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Minnesota Legislature

Office of the Revisor of Statutes

SF 2984

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
relating to real property; modifying the right of reinstatement and other
provisions relating to mortgage foreclosure; amending Minnesota Statutes 2006,
sections 580.30; 582.27, by adding a subdivision; proposing coding for new
law in Minnesota Statutes, chapter 582.


Section 1.

Minnesota Statutes 2006, section 580.30, is amended to read:


In any proceedings for the foreclosure of a real estate mortgage, whether by action or
by advertisement, if at any time before the sale of the premises under such foreclosure the
mortgagor, the owner, or any holder of any subsequent encumbrance or lien, or any one
for them, shall pay or cause to be paid to the holder of the mortgage so being foreclosed,
or to the attorney foreclosing the same, or to the sheriff of the county, the amount actually
due thereon and constituting the default actually existing in the conditions of the mortgage
at the time of the commencement of the foreclosure proceedingsdeleted text begin, includingdeleted text endnew text begin then, and
in that event, the mortgage shall be fully reinstated and further proceedings in such
foreclosure shall be thereupon abandoned.
new text end Insurance, delinquent taxes, if any, upon the
premises, interest to date of payment, cost of publication and services of process or
notices, attorney's fees not exceeding $150 or one-half of the attorney's fees authorized by
section 582.01, whichever is greater, together with other lawful disbursements necessarily
incurred in connection with the proceedings by the party foreclosing, deleted text beginthen, and in that
event, the mortgage shall be fully reinstated and further proceedings in such foreclosure
shall be thereupon abandoned
deleted text endnew text begin are due and payable at the time the premises are soldnew text end.

Sec. 2.

new text begin [582.21] TAXES TO BE PAID IN FULL.
new text end

new text begin No party may foreclose on any mortgage of real estate, whether by action or by
advertisement, unless the party bringing forth the foreclosure proceedings has paid in full,
any outstanding taxes or assessments upon the mortgaged promises.
new text end

Sec. 3.

Minnesota Statutes 2006, section 582.27, is amended by adding a subdivision
to read:

new text begin Subd. 4. new text end

new text begin Right of reinstatement coterminous with right of redemption. new text end

new text begin A person
being foreclosed on has the right to reinstatement of the mortgage pursuant to section
580.30, for the same period the person has a right to redeem under section 582.032.
new text end

new text end

new text begin (a) The attorney general shall prepare the contents of a form for notice, which shall
advise consumers of their rights of redemption and reinstatement under Minnesota law.
In adopting this form, the attorney general is exempt from the rulemaking provisions of
Minnesota Statutes, chapter 14, including section 14.386.
new text end

new text begin (b) This notice must be served with any foreclosure notice of property containing
a homestead that is served on the person in possession of the property and with any
subsequent communication regarding the foreclosure that is mailed by the foreclosing
party. The notice under this section must be in 14-point, boldface type and must be printed
on colored paper that is other than the color of the notice of foreclosure and that does not
overshadow or obscure the content of the notice. The title of the notice must be in 20-point,
boldface type. The notice must be on its own page. The notice required by this section
must appear substantially in the form adopted by the attorney general in paragraph (a).
new text end

Sec. 5. new text beginEFFECTIVE DATE.
new text end

new text begin This act is effective the day following final enactment and applies to foreclosure
proceedings commenced on or after that date.
new text end