SF 666

1st Engrossment - 87th Legislature (2011 - 2012) Posted on 03/06/2012 02:22pm

A bill for an act
relating to real property; requiring transaction agents and servicers to disclose
information on owners of notes secured by mortgages for residential mortgage
loans; proposing coding for new law in Minnesota Statutes, chapter 58.

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

Section 1.

new text begin [58.162] TRANSACTION AGENTS OR SERVICERS; DISCLOSURE
OF NOTE OWNER INFORMATION TO MORTGAGOR.
new text end

new text begin Upon written request of a mortgagor, a transaction agent or servicer shall provide
in writing to the mortgagor the identity, address, and telephone number of the current
owner of the note secured by the mortgage, based on the transaction agent's or servicer's
actual knowledge. A transaction agent or servicer must provide the information within
ten business days of receipt of the request. Upon request of a mortgagor, a transaction
agent or servicer must provide this information without a fee once per calendar year. In
lieu of complying with this section, a transaction agent or servicer may comply with the
requirements of section 6(k) of the Real Estate Settlement Procedures Act, as amended
by section 1463 of the Dodd-Frank Wall Street Reform and Consumer Protection Act,
regardless of whether those acts apply to the mortgage.
new text end