2007 Minnesota Statutes

325N.13 CONTRACT CANCELLATION.
(a) In addition to any other right of rescission, the foreclosed homeowner has the right to
cancel any contract with a foreclosure purchaser until midnight of the fifth business day following
the day on which the foreclosed homeowner signs a contract that complies with sections 325N.10
to 325N.15 or until 8:00 a.m. on the last day of the period during which the foreclosed homeowner
has a right of redemption, whichever occurs first.
(b) Cancellation occurs when the foreclosed homeowner delivers, by any means, written
notice of cancellation, provided that, at a minimum, the contract and the notice of cancellation
must contain a physical address to which notice of cancellation may 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 provided in addition to
the physical address. If cancellation is mailed, delivery is effective upon mailing. If e-mailed,
cancellation is effective upon transmission.
(c) A notice of cancellation given by the foreclosed homeowner need not take the particular
form as provided with the contract.
(d) Within ten days following receipt of a notice of cancellation given in accordance with
this section, the foreclosure purchaser shall return without condition any original contract and any
other documents signed by the foreclosed homeowner.
History: 2004 c 263 s 13; 2007 c 106 s 7

NOTE: This section, as added by Laws 2004, chapter 263, section 13, expires December
31, 2009. Laws 2004, chapter 263, section 26.