2004 Minnesota Statutes

     325N.18 Enforcement. 

    Subdivision 1.    Remedies.  A violation of sections 
 325N.10 to 325N.17 is considered to be a violation of section 
 325F.69, and all the remedies of section 8.31 are available for 
 such an action.  A private right of action under section 8.31 by 
 a foreclosed homeowner is in the public interest.  

    Subd. 1a.    Limitation.  Notwithstanding any other 
 provision of this section, no action may be brought on the basis 
 of a violation of sections 325N.10 to 325N.18, except by an 
 owner against whom the violation was committed or by the 
 attorney general.  This limitation does not apply to 
 administrative action by the commissioner of commerce. 

    Subd. 2.    Exemplary damages.  In a private right of 
 action under section 8.31 for a violation of section 325N.17, 
 the court may award exemplary damages of any amount.  In the 
 event the court determines that an award of exemplary damages is 
 appropriate, the amount of exemplary damages awarded shall not 
 be less than 1-1/2 times the foreclosed homeowner's actual 
 damages.  Any claim for exemplary damages brought pursuant to 
 this section must be commenced within four years after the date 
 of the alleged violation. 

    Subd. 3.    Remedies cumulative.  The remedies provided 
 in this section are cumulative and do not restrict any remedy 
 that is otherwise available.  The provisions of sections 325N.10 
 to 325N.18 are not exclusive and are in addition to any other 
 requirements, rights, remedies, and penalties provided by law.  
 No action under this section shall affect the rights in the 
 foreclosed property held by a good faith purchaser for value 
 under sections 507.34, 508.48, 508A.48, or other applicable law. 

    Subd. 4.    Criminal penalty.  Any foreclosure purchaser 
 who engages in any practice which would operate as a fraud or 
 deceit upon a foreclosed homeowner may, upon conviction, be 
 fined not more than $50,000 or imprisoned not more than one 
 year, or both. Prosecution or conviction for any one of the 
 violations does not bar prosecution or conviction for any other 
 offenses. 

    Subd. 5.    Failure of transaction.  Failure of the 
 parties to complete the reconveyance transaction, in the absence 
 of additional misconduct, shall not subject a foreclosure 
 purchaser to the criminal penalties under section 325N.07 or 
 325N.18. 

    HIST: 2004 c 263 s 18 

*   NOTE:  This section, as added by Laws 2004, chapter 263, 
*section 18, expires December 31, 2009.  Laws 2004, chapter 263, 
*section 26.