2000 Minnesota Statutes

     332.302 Contracts; notice to mortgagor. 

    A contract entered into between an accelerated mortgage 
 payment provider and a mortgagor shall be in writing and include 
 all applicable terms and conditions including, but not limited 
 to, all fees, costs, and charges.  A conforming copy must be 
 provided to the mortgagor before any fees in connection with the 
 accelerated mortgage payment services are received by the 
 accelerated mortgage payment provider.  A contract shall provide 
 that the arrangement between the accelerated mortgage payment 
 provider and lender or lenders requires: 

    (1) that if the original terms of the mortgage, mortgage 
 note, or escrow agreement are in default because of nonpayment 
 by the accelerated mortgage payment provider, the lender or 
 lenders mail or otherwise deliver to the mortgagor a written 
 notice within 30 days of the default; and 

    (2) that a written summary of payments received by the 
 accelerated mortgage payment provider by date and amount, 
 payments made to the lender or lenders on behalf of the 
 mortgagor by date and amount, and unremitted balance held by the 
 accelerated mortgage payment provider be provided to the 
 mortgagor at least annually or more frequently on a date or 
 dates mutually agreed upon between the accelerated mortgage 
 payment provider and mortgagor. 

    HIST: 1994 c 638 s 4