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