1.1 	A bill for an act
1.2 	relating to mortgage originators and servicers; providing a private right of action 
1.3 	on certain actions taken on reverse mortgage loans;amending Minnesota Statutes 
1.4 	2016, section 58.18, subdivision 1.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. Minnesota Statutes 2016, section 58.18, subdivision 1, is amended to read:
1.7 		Subdivision 1.Remedies. A borrower injured by a violation of the standards, duties, 
1.8 	prohibitions, or requirements of sections 58.13, 58.136, 58.137, 58.16, ~~and~~ 58.161, and 
1.9 	58.19 shall have a private right of action and the court shall award:
1.10 	(1) actual, incidental, and consequential damages;
1.11 	(2) statutory damages equal to the amount of all lender fees included in the amount of 
1.12 	the principal of the residential mortgage loan as defined in section 58.137;
1.13 	(3) punitive damages if appropriate, and as provided in sections 549.191 and 549.20; 
1.14 	and
1.15 	(4) court costs and reasonable attorney fees.

1.16 	EFFECTIVE DATE. This section is effective August 1, 2018, and applies to actions 
1.17 	arising from incidents occurring on or after that date.