Bill > HF2014

This bill modifies the notice requirements for conventional loan mortgage documents in Minnesota by updating several key provisions related to loan documentation and default notifications. The bill requires lenders to print mortgage documents in a legible font size and provide borrowers with a conformed copy of the promissory note and mortgage at the time of execution or shortly after recording. It expands the methods of sending default notices from only certified mail to include first-class mail and, with written agreement, email or other electronic communication. The bill also specifies the detailed content requirements for default notices, including describing the nature of the default, actions needed to cure it, a minimum 30-day cure period, potential consequences of failure to cure, the borrower's right to reinstate the mortgage, and the ability to challenge the default in court. Importantly, the bill provides a transitional period where compliance with these new requirements is optional for conventional loan mortgage documents dated between August 1, 2024, and July 31, 2025, giving lenders time to adapt to the new regulations. The changes aim to provide borrowers with clearer, more accessible information about their mortgage terms and potential default situations.

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https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2014&ssn=0&y=2025