1.1 	A bill for an act
1.2 	relating to mortgage lending; prohibiting sale of certain information arising 
1.3 	from a mortgage loan application;amending Minnesota Statutes 2006, section 
1.4 	13C.01, by adding a subdivision.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. Minnesota Statutes 2006, section 13C.01, is amended by adding a 
1.7 	subdivision to read:
1.8 		Subd. 3.Sale of certain information prohibited. A consumer reporting agency or 
1.9 	any other business entity may not sell to, or exchange with, a third party, unless the third 
1.10 	party holds an existing mortgage loan on the property, the existence of a credit inquiry 
1.11 	arising from a consumer mortgage loan application. This subdivision does not apply 
1.12 	to information provided by a mortgage originator or servicer to a third party providing 
1.13 	services in connection with the mortgage loan origination or servicing; a proposed or 
1.14 	actual securitization; secondary market sale, including sales of servicing rights; or similar 
1.15 	transaction related to the consumer mortgage loan. For purposes of this subdivision, "third 
1.16 	party" does not include an affiliate of the consumer reporting agency or other business 
1.17 	entity.