2004 Minnesota Statutes

     327B.08 Duties. 

    Subdivision 1.    Disclosure required.  Prior to the 
 consummation of the sale of any manufactured home where a dealer 
 acts as a broker, the dealer shall disclose in writing to all 
 parties to the transaction all charges, payments, commissions 
 and other fees paid or payable in connection with the 
 transaction.  Any commission charged by the dealer shall be 
 expressed both as a dollar amount and as a percentage of the 
 sales price.  If the home being sold is located in a 
 manufactured home park, prior to the buyer's signing of the 
 purchase agreement the dealer shall disclose in writing to the 
 buyer the state law concerning the in park sale of manufactured 
 homes.  This subdivision does not require any dealer to disclose 
 any consideration received (1) for having acted as an insurance 
 agent, as defined in section 60A.02, subdivision 7, in 
 connection with the transaction, or (2) in return for the dealer 
 having agreed to any contingent liability in connection with the 
 financing of the sale.  The commissioner may prescribe a form to 
 be used to comply with this subdivision and may require all 
 dealers to use that form.  

    Subd. 2.    Presence of parties at closing.  A dealer 
 shall not prohibit, prevent or restrain any party to the 
 brokered sale of a manufactured home from being present at the 
 closing.  If a dealer at a closing purports to have authority to 
 act for one of the parties who is not present, the dealer shall 
 exhibit the document granting that authority and shall give a 
 copy of that document to the other parties.  

    Subd. 3.    Trust account required.  Each dealer who 
 acts as a broker shall maintain a trust account.  A trust 
 account shall not be an interest bearing account except by 
 agreement of the parties and subject to rules of the 
 commissioner.  

    Subd. 4.    Segregation of funds.  A dealer shall 
 deposit all trust funds received in a trust account.  A dealer 
 shall not commingle personal funds or other funds with the funds 
 in a trust account, except that a dealer may deposit and 
 maintain a sum from personal funds not to exceed $100 in a trust 
 account, which sum shall be specifically identified and used to 
 pay service charges relating to the trust account.  

    Subd. 5.    Trust information required.  At the time of 
 application for a license or renewal of license, each dealer who 
 acts or intends to act as a broker shall tell the commissioner 
 the name of the financial institutions and the trust account 
 identification numbers used to comply with the provisions of 
 this section.  A dealer shall immediately report to the 
 commissioner any change of trust account status including 
 changes in financial institutions, account identification 
 numbers, or additional accounts in the same or another financial 
 institution.  No dealer may close an existing trust account 
 without giving ten days' written notice to the commissioner.  

    HIST: 1982 c 526 art 1 s 8; 1986 c 444