Minnesota Legislature in 2021, put in place requirements for student loan servicers.?In 2023, the Legislature approved funds for a student loan advocate to educate and advocate for student loan borrowers, including helping them resolve complaints.
The servicer of a student loan, which manages loan repayments, is often not the same organization that provides loans. Among the requirements of the state law: Servicers must acknowledge they've received borrowers? written requests within 10 days. Prior to placing a borrower in default, the servicer must evaluate a borrower for eligibility for an income-driven repayment program. Learn more about student loan protections here: mn.gov/commerce/money/consumer/student-loans.
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ENFORCEMENT: ?PACIFIC LIFE?
Pacific Life Insurance Company has agreed to pay a $250,000 fine and improve its practices for life insurance, long-term care insurance, and annuity contracts that it sells and services for Minnesota consumers, under a consent order with the Minnesota Department of Commerce.
The consent order is the result of an examination by Commerce?s Enforcement Division, which alleges that Pacific Life violated several state insurance laws.? Read the full press release here.?
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COMMERCE IN THE NEWS: INSURANCE RATES
You may be getting notices that your home and auto insurance rates are rising.?A mix of factors is impacting rates, as Commerce Commissioner Grace Arnold has explained in recent news interviews and in testimony before Congress.?
Commissioner Arnold, representing National Association of Insurance Commissioners (NAIC) members before the U.S. House of Representatives Financial Services Subcommittee on Housing and Insurance, testified Nov. 2 on factors influencing the high cost of insurance for consumers. In her written testimony, Commissioner Arnold discussed NAIC work on two of the biggest challenges facing the insurance marketplace: natural catastrophes and emerging technologies. Learn more about NAIC's efforts and read Commissioner Arnold's?full written testimony here.?
WCCO?s story explains additional factors impacting car insurance. This NPR story offers more insight and tips for consumers on ways to reduce their auto insurance costs.
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Do you have family, friends, neighbors or co-workers who would benefit from knowing more about Commerce?s work to assist and protect consumers?? Send along this newsletter or send a link to mn.gov/commerce.
About this newsletter:?
You are receiving this newsletter because you signed up to receive consumer alerts from the Minnesota Department of Commerce. Our agency protects consumer interests and regulates or oversees more than 40 businesses and industries in Minnesota, including energy, finance, insurance, and real estate.
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WE ARE HIRING!?
Join our team. We are hiring for our Energy, Enforcement and Insurance Division teams. Learn more:? mn.gov/Commerce/Careers.
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Get updates and news from the Minnesota Department of Commerce at?mn.gov/commerce?or @MNCommerce on social media.
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