The 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 notify the borrower of any defaults via first-class mail or electronic communication, if agreed upon in writing. The bill also clarifies the provisions that must be included in the notice of default.

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 section is effective retroactively from July 31, 2024, allowing lenders some flexibility in adhering to the new regulations during this specified timeframe.

Statutes affected:
Introduction: 47.20