HF 4012

FIRST ENGROSSMENT

Minnesota Subprime Foreclosure Extension Act provided.

Section 1: Citation language provided.

Section 2: Definitions provided.
Subdivision 1: Scope
Subdivision 2: The act
Subdivision 3: Extension payment
Subdivision 4: Extension period
Subdivision 5: Extension 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

Section 3: Right to foreclosure extension language provided.

Section 4: Affidavit of extension language provided.
Subdivision 1: Affidavit of extension
Subdivision 2: Service on foreclosing lender
Subdivision 3: Acknowledgment by foreclosing lender
Subdivision 4: Criminal penalty for knowing misrepresentation
Subdivision 5: Charges prohibited

Section 5: Good faith negotiations language provided.

Section 6: Borrower payment requirement language provided.
Subdivision 1: Borrower payment required
Subdivision 2: Amount of payment
Subdivision 3: Payment advice notice
Subdivision 4: Borrower failure to pay

Section 7: Resolution of disputes language provided.
Subdivision 1: Dispute as to eligible foreclosed loan status
Subdivision 2: Other disputes

Section 8: Notice of right to extension language provided.
Subdivision 1: Notice requirement; form and delivery of notice
Subdivision 2: Content

Section 9: Bad faith or reckless violation language provided.

Section 10: Foreclosure after extension language provided.

section 11: Effective date provided.

JAJ 4/1/08