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News & Press: UPPO Advocacy Activity

Industry Groups, Including UPPO, Submit Joint Comments Regarding Minnesota RUUPA Bills

Wednesday, April 3, 2019   (0 Comments)
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On March 31, 2019, UPPO along with organizations representing life insurers, bankers, shareholder services professionals and transfer agents submitted a letter regarding RUUPA-inspired legislation to the Minnesota Department of Commerce. 


The coalition raised several concerns with Article 13 of H.F. 2208 and companion bill S.B. 2611. Several of the bill’s provisions are modeled after language passed by the Illinois legislature and became effective Jan. 1, 2018. However, due to a rush to enact tax reform in Illinois, the Illinois law was enacted as part of an omnibus tax reform bill and passed without any public hearing or input from stakeholders. As a result, there have been unintended consequences, resulting in nine legislative measures introduced during the current session of the Illinois legislature intended to modify significant provisions or overturn the new Illinois law, reverting it back to the previous statute. 


In addition, the letter points out how Minnesota citizens would be harmed by several of the provisions included in the Minnesota legislative measures. 


See the letter from UPPO, American Council of Life Insurers, Minnesota Bankers Association, Shareholder Services Association and Stock Transfer Association. 


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