SF 423

1st Engrossment - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to real estate; requiring the commissioner of 
  1.3             commerce to design a uniform disclosure booklet to be 
  1.4             used in all residential real estate transactions. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [UNIFORM DISCLOSURE BOOKLET.] 
  1.7      The commissioner of commerce shall design a uniform 
  1.8   disclosure booklet to be used in all Minnesota residential real 
  1.9   estate transactions.  The uniform disclosure booklet shall 
  1.10  combine as many of the required federal and state disclosures as 
  1.11  is practical into one readable and concise document that 
  1.12  simplifies the disclosure process.  The booklet shall organize 
  1.13  the disclosures into subject categories.  The commissioner shall 
  1.14  not change the language of the disclosures included in the 
  1.15  booklet.  The commissioner shall present the uniform disclosure 
  1.16  booklet, along with any enacting legislation, to the legislature 
  1.17  by January 15, 1996. 
  1.18     The commissioner may appoint a study group to provide 
  1.19  advice in designing the uniform disclosure booklet.  If the 
  1.20  commissioner appoints a study group, members shall include, but 
  1.21  are not limited to, representatives of real estate agents, the 
  1.22  real property law section of the Minnesota state bar 
  1.23  association, closing agents, title insurers, mortgage bankers, 
  1.24  the attorney general's consumer division, the commissioner of 
  1.25  health, and the pollution control agency. 
  2.1      The commissioner also may recommend amending or repealing 
  2.2   any state mandated real estate disclosure currently in effect. 
  2.3      Sec. 2.  [EFFECTIVE DATE.] 
  2.4      Section 1 is effective the day after final enactment.