New laws for 2019
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New laws effective January 1, 2019:
Business and Commerce
‘Certified’ reinsurers join the state’s risk-sharing groups
Minnesota will recognize a new class of reinsurance organizations—deemed “certified reinsurers,” who join “licensed” and “accredited” reinsurers—that take on some of the risk of licensed Minnesota insurance companies.
This new classification will allow reinsurers not licensed in Minnesota to work in the state as long as they meet certain bookkeeping and financial strength requirements.
Revised Uniform Law on Notarial Acts
A new law will repeal and replace the standard for notaries public and update Minnesota statutes to reflect a nationally recognized uniform law called the Revised Uniform Law on Notarial Acts.
Most notably, the law will allow for and regulate remote online notaries, including electronic signatures, seals and records. Under Section 4 of the law, individuals cannot notarize their spouse’s records, or where either has a direct beneficial interest; Section 5 requires acknowledgement, verifications, signatures, copies and available protests; Section 6 deals with in-person notarization; and Section 15 outlines what remote online notaries public will look like.
Those requirements include: people can be in the same physical place as someone else who can see, hear and communicate tangible identification credentials; notaries located in Minnesota can communicate with others outside the state on an electronic device or process; notaries can use electronic seals to confirm the remotely-approved document; and notaries must be registered with the secretary of state to perform remote online notarizations.
Protecting children from identity theft
A new law is intended to keep children safe from identity theft. The law extends security freeze protections to individuals under age 16 by allowing credit reporting agencies to freeze existing credit reports or to develop credit reports on young account-holders and subsequently freeze those reports....