HF 3516

1st Engrossment - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to mortgage foreclosure; providing specification of certain information
about a premises subject to foreclosure; requiring a report; amending Minnesota
Statutes 2006, section 58.02, by adding a subdivision; proposing coding for new
law in Minnesota Statutes, chapter 580.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2006, section 58.02, is amended by adding a subdivision
to read:

new text begin Subd. 30. new text end

new text begin Transaction agent. new text end

new text begin A "transaction agent" is the person identified in a
mortgage recorded with the county recorder or registrar of titles as the nominee or agent
for a third party also identified in the mortgage.
new text end

Sec. 2.

new text begin [580.025] FORECLOSURE DATA.
new text end

new text begin The notice of pendency required by section 580.032, subdivision 3; the notice of
sale required by section 580.04; and the certificate of sale required by section 580.12 shall
include the following information to the best of the knowledge of the party foreclosing
the mortgage:
new text end

new text begin (1) the physical street address, city, and zip code of the mortgaged premises;
new text end

new text begin (2) the name of the transaction agent, residential mortgage servicer, and the lender
or broker, as defined in section 58.02, if the person holding the mortgage is a transaction
agent as defined in section 58.02, subdivision 30, or the name of the residential mortgage
servicer and the lender or broker, as defined in section 58.02, if the person holding the
mortgage is not a transaction agent as defined in section 58.02, subdivision 30;
new text end

new text begin (3) the tax parcel identification number of the mortgaged premises;
new text end

new text begin (4) if stated on the mortgage, the transaction agent's mortgage identification number;
and
new text end

new text begin (5) if stated on the mortgage, the name of the mortgage originator as defined in
section 58.02.
new text end

new text begin No liability shall accrue to the party foreclosing the mortgage or the party's attorney
for de minimis, good faith, or commercially reasonable errors in this information. The
omission of all or some of the information required by this section from the notice shall
not invalidate the foreclosure of the mortgage.
new text end

Sec. 3. new text begin STUDY TO DEVELOP STATEWIDE FORECLOSURE DATA
COLLECTION AND REPORTING SYSTEM.
new text end

new text begin Subdivision 1. new text end

new text begin Study. new text end

new text begin The secretary of state shall convene, chair, and facilitate a
Statewide Foreclosure Data Collection group to study the most efficient and cost-effective
way to develop and implement an electronic system for the submission, collection, entry,
retrieval, management, and assessment of statewide foreclosure data. The study shall
consider the applicability to the collection of foreclosure data of the electronic certificate
of real estate value and well certification programs.
new text end

new text begin Subd. 2. new text end

new text begin Working group. new text end

new text begin The study under subdivision 1 must be conducted in
consultation with a statewide working group including, but not limited to, representatives
from the Legislative Coordinating Commission's Geographic Information Services Office,
the University of Minnesota's housing studies program, the Association of Minnesota
Counties, the League of Minnesota Cities, the Metropolitan Council, the Governor's
Council on Geographic Information Services, the Department of Revenue, the Department
of Commerce, the Electronic Real Estate Recording task force, the Minnesota Association
of County Officers, the Minnesota Sheriffs' Association, and a nonprofit housing advocacy
organization.
new text end

new text begin Subd. 3. new text end

new text begin Report. new text end

new text begin The secretary shall submit a report to the legislature by February
15, 2009, containing the results of the study and any recommendations regarding the
development and implementation of a statewide foreclosure data collection and reporting
system.
new text end

new text begin Subd. 4. new text end

new text begin Expiration. new text end

new text begin This section expires after the submission of the report as
required in subdivision 3.
new text end

Sec. 4. new text begin EFFECTIVE DATE.
new text end

new text begin Sections 1 and 2 are effective for notices of pendency dated on or after August
1, 2008.
new text end