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SF 920

1st Engrossment - 90th Legislature (2017 - 2018) Posted on 02/23/2017 09:10am

KEY: stricken = removed, old language. underscored = added, new language.

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Current Version - 1st Engrossment

A bill for an act
relating to real property; common interest communities; authorizing electronic
delivery of cancellations of sale or resale;amending Minnesota Statutes 2016,
sections 515B.4-106; 515B.4-108.

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

Section 1.

Minnesota Statutes 2016, section 515B.4-106, is amended to read:


515B.4-106 PURCHASER'S RIGHT TO CANCEL.

(a) A person required to deliver a disclosure statement pursuant to section 515B.4-101(b)
shall provide at least one of the purchasers of the unit with a copy of the disclosure statement
and all amendments thereto before conveyance of the unit. If a purchaser is not given a
disclosure statement more than ten days before execution of the purchase agreement, the
purchaser may, before conveyance, cancel the purchase agreement within ten days after
first receiving the disclosure statement. If a purchaser is given the disclosure statement more
than ten days before execution of the purchase agreement, the purchaser may not cancel the
purchase agreement pursuant to this section. The ten-day rescission period may be modified
or waived, in writing, by agreement of the purchaser of a unit only after the purchaser has
received and had an opportunity to review the disclosure statement. The person required to
deliver a disclosure statement may not condition the sale of the unit on the purchaser agreeing
to modify or waive the purchaser's ten-day right of rescission, may not contractually obligate
the purchaser to modify or waive the purchaser's ten-day right of rescission, and may not
include a modification or waiver of the ten-day right of rescission in any purchase agreement
for the unit. To be effective, a modification or waiver of a purchaser's ten-day right of
rescission must be evidenced by an instrument separate from the purchase agreement signed
by the purchaser more than three days after the purchaser receives the disclosure statement.

(b) If an amendment to the disclosure statement materially and adversely affects a
purchaser, then the purchaser shall have ten days after delivery of the amendment to cancel
the purchase agreement in accordance with this section. The ten-day rescission period may
be modified or waived, in writing, by agreement of the purchaser of a unit only after the
purchaser has received and had an opportunity to review the amendment. To be effective,
a modification or waiver of a purchaser's ten-day right of rescission under this section must
be evidenced by a written instrument separate from the purchase agreement signed by the
purchaser more than three days after the purchaser receives the amendment.

(c) If a purchaser elects to cancel a purchase agreement pursuant to this section, the
purchaser may do so by giving the seller or the seller's agent notice thereof pursuant to
section 515B.1-115 or, if the seller or the seller's agent has provided an electronic address
at which the seller or seller's agent agrees to receive electronic communication, as defined
in section 317A.011, subdivision 7a, by electronic communication sent to that address
.
Cancellation is without penalty, and all payments made by the purchaser before cancellation
shall be refunded promptly. Notwithstanding anything in this section to the contrary, the
purchaser's cancellation rights under this section terminate upon the purchaser's acceptance
of a conveyance of the unit.

(d) If a declarant obligated to deliver a disclosure statement fails to deliver to the
purchaser a disclosure statement which substantially complies with this chapter, the declarant
shall be liable to the purchaser in the amount of $5,000, in addition to any damages or other
amounts recoverable under this chapter or otherwise. Any action brought under this
subsection shall be commenced within the time period specified in section 515B.4-115,
subsection (a).

Sec. 2.

Minnesota Statutes 2016, section 515B.4-108, is amended to read:


515B.4-108 PURCHASER'S RIGHT TO CANCEL RESALE.

(a) Unless a purchaser is given the information required to be delivered by section
515B.4-107, more than ten days prior to the execution of the purchase agreement for the
unit the purchaser may, prior to the conveyance, cancel the purchase agreement within ten
days after receiving the information. The ten-day rescission period may be modified or
waived, in writing, by agreement of the purchaser of a unit only after the purchaser has
received and had an opportunity to review the information required to be delivered by section
515B.4-107. The person required to deliver the information required to be delivered by
section 515B.4-107 may not condition the sale of the unit on the purchaser agreeing to
modify or waive the purchaser's ten-day right of rescission, may not contractually obligate
the purchaser to modify or waive the purchaser's ten-day right of rescission, and may not
include a modification or waiver of the ten-day right of rescission in any purchase agreement
for the unit. To be effective, a modification or waiver of a purchaser's ten-day right of
rescission must be evidenced by an instrument separate from the purchase agreement signed
by the purchaser more than three days after the purchaser receives the resale disclosure
certificate.

(b) A purchaser who elects to cancel a purchase agreement pursuant to subsection (a),
may do so by hand delivering giving notice thereof or mailing notice by postage prepaid
United States mail
to the seller or the seller's agent pursuant to section 515B.1-115 or, if
the seller or the seller's agent has provided an electronic address at which the seller or seller's
agent agrees to receive electronic communication, as defined in section 317A.011, subdivision
7a, by electronic communication sent to that address
. Cancellation is without penalty and
all payments made by the purchaser shall be refunded promptly.

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