HF 1637

as introduced - 87th Legislature (2011 - 2012) Posted on 05/02/2011 10:17am

A bill for an act
relating to real property; requiring transaction agents to disclose information on
lenders for residential mortgage loans; requiring additional data in foreclosure
notices; amending Minnesota Statutes 2010, section 580.025, subdivision 2;
proposing coding for new law in Minnesota Statutes, chapter 58.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin [58.162] TRANSACTION AGENTS; DISCLOSURE OF LENDER
INFORMATION TO MORTGAGOR.
new text end

new text begin Upon request of a mortgagor, a transaction agent shall provide the mortgagor
with the identity, address, and telephone number of the third-party lender for whom the
transaction agent is the nominee or agent for the mortgage and any successors and assigns
of the lender. A transaction agent must not charge a fee for providing this information to
a requesting mortgagor.
new text end

Sec. 2.

Minnesota Statutes 2010, section 580.025, subdivision 2, is amended to read:

Subd. 2.

Data required.

The notice of pendency required by section 580.032,
subdivision 3; the notice of sale required by section 580.04; and the certificate of sale
required by section 580.12 shall include the following information to the best of the
knowledge of the party foreclosing the mortgage:

(1) the physical street address, city, and zip code of the mortgaged premises;

(2) the name of the transaction agent, residential mortgage servicer, deleted text begin and deleted text end the lender
or broker, as defined in section 58.02, new text begin and any successors or assigns of the lender, new text end if the
person holding the mortgage is a transaction agent as defined in section 58.02, subdivision
30, or the name of the residential mortgage servicer and the lender or broker, as defined
in section 58.02, new text begin and any successors or assigns of the lender, new text end if the person holding the
mortgage is not a transaction agent as defined in section 58.02, subdivision 30;

(3) the tax parcel identification number of the mortgaged premises;

(4) if stated on the mortgage, the transaction agent's mortgage identification number;
and

(5) if stated on the mortgage, the name of the residential mortgage originator as
defined in section 58.02.

No liability shall accrue to the party foreclosing the mortgage or the party's attorney
for de minimis, good faith, or commercially reasonable errors in this information. The
omission of all or some of the information required by this section from the notice shall
not invalidate the foreclosure of the mortgage.

new text begin EFFECTIVE DATE; APPLICATION. new text end

new text begin This section applies to foreclosures in
which the notice of pendency under section 580.032 is recorded on or after August 1, 2011.
new text end