Legislative Session number- 85

Bill Name: SF3396

4E "Minnesota Subprime Borrower Relief Act of 2008"; allowing an eligible
foreclosed borrower the right to defer a foreclosure sale until the expiration
of the deferment period by providing an affidavit of deferment to the
foreclosing lender under certain conditions; specifying certain requirements for
the affidavit of determent content, service and acknowledgement by foreclosing
lender, imposing penalties for knowing misrepresentation; prohibiting charges;
defining certain terms; requiring eligible foreclosed borrowers with a deferment
right to make monthly payment to the foreclosing lender and specifying certain
regulations; providing for resolution of disputes; providing for a right to
revoke deferment following good faith negotiation; providing for cancellation of
deferment; providing for the arbitration of disputes; providing for good faith
negotiation by foreclosing lender; providing for a notice of right to deferment;
imposing penalties for bad faith or reckless violation
(Ch. 352, 2008 - VETO)