2008 Minnesota Statutes

41.58 SELLER-SPONSORED LOANS.

Subdivision 1.Authorization.

The commissioner may provide a guarantee to the lenders on seller-sponsored loans when the buyer satisfies the eligibility criteria in section 41.55. The commissioner may also provide a payment adjustment on behalf of the participant in the case of seller-sponsored loans.

Subd. 2.Negotiability and marketability.

A seller-sponsored loan shall be secured by a purchase money real estate mortgage evidenced by negotiable note or notes as defined in section 336.3-104 or by a contract for deed. The commissioner must be notified in writing within 30 days after a family farm security loan note is sold or exchanged or vendor's interest in a contract for deed is sold, exchanged, assigned or transferred.

Subd. 3.

[Repealed, 1Sp1985 c 14 art 1 s 59]

History:

1976 c 210 s 8; 1977 c 170 s 7; 1978 c 763 s 1; 1981 c 261 s 14; 1983 c 332 s 12