HF 3477

FOURTH ENGROSSMENT

Lending practices and default regulation provided relating to manufactured housing.

Section 1: Notice; service language is modified.

Section 2: Court order language is modified.

Section 3: Voluntary repossession language is provided.

Section 4: Cure of default language is modified.

Section 5: Reinstatement language is provided.
Subdivision 1. Right to reinstate.
Subdivision 2. Required notice; contents of notice.
Subdivision 3. Action to repossess; termination of action.
Subdivision 4. Allowable costs.

Section 6: Borrower definition is provided.

Section 7: Churning language is provided.

Section 8: Manufactured home lender language is provided.

Section 9: Manufactured home loan language is provided.

Section 10: Negative amortization language is provided.

Section 11: Duty of agency language is provided.

Section 12: Standards of conduct language is provided.

Section 13: Interest, points, finance charges, fees, and other charges language is provided.
Subdivision 1. Financed interest, points, finance charges, fees, and other charges.
Subdivision 2. Prepayment penalties.
Subdivision 3. Exemption.

Section 14: Additional remedies and enforcement language is modified.
Subdivision 1. Private remedies.
Subdivision 2. Fraud remedies.

SNA 5/7/08