2004 Minnesota Statutes

     325N.10 Definitions. 

    Subdivision 1.    Scope.  For the purposes of sections 
 325N.10 to 325N.18, the terms defined in this section have the 
 meanings given them. 

    Subd. 2.    Foreclosed homeowner.  "Foreclosed homeowner"
 means an owner of residential real property, including a 
 condominium, that is the primary residence of the owner and 
 whose mortgage on the real property is or was in foreclosure. 

    Subd. 3.    Foreclosure reconveyance.  "Foreclosure 
 reconveyance" means a transaction involving: 

    (1) the transfer of title to real property by a foreclosed 
 homeowner during a foreclosure proceeding, either by transfer of 
 interest from the foreclosed homeowner or by creation of a 
 mortgage or other lien or encumbrance during the foreclosure 
 process that allows the acquirer to obtain title to the property 
 by redeeming the property as a junior lienholder; and 

    (2) the subsequent conveyance, or promise of a subsequent 
 conveyance, of an interest back to the foreclosed homeowner by 
 the acquirer or a person acting in participation with the 
 acquirer that allows the foreclosed homeowner to possess the 
 real property following the completion of the foreclosure 
 proceeding, which interest includes, but is not limited to, an 
 interest in a contract for deed, purchase agreement, option to 
 purchase, or lease. 

    Subd. 4.    Foreclosure purchaser.  "Foreclosure 
 purchaser" means a person that has acted as the acquirer in more 
 than one foreclosure reconveyance during any 24-month period.  
 Foreclosure purchaser also includes a person that has acted in 
 joint venture or joint enterprise with one or more acquirers in 
 more than one foreclosure reconveyance during any 24-month 
 period.  A federal or state chartered bank, savings bank, 
 thrift, or credit union is not a foreclosure purchaser. 

    Subd. 5.    Resale.  "Resale" means a bona fide market 
 sale of the property subject to the foreclosure reconveyance by 
 the foreclosure purchaser to an unaffiliated third party. 

    Subd. 6.    Resale price.  "Resale price" means the 
 gross sale price of the property on resale. 

    HIST: 2004 c 263 s 10 

*   NOTE:  This section, as added by Laws 2004, chapter 263, 
*section 10, expires December 31, 2009.  Laws 2004, chapter 263, 
*section 26.