HF 3516

FOURTH ENGROSSMENT

Foreclosure information specification provided, report required, and electronic recording provisions provided.

ARTICLE 1 -- FORECLOSURE DATA

Section 1: Transaction agent definition and language are provided.

Section 2: Foreclosure data language is provided.

Section 3: Study to develop statewide foreclosure data collection and reporting system language is provided.
Subdivision 1. Study
Subdivision 2. Working group.
Subdivision 3. Report.
Subdivision 4. Expiration.

Section 4: Effective date is provided.

ARTICLE 2 -- ELECTRONIC RECORDING; COMMISSION

Section 1: Definitions are provided.

Section 2: Uniformity of application and construction language is provided.

Section 3: Validity and time of recording of electronic documents language is provided.

Section 4: Recording of documents language is provided.

Section 5: Administration language is provided.

Section 6: Standards language is provided.

Section 7: Relation to electronic signatures in Global and National Commerce Act language is provided.

Section 8: Donations; reimbursement language is provided.

Section 9: Title language is provided, "Minnesota Real Property Electronic Recording Act."

Section 10: Effective date is July 1, 2008.

ARTICLE 3 -- CONFORMING CHANGES

Section 1: Rulemaking procedures language is modified.

Section 2: Electronic facsimile language is provided.

Section 3: Tax, how payable, receipts language is modified.

Section 4: Statement of tax due or exemption; recording or registering of documents language is modified.
Subdivision 1. Statement of tax due or exemption.
Subdivision 2. Notice of certificate of value.

Section 5: Payment of tax; stamps language is modified.

Section 6: Reception index language is modified.

Section 7: Record books, indexes language is modified.

Section 8: Counties over 100,00 language modified.

Section 9: Consecutive numbering language is modified.

Section 10: County recorder's official signature language is modified.

Section 11: Standards for documents to be recorded or filed language is modified.

Section 12: Original signatures required language is modified.

Section 13: Mortgages how discharged language is modified.

Section 14: Form of certificate language is modified.

SNA 4/23/08