Legislative Session number- 85

Bill Name: HF3612

HF 3612

FIRST ENGROSSMENT

Minnesota Subprime Foreclosure Deferment Act of 2008
provisions provided.

Section 1: Citation language is provided.

Section 2:
Definitions are provided.
Subdivision 1. Scope.
Subdivision 2. The
act.
Subdivision 3. Deferment payment.
Subdivision 4. Deferment
period.
Subdivision 5. Deferment right.
Subdivision 6. Eligible foreclosed
loan
Subdivision 7. Eligible foreclosed borrower
Subdivision 8. Foreclosing
lender
Subdivision 9. Minnesota Residential Mortgage Originator and Servicer
Licensing Act definitions.
Subdivision 10. Subprime loan

Section 3: Right to
foreclosure deferment language is provided.

Section 4: Affidavit of deferment
language is provided.
Subdivision 1. Affidavit of deferment
Subdivision 2.
Service on foreclosing lender
Subdivision 3. Acknowledgment by foreclosing
lender.
Subdivision 4. Charges prohibited

Section 5: Borrower payment
requirement language is provided.
Subdivision 1. Borrower payment
required
Subdivision 2. Amount of payment
Subdivision 3. Payment advice
notice
Subdivision 4. Borrower failure to pay

Section 6: Resolution of disputes
language is provided.
Subdivision 1. Dispute as to eligible foreclosed loan
status
Subdivision 2. Other disputes

Section 7: Notice of right to deferment
language is provided.
Subdivision 1. Notice requirement; form and delivery of
notice.
Subdivision 2. Content.

Section 8: Bad faith or reckless violation
language is provided.

Section 9: Effective date is provided.

SNA 3/19/08