2007 Minnesota Statutes

325N.03 CONTRACT.
(a) Every contract must be in writing and must fully disclose the exact nature of the
foreclosure consultant's services and the total amount and terms of compensation.
(b) The following notice, printed in at least 14-point boldface type and completed with the
name of the foreclosure consultant, must be printed immediately above the statement required by
paragraph (c):

	"NOTICE REQUIRED BY MINNESOTA LAW
	......................... (Name) or anyone working for him or her CANNOT:
	(1) Take any money from you or ask you for money until ......................... (Name) has completely finished doing everything he or she said he or she would do; and
	(2) Ask you to sign or have you sign any lien, mortgage, or deed."

(c) The contract must be written in the same language as principally used by the foreclosure
consultant to describe his or her services or to negotiate the contract, must be dated and signed
by the owner, and must contain in immediate proximity to the space reserved for the owner's
signature a conspicuous statement in a size equal to at least 10-point boldface type, as follows:
"You, the owner, may cancel this transaction at any time prior to midnight of the third
business day after the date of this transaction. See the attached notice of cancellation form
for an explanation of this right."
(d) The notice of cancellation must contain, and the contract must contain on the first page, in
a type size no smaller than that generally used in the body of the document, each of the following:
(1) the name and physical address of the foreclosure consultant to which the notice of
cancellation is to be mailed or otherwise delivered. A post office box does not constitute a physical
address. A post office box may be designated for delivery by mail only if it is accompanied by a
physical address at which the notice could be delivered by a method other than mail. An e-mail
address may be included, in addition to the physical address; and
(2) the date the owner signed the contract.
(e) Cancellation occurs when the foreclosed homeowner delivers, by any means, written
notice of cancellation to the address specified in the contract. If cancellation is mailed, delivery is
effective upon mailing. If e-mailed, cancellation is effective upon transmission. The contract must
be accompanied by a completed form in duplicate, captioned "notice of cancellation," which must
be attached to the contract, must be easily detachable, and must contain in at least 10-point type
the following statement written in the same language as used in the contract:

	"NOTICE OF CANCELLATION
	..... (Enter date of transaction) (Date)
	You may cancel this transaction, without any penalty or obligation, within three business days from the above date.
	To cancel this transaction, you may use any of the following methods: (1) mail or otherwise deliver a signed and dated copy of this cancellation notice, or any other written notice of cancellation; or (2) e-mail a notice of cancellation
	to ..... (Name of foreclosure consultant)
	at ..... (Physical address of foreclosure consultant's place of business)
	..... (E-mail address of foreclosure consultant's place of business)
	NOT LATER THAN MIDNIGHT OF ..... (Date)
	I hereby cancel this transaction ..... (Date)
	..... (Owner's signature)"

(f) The foreclosure consultant shall provide the owner with a copy of the contract and the
attached notice of cancellation immediately upon execution of the contract.
(g) The three business days during which the owner may cancel the contract shall not begin
to run until the foreclosure consultant has complied with this section.
History: 2004 c 263 s 3; 2007 c 106 s 2

NOTE: This section, as added by Laws 2004, chapter 263, section 3, expires December
31, 2009. Laws 2004, chapter 263, section 26.