Legislative Session number- 85

Bill Name: HF3477

HF 3477

FOURTH ENGROSSMENT

Lending practices and default regulation provided
relating to manufactured housing.

Section 1: Notice; service language is
modified.

Section 2: Court order language is modified.

Section 3: Voluntary
repossession language is provided.

Section 4: Cure of default language is
modified.

Section 5: Reinstatement language is provided.
Subdivision 1. Right
to reinstate.
Subdivision 2. Required notice; contents of notice.
Subdivision 3.
Action to repossess; termination of action.
Subdivision 4. Allowable
costs.

Section 6: Borrower definition is provided.

Section 7: Churning
language is provided.

Section 8: Manufactured home lender language is
provided.

Section 9: Manufactured home loan language is provided.

Section 10:
Negative amortization language is provided.

Section 11: Duty of agency language
is provided.

Section 12: Standards of conduct language is provided.

Section
13: Interest, points, finance charges, fees, and other charges language is
provided.
Subdivision 1. Financed interest, points, finance charges, fees, and
other charges.
Subdivision 2. Prepayment penalties.
Subdivision 3.
Exemption.

Section 14: Additional remedies and enforcement language is
modified.
Subdivision 1. Private remedies.
Subdivision 2. Fraud remedies.

SNA
5/7/08