SF 171

4th Engrossment - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to commerce; providing an appropriation for 
  1.3             an education campaign on mortgage flipping; 
  1.4             establishing penalties; proposing coding for new law 
  1.5             in Minnesota Statutes, chapter 82B. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [82B.201] [CRIMINAL PENALTY.] 
  1.8      A person is guilty of a gross misdemeanor and may be 
  1.9   sentenced to imprisonment for not more than one year or to 
  1.10  payment of a fine of not more than $3,000, or both, if the 
  1.11  person: 
  1.12     (1) violates section 82B.20, subdivision 2, clause (4); 
  1.13     (2) performs unlicensed activities, if a license is 
  1.14  required under this chapter; or 
  1.15     (3) violates any order issued by the commissioner related 
  1.16  to conduct prohibited by clause (1). 
  1.17     Sec. 2.  [APPROPRIATION.] 
  1.18     $100,000 is appropriated from the real estate education, 
  1.19  research, and recovery fund established under Minnesota 
  1.20  Statutes, section 82.34 to the department of commerce for an 
  1.21  educational campaign aimed at stopping the fraudulent practice 
  1.22  known commonly as mortgage flipping.  The department is directed 
  1.23  to develop a public awareness campaign targeted to the 
  1.24  communities hardest hit by this practice.  The department is 
  1.25  further directed to solicit contributions to this campaign from 
  2.1   trade organizations, banks, mortgage companies, and foundations 
  2.2   to supplement the program.  The materials shall be prepared in 
  2.3   multiple languages as necessary.  The appropriation is available 
  2.4   until expended and any contributions received are available for 
  2.5   the educational campaign described in this section. 
  2.6      Sec. 3.  [EFFECTIVE DATE.] 
  2.7      Section 2 is effective the day following final enactment.