SF 171

1st Unofficial 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 criminal penalties for violations of 
  1.5             statutory provisions regulating real estate 
  1.6             appraisers; proposing coding for new law in Minnesota 
  1.7             Statutes, chapter 82B. 
  1.8   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.9      Section 1.  [82B.201] [CRIMINAL PENALTY.] 
  1.10     A person who violates any provision of this chapter is 
  1.11  guilty of a gross misdemeanor. 
  1.12     Sec. 2.  [APPROPRIATION.] 
  1.13     $100,000 is appropriated from the real estate education, 
  1.14  research, and recovery fund established under Minnesota 
  1.15  Statutes, section 82.34, to the department of commerce for an 
  1.16  educational campaign aimed at stopping the fraudulent practice 
  1.17  known commonly as mortgage flipping.  The department is directed 
  1.18  to develop a public awareness campaign targeted to the 
  1.19  communities hardest hit by this practice.  The department is 
  1.20  further directed to solicit contributions to this campaign from 
  1.21  trade organizations, banks, mortgage companies, and foundations 
  1.22  to supplement the program.  The materials shall be prepared in 
  1.23  multiple languages as necessary.  The appropriation is available 
  1.24  until expended. 
  1.25     Sec. 3.  [EFFECTIVE DATE.] 
  1.26     Section 2 is effective the day following final enactment.