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 proceedings within a set timeframe.

The bill includes technical changes and clarifications, such as the requirement for investor sellers to disclose the purchase price and acquisition date of the property to the purchaser, and it specifies the conditions under which notices for contract termination must be served. Notably, the bill removes certain familial terms and replaces them with the broader term "family member" to encompass a wider range of relationships. The effective dates for various sections are also specified, with some provisions taking effect immediately and others on August 1, 2025.

Statutes affected:
Introduction: 272.12, 559.21, 559A.01, 559A.03, 559A.04
1st Engrossment: 272.12, 559.21, 559A.01, 559A.03, 559A.04