Bill Text: MN HF1637 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Transaction agents required to disclose information on lenders for residential mortgage loans, and additional data required in foreclosure notices.
Spectrum: Slight Partisan Bill (Republican 3-1)
Status: (Introduced - Dead) 2011-05-02 - Introduction and first reading, referred to Commerce and Regulatory Reform [HF1637 Detail]
Download: Minnesota-2011-HF1637-Introduced.html
1.2relating to real property; requiring transaction agents to disclose information on
1.3lenders for residential mortgage loans; requiring additional data in foreclosure
1.4notices; amending Minnesota Statutes 2010, section 580.025, subdivision 2;
1.5proposing coding for new law in Minnesota Statutes, chapter 58.
1.6BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.7 Section 1. [58.162] TRANSACTION AGENTS; DISCLOSURE OF LENDER
1.8INFORMATION TO MORTGAGOR.
1.9Upon request of a mortgagor, a transaction agent shall provide the mortgagor
1.10with the identity, address, and telephone number of the third-party lender for whom the
1.11transaction agent is the nominee or agent for the mortgage and any successors and assigns
1.12of the lender. A transaction agent must not charge a fee for providing this information to
1.13a requesting mortgagor.
1.14 Sec. 2. Minnesota Statutes 2010, section 580.025, subdivision 2, is amended to read:
1.15 Subd. 2. Data required. The notice of pendency required by section580.032,
1.16subdivision 3 ; the notice of sale required by section
580.04 ; and the certificate of sale
1.17required by section580.12 shall include the following information to the best of the
1.18knowledge of the party foreclosing the mortgage:
1.19(1) the physical street address, city, and zip code of the mortgaged premises;
1.20(2) the name of the transaction agent, residential mortgage servicer,and the lender
1.21or broker, as defined in section58.02 , and any successors or assigns of the lender, if the
1.22person holding the mortgage is a transaction agent as defined in section58.02, subdivision
1.2330 , or the name of the residential mortgage servicer and the lender or broker, as defined
2.1in section58.02 , and any successors or assigns of the lender, if the person holding the
2.2mortgage is not a transaction agent as defined in section58.02, subdivision 30 ;
2.3(3) the tax parcel identification number of the mortgaged premises;
2.4(4) if stated on the mortgage, the transaction agent's mortgage identification number;
2.5and
2.6(5) if stated on the mortgage, the name of the residential mortgage originator as
2.7defined in section58.02 .
2.8No liability shall accrue to the party foreclosing the mortgage or the party's attorney
2.9for de minimis, good faith, or commercially reasonable errors in this information. The
2.10omission of all or some of the information required by this section from the notice shall
2.11not invalidate the foreclosure of the mortgage.
2.12EFFECTIVE DATE; APPLICATION.This section applies to foreclosures in
2.13which the notice of pendency under section 580.032 is recorded on or after August 1, 2011.
1.3lenders for residential mortgage loans; requiring additional data in foreclosure
1.4notices; amending Minnesota Statutes 2010, section 580.025, subdivision 2;
1.5proposing coding for new law in Minnesota Statutes, chapter 58.
1.6BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.7 Section 1. [58.162] TRANSACTION AGENTS; DISCLOSURE OF LENDER
1.8INFORMATION TO MORTGAGOR.
1.9Upon request of a mortgagor, a transaction agent shall provide the mortgagor
1.10with the identity, address, and telephone number of the third-party lender for whom the
1.11transaction agent is the nominee or agent for the mortgage and any successors and assigns
1.12of the lender. A transaction agent must not charge a fee for providing this information to
1.13a requesting mortgagor.
1.14 Sec. 2. Minnesota Statutes 2010, section 580.025, subdivision 2, is amended to read:
1.15 Subd. 2. Data required. The notice of pendency required by section
1.16subdivision 3
1.17required by section
1.18knowledge of the party foreclosing the mortgage:
1.19(1) the physical street address, city, and zip code of the mortgaged premises;
1.20(2) the name of the transaction agent, residential mortgage servicer,
1.21or broker, as defined in section
1.22person holding the mortgage is a transaction agent as defined in section
1.2330
2.1in section
2.2mortgage is not a transaction agent as defined in section
2.3(3) the tax parcel identification number of the mortgaged premises;
2.4(4) if stated on the mortgage, the transaction agent's mortgage identification number;
2.5and
2.6(5) if stated on the mortgage, the name of the residential mortgage originator as
2.7defined in section
2.8No liability shall accrue to the party foreclosing the mortgage or the party's attorney
2.9for de minimis, good faith, or commercially reasonable errors in this information. The
2.10omission of all or some of the information required by this section from the notice shall
2.11not invalidate the foreclosure of the mortgage.
2.12EFFECTIVE DATE; APPLICATION.This section applies to foreclosures in
2.13which the notice of pendency under section 580.032 is recorded on or after August 1, 2011.
