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HF 3581

as introduced - 90th Legislature (2017 - 2018) Posted on 03/08/2018 02:40pm

KEY: stricken = removed, old language.
underscored = added, new language.
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Current Version - as introduced

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A bill for an act
 relating to mortgage originators and servicers; providing a private right of action
on certain actions taken on reverse mortgage loans; amending Minnesota Statutes
2016, section 58.18, subdivision 1.

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

Section 1.

Minnesota Statutes 2016, section 58.18, subdivision 1, is amended to read:


Subdivision 1.

Remedies.

A borrower injured by a violation of the standards, duties,
prohibitions, or requirements of sections 58.13, 58.136, 58.137, 58.16, deleted text begin anddeleted text end 58.161new text begin , and
58.19new text end shall have a private right of action and the court shall award:

(1) actual, incidental, and consequential damages;

(2) statutory damages equal to the amount of all lender fees included in the amount of
the principal of the residential mortgage loan as defined in section 58.137;

(3) punitive damages if appropriate, and as provided in sections 549.191 and 549.20;
and

(4) court costs and reasonable attorney fees.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective August 1, 2018, and applies to actions
arising from incidents occurring on or after that date.
 new text end