2004 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 Repealed, 1Sp1985 c 14 art 1 s 59 

    HIST: 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