Minnesota Session Laws - 1999, Regular Session

                            CHAPTER 209-S.F.No. 171 
                  An act relating to commerce; providing an 
                  appropriation for an education campaign on mortgage 
                  flipping; establishing penalties; proposing coding for 
                  new law in Minnesota Statutes, chapter 82B. 
        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
           Section 1.  [82B.201] [CRIMINAL PENALTY.] 
           A person is guilty of a gross misdemeanor and may be 
        sentenced to imprisonment for not more than one year or to 
        payment of a fine of not more than $3,000, or both, if the 
        person: 
           (1) violates section 82B.20, subdivision 2, clause (4); 
           (2) performs unlicensed activities, if a license is 
        required under this chapter; or 
           (3) violates any order issued by the commissioner related 
        to conduct prohibited by clause (1). 
           Sec. 2.  [APPROPRIATION.] 
           $100,000 is appropriated from the real estate education, 
        research, and recovery fund established under Minnesota 
        Statutes, section 82.34 to the department of commerce for an 
        educational campaign aimed at stopping the fraudulent practice 
        known commonly as mortgage flipping.  The department is directed 
        to develop a public awareness campaign targeted to the 
        communities hardest hit by this practice.  The department is 
        further directed to solicit contributions to this campaign from 
        trade organizations, banks, mortgage companies, and foundations 
        to supplement the program.  The materials shall be prepared in 
        multiple languages as necessary.  The appropriation is available 
        until expended and any contributions received are available for 
        the educational campaign described in this section. 
           Sec. 3.  [EFFECTIVE DATE.] 
           Section 2 is effective the day following final enactment. 
           Presented to the governor May 21, 1999 
           Signed by the governor May 24, 1999, 10:05 a.m.