This bill amends several sections of the Minnesota Statutes related to contracts for deed, specifically focusing on the definition and regulations surrounding "investor sellers." Key changes include the modification of the definition of "investor seller" to exclude certain family members and individuals who have owned and occupied the property as their primary residence for at least 12 months prior to the contract execution. Additionally, the bill introduces a new definition for "churning," which refers to the repeated execution and termination of contracts for deed by an investor seller. The bill also establishes a rebuttable presumption against investor sellers who engage in churning, defined by specific termination thresholds within a 48-month period.

Technical changes are made throughout the bill, including the removal of outdated language and the addition of new provisions that clarify the requirements for notices related to contract terminations. The bill specifies that investor sellers must disclose the purchase price and acquisition date of the property to purchasers, and it outlines the conditions under which contracts can be reinstated or terminated. The effective date for all amendments is set for the day following final enactment.

Statutes affected:
Introduction: 272.12, 559.21, 559A.01, 559A.03, 559A.04