language to be deleted (2) new language
Laws of Minnesota 1991 CHAPTER 113-H.F.No. 146 An act relating to commerce; regulating real estate closings; prohibiting persons from requiring the use of particular closing agents; authorizing the commissioner to adopt rules; amending Minnesota Statutes 1990, section 507.45, subdivision 4. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: Section 1. Minnesota Statutes 1990, section 507.45, subdivision 4, is amended to read: Subd. 4. (a) No real estate salesperson, broker, attorney, auctioneer, builder, title company, financial institution, or other person making a mortgage loan may require a
borrowerperson to use any particular licensed attorney, real estate broker, real estate salesperson, or real estate closing agent in connection with a residential real estate closing. (b) All listing agreements must include a notice informing sellers of their rights under this subdivision. The notice must require the seller to indicate in writing whether it is acceptable to the seller to have the licensee arrange for closing services or whether the seller wishes to arrange for others to conduct the closing. The notice must also include the disclosure of any controlled business arrangement, as the term is defined in United States Code, title 12, section 1602, between the licensee and the real estate closing agent through which the licensee proposes to arrange closing services. (c) The commissioner of commerce may adopt rules under chapter 14 to implement, administer, and enforce this subdivision. Presented to the governor May 16, 1991 Signed by the governor May 19, 1991, 7:16 p.m.
Copyright © 1991 by the Revisor of Statutes, State of Minnesota. All rights reserved.