Law and Government Legislation regarding 'Mortgages and Deeds' in Minnesota

Providing an income tax credit for costs incurred for the rehabilitation of certain certified historic structures located in the Fergus Falls historical zone; providing for a carryback and carryforward of tax liability; requiring pass through of credits granted to partnerships or limited liability companies (LLC) taxed as partnerships or multiple owners of property to the partners, members or owners, authorizing transfer, sale or assignment of the credits and use to offset income taxes imposed; requiring taxpayer application to the state historic preservation office of the Minnesota historical society before beginning the project, requiring the office to determine the amount of eligible rehabilitation costs, eligibility certificate issuance requirement and fee charging authority; authorizing the taxpayers to elect in lieu of the credit to receive a historic rehabilitation mortgage credit certificate, specifying terms [...]

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Providing an income tax credit for costs incurred for the rehabilitation of certain certified historic structures; providing for a carryback and carryforward of tax liability; requiring pass through of credits granted to partnerships or limited liability companies (LLC) taxed as partnerships or multiple owners of property to the partners, members or owners, authorizing transfer, sale or assignment of the credits and use to offset income taxes imposed; requiring taxpayer application to the state historic preservation office of the Minnesota historical society before beginning the project, requiring the office to determine the amount of eligible rehabilitation costs, eligibility certificate issuance requirement and fee charging authority; authorizing the taxpayers to elect in lieu of the credit to receive a historic rehabilitation mortgage credit certificate, specifying terms and conditions, restricting transfer of the [...]

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2E Modifying provisions relating to wetland conservation; modifying certain agency service application requirements; authorizing the board of water and soil resources (BOWSR) to issue penalty orders for certain violations; authorizing local government units to require a deed restriction for certain drained wetlands, prohibiting ponds created for stormwater management requirements from being used to satisfy replacement requirements; modifying certain wetland replacement siting requirements; modifying certain replacement plan exemptions for agricultural activities, drainage, federal approvals, utilities and public works; modifying de minimis footage requirements; authorizing the board to develop rules addressing the application and implementation of exemptions and providing for estimates and reporting of exempt wetland impacts; authorizing the board to develop a professional wetland delineator certification program; specifying [...]

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TICLE 1 - STATE LANDS Requiring the commissioner of administration to send state agency land surplus notices, raising the land value for appraisal and requiring commissioner land survey, requiring licensed appraiser appraisal and conformity with certain uniform standards, requiring surplus state-owned lands to be sold minimally for appraised value, requiring purchaser minimum payment percentage at time of sale and remainder within a certain amount of time, requiring commissioner of administration quitclaim signature and eliminating contract for deed; creating the Minnesota forests for the future program to identify and protect private working forest lands, providing for land eligibility, easements correction and termination under certain conditions, landowner payments and a rulemaking exemption for certain easements; authorizing the commissioner of natural resources (DNR) to acquire permanent interests in lands [...]

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3E "Minnesota Subprime Borrower Relief Act of 2008"; allowing an eligible foreclosed borrower the right to defer a foreclosure sale until the expiration of the deferment period by providing an affidavit of deferment to the foreclosing lender under certain conditions; specifying certain requirements for the affidavit of determent content, service and acknowledgement by foreclosing lender, imposing penalties for knowing misrepresentation; prohibiting charges; defining certain terms; requiring eligible foreclosed borrowers with a deferment right to make monthly payment to the foreclosing lender and specifying certain regulations; providing for resolution of disputes; providing for a right to revoke deferment following good faith negotiation; providing for cancellation of deferment; providing for the arbitration of disputes; providing for good faith negotiation by foreclosing lender; providing for a notice of right to deferment;[...]

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2E Relating to mortgages; modifying conveyance form requirements for acquiring tax statements; expanding homestead exemption limitations to include attorney fee liens; providing for service on judgment debtors for personal property sales; requiring certificates of sale of realty to include interest rate in effect; requiring and providing for residential mortgage foreclosure prevention counseling, specifying certain notification requirements, prescribing counseling forms for preforeclosure notice foreclosure prevention counseling and notice of counseling and request for contact information form; modifying notice of sale service on occupant requirements; modifying foreclosure advice notice contents and sale postponement requirements; providing for foreclosure advice notice to tenants, specifying mortgagor delivery of funds and documents for redemption requirements; modifying creditor redemption provisions and redemption process

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TICLE 1 - CHILD WELFARE POLICY Modifying child welfare provisions; expanding certain duties of the commissioner of human services (DHS) to include children under the guardianship of a tribe in the state recognized by the secretary of interior; modifying certain adoption requirements for older children under the guardianship of the commissioner, prohibiting refusal by a child to refuse or waive the efforts of an agent to recruit, identify and place the child in an adoptive home or sign a document relieving county social services agencies of all recruitment efforts on behalf of the child; modifying certain provisions relating to referrals for postplacement assessment; modifying certain court findings provisions; modifying certain adoption assistance eligibility criteria; eliminating certain reasons for deferral of the listing of a child with the state adoption exchange; modifying the duty of the juvenile court [...]

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3E Regulating certain transactions for homeowners with homes in foreclosure; modifying certain definitions; modifying contract and notice of cancellation requirements, certain language and content requirements; modifying certain foreclosure consultants violations for loans; modifying certain foreclosure purchasers definitions, redefining residence in foreclosure; modifying certain foreclosed homeowner contract cancellation rights; modifying form and language requirements for the notice of cancellation contract; expanding certain prohibited practices of foreclosure purchasers; requiring a stay of eviction action without imposition of a bond under certain conditions, imposing certain penalties, providing for expiration of the stay; increasing the dollar amount of the homestead exemption and providing for inflation adjustments; modifying limitation provisions relating to homestead property; requiring the executing creditor [...]

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RST ENGROSSMENT Minnesota Subprime Foreclosure Extension Act provided. Section 1: Citation language provided. Section 2: Definitions provided. Subdivision 1: Scope Subdivision 2: The act Subdivision 3: Extension payment Subdivision 4: Extension period Subdivision 5: Extension right Subdivision 6: Eligible foreclosed loan Subdivision 7: Eligible foreclosed borrower Subdivision 8: Foreclosing lender Subdivision 9: Minnesota Residential Mortgage Originator and Servicer Licensing Act definitions Section 3: Right to foreclosure extension language provided. Section 4: Affidavit of extension language provided. Subdivision 1: Affidavit of extension Subdivision 2: Service on foreclosing lender Subdivision 3: Acknowledgment by foreclosing lender Subdivision 4: Criminal penalty for knowing misrepresentation Subdivision 5: Charges prohibited [...]

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Relating to manufactured housing; providing for regulation of lending practices and default for manufactured homes; specifying certain default notice requirements; providing for voluntary repossession under certain conditions; modifying cure of default provisions; providing for a right to reinstate under certain conditions, specifying notice requirements, action to repossess, termination of action and allowable costs; defining borrower, churning and manufactured home lender and manufactured home loan; providing for the occurrence of negative amortization; providing for a persons acting as a broker to be considered having crated an agency relationship, specifying duties of an agency; specifying certain standards of conduct for manufactured home lenders, exceptions; specifying certain allowed interest, points, finance changes, fees and other charges; prohibiting imposition of prepayment penalties; permitting exemptions [...]

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RST ENGROSSMENT Omnibus real property bill providing mortgage regulation, regulating homeowner transactions, prohibiting predatory lending practices, modifying other actions, prescribing criminal penalties, and providing remedies. ARTICLE 1: MORTGAGES Section 1: Sale of certain information prohibited language provided. Section 2: Residential mortgage originator licensing requirements language modified. Section 3: Residential mortgage servicer licensing requirements language modified. Section 4: Exemptions from license language modified. Section 5: Application contents language added. Section 6: Waiver language provided. Section 7: Exemption language modified. Section 8: Amounts language modified. Section 9: Examinations language provided. Section 10: Education requirement language provided. Section [...]

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RST ENGROSSMENT Minnesota Subprime Foreclosure Deferment Act of 2008 provisions provided. Section 1: Citation language is provided. Section 2: Definitions are provided. Subdivision 1. Scope. Subdivision 2. The act. Subdivision 3. Deferment payment. Subdivision 4. Deferment period. Subdivision 5. Deferment right. Subdivision 6. Eligible foreclosed loan Subdivision 7. Eligible foreclosed borrower Subdivision 8. Foreclosing lender Subdivision 9. Minnesota Residential Mortgage Originator and Servicer Licensing Act definitions. Subdivision 10. Subprime loan Section 3: Right to foreclosure deferment language is provided. Section 4: Affidavit of deferment language is provided. Subdivision 1. Affidavit of deferment Subdivision 2. Service on foreclosing lender Subdivision 3. Acknowledgment by foreclosing lender. Subdivision 4. Charges prohibited

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3E Relating to mortgages; prohibiting certain predatory lending practices; defining subprime loan; definining negative amortization; prohibiting lenders from arranging special mortgages unless the borrower has obtained a written certification from an authorized independent loan counselor on the advisability of the loan transaction, defining special mortgage and authorized independent loan counselor; prohibiting residential mortgage originators from entering into subprime loans containing a provision requiring or permitting the imposition of a penalty, fee, premium or other charge for prepayment under certain situations; providing for borrower right of private action against residential mortgage originators; providing for right to take private action against real estate appraisers; defining mortgage lending process and residential mortgage loan; prohibiting residential mortgage fraud; prescribing penalties for violation,

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COND ENGROSSMENT Foreclosure provisions modified. Section 1: To get tax statements language is modified. Section 2: Limitations language is modified. Section 3: Service on judgment debtor language is modified. Section 4: Certificate of sale of realty language is modified. Section 5: Redemption of realty language is modified. Section 6: Requisites for foreclosure language is modified. Section 7: Foreclosure prevention counseling language is provided. Subdivision 1. Applicability. Subdivision 2. Requirement to provide notice of opportunity for counseling. Subdivision 3. Notification to authorized counseling agency. Subdivision 4. Notice of provision of counseling; request for contact information. Section 8: Forms - Counseling form language is provided. Section 9: Notice of sale; service on occupant language is provided. [...]

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TICLE 1 - FORECLOSURE DATA Providing for certain data practices relating to foreclosure; defining transaction agent; specifying certain foreclosure data content requirements for notice of pendency, notice of sale and the certificate of sale; requiring the secretary of state to convene a statewide foreclosure data collection working group to study, develop and implement an electronic system for the submission, collection, entry, retrieval, management and assessment of statewide foreclosure data; specifying certain membership requirements; requiring a report to the legislature by a certain date; sunset provision ARTICLE 2 - ELECTRONIC RECORDING; COMMISSION "Minnesota Real Property Electronic Recording Act"; providing for the validity of electronic documents; providing for the recording of electronic documents; defining certain terms; providing for the uniformity of application and construction;[...]

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4E Relating to commerce; prohibiting consumer reporting agencies or other business entities from selling or exchanging the existence of credit inquiries arising from mortgage loan applications, exceptions; increasing the dollar amount of the homestead exemption and providing for inflation adjustments; modifying limitation provisions relating to homestead property; modifying the statute of limitations on civil actions for damages based on services or construction to improve real property; requiring the executing creditor to obtain a court order directing a sale of the real property including a homestead prior to service of the notice of execution; prohibiting real property from being subject to execution under certain conditions; requiring a judgment creditor to record a certified copy of the order directing sale of real property; modifying service on judgment of debtor provisions; requiring sheriff to file a report [...]

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