This bill amends Minnesota Statutes 2024, section 47.20, subdivision 8, to modify the notice requirements for conventional loan mortgage documents. Key changes include the requirement that promissory notes and mortgages must be printed in a minimum type size, and lenders must provide borrowers with a conformed copy of these documents at the time of execution or shortly after recordation. Additionally, if a lender intends to foreclose, they must now notify the borrower of any defaults via first-class mail or electronic communication, if agreed upon in writing, rather than solely through certified mail.

Furthermore, the bill introduces a provision stating that compliance with these updated requirements is optional for conventional loan mortgage documents dated between August 1, 2024, and July 31, 2025. This retroactive effective date aims to provide flexibility for lenders during this transitional period. The bill also reorganizes the structure of the subdivision to clarify the obligations of lenders regarding default notifications and the consequences of such defaults.

Statutes affected:
Introduction: 47.20