Minnesota Administrative Rules

1653.0111 REVIEW OF LOAN AND COLLATERAL.

Subpart 1.

Inspection.

At any time during the term of a restructure first mortgage loan, the RFA or the state legislative auditor may inspect the books, records, documents, and accounting practices of the lender relative to the loan to determine compliance with the terms and conditions of the loan and the participation agreement. An inspection must be during the lender's normal business hours. The lender must allow the RFA to copy any documents relating to the first mortgage loan and the RFA participation.

Subp. 2.

Collateral.

The lender and the RFA may physically inspect the collateral securing the first mortgage loan upon notice to the borrower. An inspection must be conducted at a reasonable time.

Statutory Authority:

MS s 41B.07

History:

20 SR 2427

Published Electronically:

October 26, 2005